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Cash is King! But Wow! 40%??

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I was shocked to read Boston.com's report that 40% of all Massachusetts condo buyers who closed in April, paid CASH! My research tells me there were 5,596 condo closings in April across the entire state (per our multiple listing service) so that would mean approximately 2,238 of those were CASH! 2,238 buyers PAID CASH! We are definitely experiencing bidding wars, multiple offers, low inventory and what sometimes feels like a frenzy but I had no idea there were so many cash buyers. I have to guess we are not seeing so many cash buyers here, North of Boston, simply because our price point is much higher than many other parts of the state? I would need to do more research on that. Still, if you're out there shopping, all these cash buyers might be your competition and this Boston.com article has some sound advice..."Be true to your finances, not your inner real estate yearnings." Read the full article here.

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