Cash buyers fleeing Phoenix market after price hikes

cash buyers fleeWhile buyer demand is waning across the board, it is cash buyers that have lost the most interest in metro Phoenix.

Fletcher Wilcox, vice president of business development for Grand Canyon Title Agency Inc., says cash real estate purchases plunged roughly 37 percent year-over-year in March and by more than 38 percent during the first quarter. He said it’s a trend that became noticed in March 2013, when conventional loan purchases outpaced cash for the first time since January 2009.

March is typically the kick- off month to the bustling spring home buying season. This year was unusually cool with a 17 percent drop in Valley home sales year-over-year.

Information from Phoenix Business Journal

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