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Cash buyers are still chasing deals
by Bob Strader
write the author
August 12, 2013
Year-to-date, nearly 19 percent of all sales in Forsyth County have been cash purchases, which is exactly what it was for the same period in 2012.
In North Fulton, cash deals come in at 17.5 percent, down 3 percentage points from last year, but still making up a large portion of all home sales.
This corresponds with a report from RealtyTrac that says cash sales in Atlanta made up 42 percent of all sales in June of this year.
Atlanta ranks tenth in the country for metro areas with a high percentage of cash purchases.
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As you would assume, many of the cash deals are distressed sales, but comparing the same time-frames, the number of foreclosures and short sales being purchase has dropped significantly.
Distressed sales in both Forsyth County and North Fulton are half of what they were in 2012.
This year, 15 percent of all sales in Forsyth County were distressed, 11 percent of all sales in North Fulton.
Distressed sales haven't disappeared though.
An important factor to note is this data comes from multiple listing services and does not include the large number of properties purchased by investors with cash on the courthouse steps each month.
Thousands of homes in metro Atlanta are purchased off the courthouse steps each month, never making it to the market for average home buyers.
One thing is clear; there is a lot of cash trying to get into the real-estate market here. That's a good thing.
Bob Strader is a local realtor with the NORTH Group of Keller Williams Realty. Visit his blogs liveincumming.com or liveinalpharetta.com or email him: firstname.lastname@example.org.
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