Rise of cash buyers across Nevada’s housing market leaves conventional homebuyers locked out

Source: The Nevada Independent — 

In Nevada’s housing market, cash is king.

It’s a message that Lorena Caldwell, a Las Vegas realtor who works primarily with low-income and working class home buyers, emphasizes whenever she sits down with someone searching for a house.

“Be ready for a hell ride,” she tells clients, explaining that without the need for a loan or mortgage, cash buyers can more quickly complete home sales with fewer steps than other homebuyers, giving them a leg up in the process.

Across the state, an increasing number of cash purchasers — including investors, investment pools, larger corporations and wealthy buyers from out of state — are driving up the pressure and squeezing out would-be purchasers reliant on loans and mortgages.