Cash buyers are losing interest in the Phoenix area as cash first quarter purchases fell 38 percent from the same period in 2013.
Fletcher Wilcox, vice president of business development for Grand Canyon Title Agency Inc. says those 3,500 or so cash purchases also made up 28 percent of all Valley home sales during the first quarter, down from the 38 percent market share cash buyers claimed last year.
This downtrend in cash buyers became most apparent in March 2013, when prices were climbing rapidly, and conventional financing outpaced cash for the first time since January 2009, Wilcox said.
Information from Phoenix Business Journal
