According to the National Association of Realtors, 28 percent of sales last year were all-cash transaction reported in a story from the Wall Street Journal, February 8, 2011.
This significant jump in cash purchases the report said, "is another sign of the revival of animal spirits."
The report further stated that cash buyers can usually command 5-10 percent more off the asking price compared to a buyer using a mortgage and that sellers prefer cash deals since it avoids such risks as job loss or bank’s changing their mind and cash transactions usually close much faster.
Article- Excerpts from Wall Street Journal, Feb 8, 2011 and National Association of Realtors posted by Shirlee McGarry® Utah Realtor, freelance writer and published author
Pictures - Fotosearch stock photos
Pictures - Fotosearch stock photos
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