Why? I know we aren’t supposed to apply anecdotal experience to macroeconomics, but I have 6 different friends and 3 coworkers in my department who have all bought multiple houses. They did this because debt was so cheap and they essentially bought as much house as they could. They ALL plan on flipping or renting. I have a feeling that losing access to cheap debt is going to have a bigger impact than people realize. None of these people would have bought these houses if they couldn’t get a 3% interest rate and a 30 year loan.
I bought all the house I could, not because I plan on flipping or renting but because the money supply is ridiculous. So much money has been pumped into the economy that I firmly believe inflation is here to stay. If inflation stays that will put upwards pressure on price of everything, houses included too.
keyword from GP is multiple. If you buy multiple houses than you probably plan on renting them out/flipping them.
It’s just not true on the coasts in big cities. People buy stuff in all cash out here.
FYI, you can still finance a house if you make an all cash offer. I just did that myself. You just need to set the closing date far enough out to get the loan settled.