Cash home-buyers leaving the Phoenix market in a hurry










When all think alike, no one is thinking very much.
~Walter Lippmann (1889-1974) 

Cash buyers are losing interest in the Phoenix area as cash first quarter purchases fell 38 percent from the same period in 2013.  Fletcher Wilcox, vice president of business development for Grand Canyon Title Agency Inc. says those 3,500 or so cash purchases also made up 28 percent of all Valley home sales during the first quarter, down from the 38 percent market share cash buyers claimed last year.  This downtrend in cash buyers became most apparent in March 2013, when prices were climbing rapidly, and conventional financing outpaced cash for the first time since January 2009, Wilcox said.

Information from Phoenix Business Journal  Kristena Hansen Reporter- Phoenix Business Journal

With all the bewilderment surrounding the housing market’s cool-off, one thing is abundantly clear: Cash buyers are losing their enthusiasm for the Phoenix area.

Cash purchases during the first quarter — about 3,500 local homes — plunged 38 percent from the same period last year, according to research by Fletcher Wilcox, vice president of business development forGrand Canyon Title Agency Inc.

Those 3,500 or so cash purchases also made up 28 percent of all Valley home sales during the first quarter. That’s way down from the 38 percent market share cash buyers claimed last year.

This downtrend in cash buyers became most apparent in March 2013, when prices were climbing rapidly and conventional financing outpaced cash for the first time since January 2009, Wilcox said.

“In March 2013, purchases with conventional loans outnumbered cash purchases by only 96, but in March 2014, the gap widened to 715 more conventional loan purchases,” Wilcox said.

To be clear, this gap hasn’t been widening because we’re seeing a lot more conventional loans, but rather because there are simply a lot fewer cash buyers in the marketplace.

In fact, homes purchased with conventional loans in March were down 7.7 percent from a year ago, Wilcox said.

Valley home sales overall were also down about 17 percent year-over-year last month, a surprising figure considering inventory is way up and March is usually the kick-off to the busy home-buying season.

It’s clear the double-digit, year-over-year price increases the Valley housing market has consistently seen for more than a year has taken its toll on buyer interest.

Although the price increases have slowed — and even backpedaled month-over-month — in recent months, prices are still rising on an annual basis.

For instance, the median Valley home price in February — $195,000 — slipped 4 percent from January, but it was still up 15 percent year-over-year, according to the most recent data from Arizona State University.

Kristena Hansen covers residential and commercial real estate.






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I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





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