Cash Buyers in South Florida’s Real Estate Market
4 years ago, I wrote a post here about the large number of Cash Buyers in South Florida’s Real Estate Market. 4 years later, Cash sales continue to dominate. Time flies!
Property purchase records indicate that, of 5,618 Condos, Townhomes, Villas, and Co-ops that were purchased in Broward County during the months of January – April of 2014, Cash purchases accounted for 4,276 of the Sales, a whopping 76% of the properties that sold. Of 4,862 Single Family Homes that were purchased during the same period of time, 2,138 of the sales were Cash purchases, which represent 43% of the total sales. It’s important to note as well that Cash purchases are occurring in all price ranges, not just the Luxury Market.
As Real Estate Buyers and Sellers, it’s critical to understand current Market conditions. The Market has transitioned back to a Sellers’ Market, many Sellers have a great selection of Cash Property offers to consider, and Buyers are experiencing stiff competition in a Market where property Inventory is low, property values have increased more than 15% in the last year alone, and many property listings specify that only Cash Offers will be considered, not Financed offers.