At a time when many Americans would find it difficult to scrape up even a 10% down payment for a home, a surprising new trend has emerged. Increasing numbers of home sales are now all-cash deals.

在当下许多美国人会感觉很难凑齐哪怕10%的购房首付，但同时也伴随着一个奇怪的现象。越来越多的房屋交易却会采用全款交易。

In the first quarter of 2014, according to data supplier RealtyTrac, 42.7% of residential property sales in the U.S. were all-cash arrangements, up from 19.1% a year earlier.

根据地产交易委员会提供的数据，在2014年的第一个季度美国房地产交易大约42.7%是采用全款交易的，这一数据相比2013年同期上涨了19.1%。

Some of that increase represents institutional investors, defined by RealtyTrac as groups that have purchased at least 10 properties in the past year. But their piece of the action is relatively small, about 5.6% of purchases, and has actually declined from the previous year. The huge majority of all-cash buyers consists of individual investors and first- and second-home buyers.

地产交易委员会表示一部分机构投资者的加入也推高了全款交易的比例， 这个群体在过去的一年至少购买了10套以上的地产。但是他们也只是占很小的一个部分，相比前一年他们的世纪购买力大约下降了5.6%。绝大多数的全款购房者还是由个人买家以及第一次购房和二手房买家组成。

So if you’re in the market for a property, either as an investment or as a residence, and could afford to pay cash for it, should you? Here’s a look at some of the pros and cons.

因此，假如你正在关注地产市场并且有能力全款支付，不论是投资还是自住，你会全款支付吗？那么让我们来看一些支持和反对的观点。

Why All Cash Makes Sense           

为什么会选全款购房？

1. You’re a more attractive buyer. A seller who knows that you don’t plan to apply for a mortgage is likely to take you more seriously. The mortgage process can be time-consuming, and there’s always the possibility that an applicant will be turned down, the deal will fall through and the seller will have to start all over again, notes Mari Adam, a certified financial planner in Boca Raton, Fla. Being ready to pay cash not only gives you an edge with motivated sellers eager to close the deal, it also helps with sellers in real-estate markets where inventory is tight and bidders may be competing for their property.

1. 你会成为一个更具吸引力的买家。卖家如果知道你不会申请房贷将会更认真的考虑你的申请。因为申请房贷将会花费大量的时间，也就意味着买家更有可能在这段时间反悔这笔交易，交易可能被迫中止并且卖家不得不重新去经历一系列的卖房流程。全款交易不仅能给买家达成交易会带来优势，也会在房产市场库存紧张的时候为卖家带来更高的竞价。

2.You could get a better deal. Just as cash makes you a more appealing buyer, it also puts you in a better position to bargain. Even sellers who have never heard the phrase “time value of money” will understand intuitively that the sooner they receive their money, the sooner they can invest or make other use of it.

2. 你将会得到一笔更好的交易。全款交易会让你成为一个更具吸引力的买家，也会让你在交易的过程中处于一个更好的位置。即使卖家从未听说过“货币的时间价值”，他们也会很直观的明白他们将很快的收到交易款，这样他们就可以将这些钱投资或用到别的地方。

3. You don’t have to endure the hassle of getting a mortgage. Since the housing bubble and ensuing financial crisis of 2007-08, mortgage underwriters have tightened their standards for deciding who’s worthy of a loan. As a result, they are likely to request more documentation even from buyers with solid incomes and impeccable credit records. While that might be a prudent step on the part of the lending industry, it can mean more time and aggravation for mortgage applicants.

3. 你不必忍受房贷的麻烦。由于房地产泡沫和2007-2008年的金融危机，房贷承销商收紧了标准并认真的考虑哪一个投资者才适合贷款。结果就是他们要求买方提供稳定的收入，可靠的信用记录以及更多的文件。虽然这可能是对是否发放房贷的一个谨慎行为，但是它也将消耗更多的时间以及增加审批难度。

Other buyers have little choice but to pay cash. “We’ve had buyers who couldn’t get a new mortgage because they already have an existing mortgage on another house up for sale,” Adam says. “Since they can’t get a new mortgage, they buy the new property with all cash. Once the old property sells, they may place a mortgage on the new property or perhaps decide to forgo the mortgage altogether to save on interest.” 

其他买家别无选择只能付全款购房。Adam 说“我们有许多买家由于他们已经申请了房贷或者有房屋在出售导致他们没办法申请到新的房。由于这些买家没法申请到新的贷款，他们购买新的地产只能选择付全款，一旦旧的地产出售掉之后，他们可能申请房贷用于购买一个新的地产或者完全放弃抵押贷款来节省利息。”

4. You’ll never lose a night’s sleep over mortgage payments. Mortgages represent the largest single bill most people have to pay each month, as well as the biggest burden if income falls off due to job loss or some other misfortune. Years ago, homeowners would sometimes celebrate their final payments with mortgage-burning parties. Today, however, the average homeowner is unlikely to stay in the same place long enough to pay off a typical 30-year mortgage or even a 15-year one. In addition, homeowners often refinance their mortgages when interest rates fall, which can extend their loan obligations further into the future.

4. 你绝对不会因为无法偿还贷款而失眠。偿还房贷现在已经变成许多人每月最大的一笔开销和负担，如果突然丢掉了工作或则其他一些不幸因素可能会导致收入下降。几年前，房主可能会举办一个聚会来庆祝还完最后一笔房贷账单。今天，一般的房主不可能呆在同一个地方30年甚至15年来偿还房贷。此外，房主还经常会将他们的房子抵押给银行在贷款利率较低的时候，以换的更好的生活质量。

If peace of mind is important to you, paying off your mortgage early or paying cash for your home in the first place can be a smart move. That’s especially true as you approach retirement. Though considerably more Americans of retirement age carry housing debt than was the case 20 years ago, according to Federal Reserve data, many financial planners see at least a psychological benefit in retiring debt-free.

假如你觉得安稳对你来说特别重要，尽早的偿还完你的房贷或者全款支付将是一个明智的选择。如果你快要退休了那么更是如此。尽管考虑到20年前美国人退休时仍然在偿还房贷，但是根据Federal Reserve 的数据，许多理财规划师认为没有负债至少对身心是有好处的。

What You Lose

全款支付你会失去什么

1.You’ll be tying up a lot of money in one asset class. If the cash required to buy a home outright represents most of your savings, you’ll be bucking one of the hallowed rules of personal finance: diversification. What’s more, in terms of return on investment, residential real estate has historically lagged well behind stocks, according to many studies. That’s why most financial planners will tell you to think of your home as a place to live rather than an investment.

1.你会占用大朗的资金在一项资产配置中。 假如购房的现金占用了你存款的大部分，你将会违背个人理财神圣规则“多元化”。更重要的是，许多研究指出在长期的投资回报率分析上来看，房产的回报低于股市的回报。这就是为什么大部分理财规划师会告诉你房产只是住宅而不是投资。

2.You’ll lose the financial leverage a mortgage provides. When you buy an asset with borrowed money, your potential return is higher – assuming the asset increases in value. For example, suppose you bought a $300,000 home that has since risen in value by $100,000 and is now worth $400,000. If you had paid cash for the home, your return would be 33% (a $100,000 gain on your $300,000). But if you had put 20% down and borrowed the remaining 80%, your return would be 166% (a $100,000 gain on your $60,000 down payment). This oversimplified example ignores mortgage payments, tax deductions and other factors, but that’s the general principle.

2. 你将会失去房贷作为你的金融杠杆。当你借款购置一处资产，你潜在的回报率将会更高－假设资产价值增加了。假设你购置一个30万美元的房产增至了10万美元达到40万美元。假如你是全款支付，那么你的回报率为33％，但是如果首付20%并且80%采用贷款的话，那么你的回报率将会达到166%。这个简单的算法虽然忽略了贷款所需的利息，税收以及其他因素，但是这是总的原则。

It’s worth noting that leverage works in the other direction, too. If your home declines in value, you can lose more, on a percentage basis, if you have a mortgage than if you had paid cash. That may not matter if you intend to stay in the home, but if you need to move, you could find yourself owing your lender more money than you can collect from the sale.

值得一提的是金融杠杆也可以使用在其他领域，假如你的房屋价格下降，在一定的比例上，如果你选择房贷而不是全款支付将会损失更多。假如你打算住一直住在这里，那么这个问题并不明显，假如你要搬走，那么你会发现你欠贷款人的钱要远多余你卖房的收入。

3.You’ll sacrifice liquidity. Liquidity refers to how quickly you can get your cash out of an investment if you ever need to. Most types of bank accounts are totally liquid, meaning that you can obtain cash almost instantly. Mutual funds and brokerage accounts can take a little longer, but not much. A home, however, can easily require months to sell.

3. 你会牺牲资金的流动性。 流动性意味着假如你需要钱，你可以多快从你的投资中来获得资金。大多数银行账户是非常具有流动性的，意味着在你需要的时候你可以随时获取资金。基金账户和经纪人账户可能需要久一点，然而房屋变现一般可能需要几个月的时间。

The Bottom Line

Paying all cash for a home can make sense for some people and in some real-estate markets, but make sure you consider the downsides too.

全款购房在一些客户以及房地产市场当然行得通，但是您也必须确定你考虑了它的弊端。