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Peoples Home Equity comments on a recent publication release from Corelogic.com concerning the number of cash sales in May.
Chicago, IL (PRWEB) August 31, 2014
Lenders like People Home Equity and first time home buyers appreciate knowing that cash sale are on the decline. According to an August 13th release by Corelogic.com, cash sales made up just 34.4 percent of total home sales in May 2014. The lowest share since May 2010, and down from 37.4 percent from the same month a year ago. Cash sales also fell month-over-month from 36.9 percent in April, however, Corelogic points out that cash sales share comparisons should be made o¬n a year-over-year basis due to the seasonal nature of the housing market. On a year-over-year basis, cash sales have fallen each month since January 2013. Readers should note that prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. Cash sales peaked in January 2011, when cash transactions made up 46.2 percent of total home sales.
Less cash buyers means more buyers using financing, which is great for business for mortgage originators. However, apart from a business perspective, Peoples Home Equity finds this news of less cash buyers especially uplifting for first-time home buyers. The less cash buyers present in the market, arguably, the less competition first-time home buyers face when purchasing a home. Home sellers appreciate cash buyers because it leads to a faster home sale. However cash buyers are showing up less in the market now that home prices have risen considerably since market prices were at dismal lows in 2010. Regardless of the decline in cash buyers, first-time home buyers must remember that the housing market will now see a rise in competition from financed buyers. This now means that buyers who finish and submit their mortgage paperwork the quickest will have the opportunity to purchase a home the fastest. Getting approved for a home loan quickly gives individuals best chance of bidding and buying their desired property.
Peoples Home Equity loan officers are ready to help all Americans through the mortgage application process. The lender has streamlined the application process to make it as simply as possible. Get started now at PeoplesHomeEquity.com and fill out their Home Loan Quick Qualifier field. Or simply contact a Peoples Home Equity loan officer today at: 262-563-4026
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