Cash is king. These Georgia cities lead the nation in all-cash home sales in 2022, but why?
.png "Statistics show, all-cash sales are popular across the nation, but most popular in Georgia.")
We’ve all heard the saying “cash is king,” but is that really true?
Well, it certainly is in real estate.
Currently, average rates for a 30-year fixed mortgage rate is 6.5%. This has made home purchases especially hard for first-time buyers.
With rates rising and real estate booming, making an all-cash offer is a way to secure the home you want and it could actually be better for you financially in the long run.
“It’s surprising to me the amount of cash offers I’ve seen in the last couple of years,” said Bill Gassett, a real estate agent with RE/MAX and founder of Maximum Real Estate Exposure. “They’ve been far more common since the pandemic and the explosion into a widely skewed seller’s market.”
Cash offers are really a win-win situation because they not only allow buyers to avoid high interest rates, but they also:
Give sellers more certainty;
Close deals faster; and
Do not require appraisals
According to Attom Data Solutions, more than 36% of single-family home and condo purchases were cash deals in the U.S. last year; That’s an overall increase of 23% from the previous year.
Columbus, Georgia is the second-highest metropolitan city in the country in all-cash home sales, with 69% of all sales falling into the category.
Macon, Georgia is eighth nationally, with 57.1% of all sales being all cash.
Here’s the full list of cities with the highest share of all-cash home sales:
Augusta, Georgia (72.1% of sales)
Columbus, Georgia (69%)
Athens, Georgia (60.6%)
Flint, Michigan (59.5%)
Gainesville, Georgia (58.9%)
Detroit, Michigan (58.8%)
Naples, Florida (58.2%)
Macon, Georgia (57.1%)
Atlanta, Georgia (53.5%)
Youngstown, Ohio (51.5%)
This story was originally published March 2, 2023 at 1:57 PM.
