1 in every 3 homebuyers is paying all cash and that’s the highest share in nearly one decade and much higher compared to prior to the onset of COVID. According to Redfin, 34% of US home purchases in September 2023 (the most recent data available) were all cash. That’s the highest level since 2014.

More affluent Americans are opting to buy homes in cash in order to avoid high interest rates. For example, for someone buying a $700,000 home putting 20% down the total interest paid over a 30 year period would be $567,000 more at a 7.55% 30 year fixed rate compared to a 3% rate!

I also share in today’s video that only 15% of consumers believe it’s a good time to buy a home, a record low based on a new report from Fannie Mae.

Thank you for watching the video! I appreciate you. Please like, share this video and subscribe! Links to the reports I shared are in the description below.

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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi

Reports I discussed:
https://www.redfin.com/news/all-cash-homebuyers-september-2023/

https://www.fanniemae.com/newsroom/fannie-mae-news/consumers-increasingly-sour-economy-blame-inflation

https://www.fanniemae.com/media/49501/display

https://www.mortgagenewsdaily.com/mortgage-calculator

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.5% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (CPA lic 103885 - inactive)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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#Redfin #realestate #housingmarket


Did you miss our previous article...
https://trendinginrealestate.com/real-estate-trends/a-major-government-is-on-the-brink-of-its-most-severe-crisis-since-the-financial-collapse