Scottsdale is a popular city for investors, snowbirds, retirees and other wealthy homebuyers. Because of its resort atmosphere and abundance of luxury homes in a unique desert atmosphere, the Scottsdale real estate market has always attracted affluent full-time and part-time residents. Many Scottsdale home purchases have been made mortgage-free. Today, the number of all-cash home sales has risen in Scottsdale and across the country, doubling what it was since before the housing crash.
According to a report from Goldman Sachs Group, more than half of homes nationwide have been purchased without financing in the past year. Seven years ago, all-cash purchases made up 20 percent of all home sales. That number has since gained over 30 percentage points. All-cash sales now dominate the Scottsdale real estate market and other markets as well.
This provides some explanation for the recent increase in home sales. The jump in all-cash sales is more difficult to explain. Mortgages have become more difficult to obtain since the market crash, and foreign buyers and investors may want to forego financing with a mortgage. Investors and international homebuyers are especially dominant in the Scottsdale real estate market. A large number of luxury homes in North Scottsdale are purchased with cash by these types of buyers.
The Scottsdale real estate market is in the middle of its upturn. Now is the perfect time to find your next dream home or to invest in a great property. If there are any Scottsdale homes that interest you, give me a call at (602) 791-0536 or email Carmen@TopScottsdaleHomes.com, and we can work toward setting up an exclusive showing of those homes. Learn more about housing trends by checking our Scottsdale real estate market trends page for updates.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260