September 16, 2021
Real Estate

will cash offers become the norm?  – Idaho Business Review

Cash real estate transactions are on the rise. Nationwide, 23% of real estate transactions are cash sales. Those numbers are up from 17% the same time last year. It’s a similar story in Idaho. In July, the number of cash offers in Ada County made up 20% of all transactions, compared to 16.3% the year before. All while the median home price rose by 33.4% from July 2020 to July 2021 ($120k!). At Homie, we’ve seen many buyers lose out on a home they really wanted to another buyer who had cash. All of this has us wondering, is buying with cash the future of real estate?

Cash is still king. According to some research, all-cash offers increase homebuyers’ chances of getting a home by up to 290%. That’s some serious firepower, especially in a hyper-competitive market with limited supply. When the average Idaho home gets sold in five days and receives multiple…

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