What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
The Five DC Neighborhoods Where Cash is King
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.
story continues below
loading...story continues above
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
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
The term "luxury" has been applied broadly in the housing market, but a new report ai... 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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro