It’s not just your imagination. On national average, 1 in 3 buyers is purchasing all cash. Florida topped all states for all cash homes sales. Buyers from all over the world spend at least part of their time in Miami.
According to the Miami Association of Realtors, 48.4% of single family home sales and 71.5% of condo sales in Miami-Dade County were cash. Investors and foreign buyers figure prominently in these figures.
Not to be outdone, Broward County reported cash sales in 48.4% of single family home sales and 76.8% of condos for the first quarter. Retiring baby Boomers and investors can bypass stricter lending requirements by paying cash.
Cash sales are rising despite a reduction of distressed properties. This is led by people downsizing, investors diversifying into Real Estate, and baby boomers selling off their paid in full homes and relocating with the cash.
Some other surprising states with high cash sales are West Virginia (44%) and South Carolina (40%).