> Cash buyers are generally about 25% of the market
Cash buyers often finance the property they buy. All a "cash buyer" means is that the deal is not contingent on financing, either contractually or as a practical matter. That is, they can guarantee the sale goes through with cash.
I'm not sure. Certainly many people refinanced their houses to pull money out over the past few years or got margin loans based on their stocks. Using that money to buy a (different) house gets counted as a cash buyer in the 25% number. But do you consider them a cash buyer? If they later do a HELOC to pull money out of the new house?
It's a tricky question that can really only be answered by looking at how leveraged assets in general are.
Cash buyers often finance the property they buy. All a "cash buyer" means is that the deal is not contingent on financing, either contractually or as a practical matter. That is, they can guarantee the sale goes through with cash.