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Cash For Home Purchases Spiking in Cent IL

Mon, 03 Feb 2014 04:10:02 CST
By: Willis Kern

Home sales figures in the US show a considerable amount of purchases in December were for cash. As many as 40% of December sales were cash. This suggests holding companies and non-traditional buyers are jumping in, gobbling up lower priced homes, many off the foreclosure market. Peoria Area Association of Realtors President-elect Phil Harvey says that's happened in the Tri-County region, but it's slowing down.

"With interest rates remaining low and there being a lot more demand, the number of days on market is down. Inventory is down so that's driving prices up."

Harvey says when cash is used for a home purchase, it's not always just the low-end properties being bought. He says there have been some mid-to higher price range homes purchased by cash recently.

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