In a new report of home sales in the state of Florida show that over 50% were cash sales and the highest in the nation. According to Corelogic an Irvine, CA based financial data company that tracks nation wide home sales. Second-place was Alabama at 48% of their homes being cash transactions.
The report shows the following of large U.S. cities: Cape Coral-Fort Meyers was first with 61.2%, then followed by: West Palm Beach-Boca Raton at 60.6%, then Sarasota-Bradenton with 59.8%, then Miami-Miami Beach with 58.7% and then Fort Lauderdale-Oakland Park-Pompano Beach with 58.5% with cash sales.
Other states that followed Florida and Alabama were: New York 44.6%, Kentucky 40.1% and Nevada with 40%. Nationally the average was 33% and the Washington, D.C. area was the lowest with 15.6%.
This report does seem to highlight the importance of non-cash sale buyers to really make sure their agent has done good comps to ensure they don’t go in with a low offer as these cash buyers will surely have the edge with home sellers.