Despite national news, I have seen a sudden influx of cash buyers in the past month or so. With prices in the area at a record low many cash buyers are finding it simply too irresistible to pass up investing on real estate. Many industry analysts have claimed that there are literally billions of dollars just sitting on the sidelines waiting for the time to re-invest.
Why now? Historically the 4th quarter of the year has always been the best quarter for sales as many buyers who have spent the summer looking finally choose their dream property. In addition many Sellers are fearful of their property sitting on the market through a long winter and they are willing to discount their homes to move them before the snow flies.
We have found that most buyers shopping in November or December are serious buyers and they make decisions rather quickly when they find a property they like. Summertime also seems like a time to do the investigation and information gathering.
Where are the buyers coming from? We are seeing them come from all over the country. What's interesting is out of town buyers typically do not shop as much as a local buyer and they may be accustom to much higher prices where they live so when they find something they like they tend to be willing to pay slightly more than a local.
When the economy is good and we get a lot of out of town buyers, prices will appreciate at a much faster rate than when the economy is down.
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