I hear that in areas like Las Vegas, NV and Phoenix, AZ over half of the sales are cash sales. Is that the case in Johnson County, Kansas? How about Kansas City?

Question: I hear that in areas like Las Vegas, NV and Phoenix, AZ over half of the sales are cash sales. Is that the case in Johnson County, Kansas? How about Kansas City?
Jim K. from Shawnee, KS.


Answer: Great question, Jim. In areas where over 50% of the real estate inventory is distressed I would expect that over 50% of the real estate sales to be cash sales. Due to deferred maintenance, it is hard to obtain a mortgage loan on a distressed sale like foreclosures and short sales. 


I'm happy to report that the number of distressed sales in areas like Johnson County, KS. are not 50% of all sales. Less than 25% of the real estate sales in Johnson County, KS. are distressed sales, so it should be no surprise that only 19% of the sales are cash sales.


In January of 2012 in Johnson County, 72 or 19% of the total real estate sales were cash sales. 


As a whole, Kansas City has a fewer percentage of distressed sales than areas like Las Vegas and Phoenix.

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