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 https://dc.urbanturf.com/articles/blog/the_five_dc_neighborhoods_where_cash_is_king/11892.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro