In 2021 348 of the 1255 (28%) houses sold in Pike were cash transactions. That is equivalent to about 70 million dollars. There is a lot of cash out there.
14% of the houses sold were financed with FHA (Federal Housing Administration) insured loans. The benefit of an FHA loan is that there is a lower down payment of 3.5 percent and lower credit scores to get the loan. The challenge is that you have to have PMI (Private Mortgage Insurance). FHA mortgage insurance varies from 0.45% to 1.05% of the loan amount. This gets added to your monthly payment. This number has been steadily dropping since 2016 when there was almost 33 percent of the houses sold using FHA loans. Why? Conventional lenders are getting more competitive and reducing their downpayment percents.