A recent article in the Sacramento Bee reported that the percentage of all cash sales for the west coast region was 31%. As part of my ongoing efforts to keep my finger on the pulse of today’s market I watch the Multiple Listing Service (MLS) very carefully as it’s the most current and reliable source for real estate data for this area. Media reports are too often based on old information. Instead of relying on them you can contact your agent and get up to the minute statistics to make a decision based on now rather than a month or more ago. As an example of how it can be a problem relying on media articles, the aforementioned SacBee report about the 31% cash sales in the western region isn’t accurate for our area. I just did a statistical analysis of the Sacramento, Placer and El Dorado county area and, over the last 6 months, there were 11,165 sales of single family homes. Of those, 2,535 were all cash sales. This works out to a percentage of 23%. It still shows there’s a lot of cash floating around out there, but it’s not as high of percentage of the sales in this area as the article leads one to believe.
My recommendation is before you make a decision, it’s best to get up to date information from an agent you trust.