Florida Real Estate, A Top Market For Cash Buyers
Due to the number of distressed properties, foreclosures and other market variables Florida has become one of the top states in the nation for cash buyers. According to Realty Trac in June, cash deals represented 57% of home sales in Florida.
They also released the statistics below for cash sales in top metro areas.
Metro Area Breakout of Cash Sales
Miami / Ft. Lauderdale: 64%
This could be good news for home sellers depending on which side of market you are on. If your home is in need of repairs, requires a quick sale, or are facing foreclosure you’re in luck. With the flood of investors & retiree’s paying cash you can get out from under your home with much fewer hoops to jump through than a traditional sale. However, when dealing with a cash buyer they will understandably want a discount for the speed and convenience of the sale. There is no way to know how long this level of cash sales will continue especially with a fair amount of these sales being intended for quick resale with improvements. The market is prone to change rapidly so acting now to sell your home fast could prevent you from being stuck for years to come.