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Hoffman Estates IL Real Estate - Is cash really king?

By Lyn Sims

Real Estate Agent

September 28, 2013 10:52 AM

Cash is king again?

Conventional financing has officially taken back the crown for financing types in Hoffman Estates so far this year. I was poised to write about how cash has taken over the market from a national survey but was surprised to find that is not the case in Hoffman Estates!

Still have to wonder where all these folks are getting their cash to purchase these homes. Investors are obviously working with it so they can purchase those sub-level properties that will not be able to be financed because of condition.

We will see by the end of the year or the 1st quarter of 2014 if Conventional takes an even larger market portion because of the higher FHA costs that were implemented in 2013.

Schaumburg Market showing opposite
RealtyTrac Graphs are national.
Inman Article

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Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

FHA has gotten its wish, they wanted to do less volume, they accomplished the goal that they wanted.

Sep 28, 2013 07:48 PM

Jon Kolsky

Kolsky Realty & Management - Long Beach, CA

Licensed California Real Estate Broker

Lyn~ awesome post! & BTW: "I think this story only gets bigger!

Sep 28, 2013 11:29 PM

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 818.516.4393

Hello Lyn - the all cash transactions are still a signficant factor in many of our market areas. It's interesting to see the differences in different neighborhoods. It once again proves the old adage - all real estate is local.

Sep 29, 2013 05:18 AM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Michael: That's very true & people get inundated with the media that report on a national level so reports like these tell it like it is.

Jon: Thanks for commenting.

Joe: They really have. Now they are whining about needing money for reverse mortgages.

Sep 30, 2013 10:57 PM

Joni Bailey

101 Main St. Realty - Huntsville, TX

Your Huntsville / Lake Livingston Area REALTOR®

I have 8 pending sales right now and 6 of them are cash transactions. Unbelieveable!

Oct 01, 2013 10:56 AM

Joni: That's an unbelievable ratio.

Oct 01, 2013 10:37 PM

Matt Kombrink

One Source Realty - Geneva, IL

Your #1 Source For Real Estate

Good numbers, Lyn. We're seeing the same here in the Fox Valley. Seriously, where are all these people getting this cash?

Oct 02, 2013 11:11 AM

Matt: You have to wonder because the media keeps telling everyone that we need to save more & spend too much. Evidently, more people are saving than we realize.

Oct 02, 2013 10:35 PM

Hoffman Estates IL Real Estate - Is cash really king?

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