Centers And Squares
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As a Cambridge real estate agent, the city squares of Cambridge, Somerville and Medford and the town centers of Arlington, Watertown and Belmont, Massachusetts are my home turf. And as a lifelong New Englander who’s lived within twenty miles of Boston most of my life, I can introduce you to other nearby towns as we search for your new home. If you’re planning to sell your home in Cambridge, MA or nearby you’ll find plenty of info about the home selling process here too. Questions? Send me an email or call me at 617-504-1737.
Real Estate Buyers Paying Cash
Banker & Tradesman reported in a story this week that Cambridge is one of a number of Massachusetts towns where more than 50 percent of the residential real esate sales in the first six months of 2011 were cash deals.
In the first half of 2011, 36.8% of residential real estate transactions in Massachusetts were cash sales. This is a big jump from previous years. In 2010, 24% of Massachusetts real estate sales did not involve a mortgage and in the years from 2005 to 2007 cash transactions only accounted for just over 12% of the market, notes B & T.
In the first six months of 2011, 53.6% of real estate purchases in Cambridge were paid for with cash. Other communities where cash transactions accounted for more than half of all sales included Edgartown, Provincetown and Brighton.
Tightened lending guidelines have reduced the number of people able to qualify for mortgages so it makes sense that cash buyers will make up a larger portion of the pool of buyers. It also seems clear that for many well heeled buyers real estate is seen as a solid investment.
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