Record Number of Cash Transactions

[Jake Andronico]

Over 25% of the residential transactions in Northern Nevada this year have been cash purchases. 

If this sustains through the rest of the year, it would be the highest percentage of cash transactions in residential properties in the past 10 years.

This stat makes complete sense in my mind given interest rates. We've seen some pretty awesome deals (yes, even on market) that have been scooped up by investors with cash. 

Do you think 2024 will beat the current record from 2014? What're you seeing in your market? 

[Travis Timmons]

I feel like a lot of these "cash" transactions are a product of homeowners sitting on record equity. I bought a property "cash" last year with a HELOC...it gets counted in those stats but it was bought with debt. It's obviously very, very difficult to track that. Stock market all time highs have something to do with it as well...sell what you think is a frothy market (who knows if that's the case or not?) and buy hard assets.

Just my 2 cents...feel like HELOCs and other ways to cash in on crazy equity is resulting in a lot of these cash transactions though.