Rise In All-Cash Home Sales Frustrates Bay Area First-Time Buyers
Our very own Payton Stiewe was asked to share his thoughts with KCBS 106.9FM/740AM & Anna Duckworth on the current real estate market in San Francisco and Southern Marin, specifically the record number of Bay Area homes being bought with cash.
: "Real estate firms are reporting a record number of Bay Area homes are being bought with cash, making it increasingly difficult for first-time homebuyers to get their offers accepted. Often, the bids are only accepted after multiple offers resulting from bidding wars, according to real estate experts. Real estate agent [Payton Stiewe] with Pacific Union
in San Francisco said 26 percent of their transactions last year were all-cash deals. That is a reflection of the record statewide high in 2012, where 32.4 percent of overall home sales were cash purchases."
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