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Monday, March 22, 2010

Cash Buyers Return to Real Estate Market

Cash buyers have always been an important part of the real estate market – primarily as investors.  According to the National Association of Realtors the share of home sales that were cash transactions was 26% in January, up from 18% in January 2009. 

In February 2009 the number of residential sales in Brevard County Florida was 516.  Of these sales, 253 transactions were cash deals in Brevard County.  [The average selling price was $143,000 in February (92% of list price).

The remaining transactions consisted of:
  • VA loans – 31
  • Conventional loans 138
  • FHA loans 89
  • Owner finance 3
There was also one exchange and one assumption of loan transaction. [Source: Brevard County Realtor MLS system]

Although most non-investor buyers seek mortgages, cash does find its way to the closing table in quite a few deals in Brevard County, Florida.   My experience with 55+ buyers has been many do sell their homes and pay cash when they downsize or retire to Florida.

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.  Call me at 321-693-3850 or email me if I can assist you in buying or selling a home in Brevard County, Florida.

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