House Buying with Cash

[flip_it_fast]

I read this article that said in January of this year, 32% of all houses sold were purchased in cash. I must say that figure amazes me!

Where I live, with the economy I see every day, I just can't picture that many people having been able to save that much money and buyign with cash. I know that home prices are down but still, thats a lot of money in many cases.

I know I wouldn't be able to buy a house without financing it.

I'd highly recommend buying with cash if you can afford it though. You'd pay a lot less for it in the end without all of the extra fees and interest.

Bargain prices for condo buyers are also forcing the all-cash trend higher. For example, Jaime and Enriquetta Pena paid $90,000 cash for a two-bedroom, two-bath condo in Long Beach, Calif.

"They had saved for a while," said Joe Mendez, the couple's Coldwell Banker real estate agent. "They're ecstatic that they were able to purchase something without getting a mortgage."

Meeting Fannie Mae and Freddie Mac's requirements can be tough these days so thats one of the reasons for so many cash buyers.

[flippinout]

Buying with cash would be great if one could do it.

I just found my dream home but it costs $292,000 and I just dont have that much cash lying around. I do know this much though, that house would be worth a lot more in a normal real estate market so getting it at that price would be wonderful.

And in my area, I also dont see anyone much having the cash on hand to just up and buy a house and pay cash for it. We are still too economically depressed in this area for that to happen.