$ 2.675 million cash: a trend?

June 7, 2008

Provincetown

Previously I wrote: “Yesterday while perusing the sales I saw quite a few cash sales, including a $ 1.4 million sale in Orleans.” Today I saw a $ 2.675m cash sale, again in Orleans. Maybe a trend is indeed building. The recent $ 10 million cash sale in East Dennis I would consider an anomoly. I also saw a FHA sale yesterday. It’s been said that FHA is the new subprime, it will make homeownership available to many with as little as 2% down. I remember my first home was purchased with an FHA loan. I believe in homeownership for all qualified people, but hope that people don’t overextend in a whole new way. I don’t believe that there are a spate of million plus cash buyers, but there seems to be an increase in the $ 200-300,000 range. Will you be financing your home purchase or paying cash?


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