Got Cash? Just how many San Francisco real estate sales are ALL CASH?
A colleague of mine at Zephyr Real Estate recently polled the community to ascertain approximately how many deals sell with “ALL CASH”. ALL CASH means that the home buyer buys the single family home, condo, loft, building, or what have you, without a loan…i.e. they pay ALL CASH.
In San Francisco with all of our dot-coms, start-ups, IPOs, LPOs, and so forth, there is a lot of cash in the real estate market. But just how much?
Our friend and excellent escrow officer, Charles Richards, of Chicago Title Company had this to report:
Using March 2011 as a sample : 13-14% of San Francisco home sales were all cash and additional 20-25% were 50% down or more
This means that last month, 13-14% of home buyers in San Francisco bought their property with all cash (no loan) and 20-25% of SF home buyers had a down payment of 50% of more.
Got cash? Er, it seems, we do!