For those without a bank account flush with cash it’ll be tough to close on a home or condo in South Florida as RealtyTrac reported that cash deals here are up sharply.All cash sales accounted for 67 percent of new and existing home purchases in South Florida during the first quarter, ranking second among national metro areas, according to RealtyTrac. Only the Cape Coral-Fort Myers area finished higher at 74 percent.In fact, Florida markets occupied the top seven spots for metro areas nationally with the highest percentage of all cash home sales, RealtyTrac found. No wonder prices are skyrocketing. The 67 percent of all cash deals here in the first quarter compared to 65 percent in the fourth quarter and 45 percent in the first quarter of 2013. All the new condos coming on line in Miami probably made a big difference there as most of them are being acquired by foreign investors for cash.The problem is that working class buyers who require a mortgage have a tough time closing on homes when quick-acting cash buyers are competing with them.Nationally, 43 percent of home sales were all cash in the first quarter.
Author:Kevin Berman Phone: 954-471-8120 Dated: May 9th 2014 Views: 168 About Kevin: REAL ESTATE BROKER & MILLION DOLLAR GUILD MEMBER
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LUX Florida Home Collection & Bankers Realty Services are a full service real estate firm. Since 2000 we have been listing, selling, leasing & managing property for both residential and commercial real estate owners throughout South East Florida. We have a team of experienced Real Estate, Mortgage, Appraisal & Legal professionals who all work together to assist in our clients needs.