Okay we’ll see how many cash buyers are still out there later this year as interest rates keep ratcheting up.[/quote]
Huh? This makes no sense whatsoever…..
Higher loan rates, you would see more cash buyers. Lower loan rates, you would see more smart money that would want to put the least amount of money into their house because rates are so cheap.
With a 3% 30 year, why would you want to own outright, unless you simply had too much money than what you know to do with it?
What I’m more curious about is out of these $1million homes, how many of them are putting 20-25% down and what sort of demographics they are.
If I were to guess I would say the bulk of them are 20-25% or round up to a $1million loan @ around 3% …enginerds at a decent company, $20-25K monthly income, carrying a $5000/month mortgage… Easy peasy…
