Cash is King

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A recent news report revealed that 30% of all purchases in DC last November (2015) were all cash. Wow.

Another report (New York Times) alludes to the fact that the US Treasury will now start tracking “secret” and all-cash purchases of luxury real estate in Manhattan and Miami. Apparently a lot of cash is being bandied about in these markets, and not always legally.

These are two entirely different issues, but clearly, cash is on a lot of people’s minds!

Cash has long been king.  A lot of builders in the area use it to purchase tear-down properties, competing with younger buyers who can only finance a purchase. It’s transformed a number of neighborhoods, both in appearance and demographics.

If you’ve got it, use it. It certainly gives one the edge when things get competitive. You can always take a loan out later if you like. In this under-supplied marketplace, you need to use all of your advantages as a buyer. Cash is one of them.

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