A home for sale in Georgetown.
On the heels of buyers and their surrogates camping out for the release of high-priced new condos in West End, UrbanTurf decided to take a closer look at the DC neighborhoods with the highest prevalence of cash buyers in 2016.
The appeal of a cash buyer to a home seller was outlined in a New York Times article earlier this year. “There is no lender red tape to slow down the process, like appraisal requirements and concerns about whether those appraisals will come in high enough and whether buyers can borrow as much as they need,” the article stated.
The top five cash-buyer neighborhoods in DC are largely those that one might expect. Foggy Bottom, Observatory Circle and Georgetown are at the top where cash sales accounted for over 40 percent of the total sales volume this year. Rounding out the top five are Congress Heights and Wesley Heights with cash sales at 35 percent of total volume.
As is typically the case, the high volume of cash transactions are seen in expensive neighborhoods where buyers do not require conventional financing, and neighborhoods that are in the crosshairs of investors who are swooping in and paying cash for inexpensive homes.
MRIS provided the information in this article.
Photo courtesy of HomeVisit
This article originally published at http://dc.urbanturf.com/articles/blog/the_five_dc_neighborhoods_where_cash_is_king/11892
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