Cash was king for Phoenix Arizona area home sales in 2011. While loans have record low interest rates, they are difficult for many people to obtain. In 2011, recent reports showed that in the overall Phoenix Arizona area real estate market in 2011, cash sales accounted for 47 percent of all sales. Of the remaining sales, 27 percent were financed with conventional loans, and 21 percent by FHA loans. VA loans accounted for 3 percent of total sales.
This information says both that 1) loans have been difficult for many to obtain, and also 2) that a large portion of the market is being sold to investors.
If you are thinking of buying and need a good lender who can assist you in getting Pre-Qualified for a loan, let us know, we can refer you. And if you are an investor who is planning to use cash for your purchase, we can help you also.
(Data from ARMLS – deemed to be correct, but not guaranteed.)