May 14, 2024 - Real Estate
All-cash home sales in Detroit top national average
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More than 40% of Metro Detroit homes bought in February were all-cash purchases, according to Redfin.
- That's up 3 percentage points from last year.
Why it matters: Rich people can adapt to this pricey market more easily than typical buyers needing a loan.
What they're saying: Those winning in this economy treat homes like savings accounts, Redfin chief economist Daryl Fairweather says. It's a relatively safe place to store your cash, and you can always borrow against the home if you need to tap into it.
- Lack of affordability has pushed would-be first-time buyers to the sidelines.