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CHARLOTTE, N.C. — A new report’s insight into Charlotte’s real estate market shows more people are buying with cash rather than financing their homes.
Getting away from the numbers for a moment, experts say cash buyers are becoming more common as housing costs keep rising. The cash-buying trend peaked last fall when more than 30% of homeowners were ditching traditional mortgage loans to buy with cash.
That was the highest share of homebuyers paying upfront in nearly a decade. There is a downside, though. Hopeful homebuyers who don’t have hundreds of thousands on hand can be squeezed out of the market, making it even more difficult in competitive markets like Charlotte.
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