According to RealtyTrac, about 45% of US home purchases were cash deals in August 2013. Miami , FL was the leading area with about 69% of sales being for cash, followed by Detroit (68%), Las Vegas (66%), Jacksonville, FL (65%) and Tampa, FL (64%).
RealtyTrac reported 15% of US home sales were short sales in August 2013 and foreclosures made up about 10% of the US home sales.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Showing posts with label cash. Show all posts
Showing posts with label cash. Show all posts
Saturday, September 28, 2013
Sunday, April 29, 2012
Cash Buyers And Foreclosures To Keep Home Prices Down? Homes For Sale; Homes For Rent
Cash deals are easier to close because there is no need to get involved with the rigours of bank financing-- appraisals, downpayments, qualifications, etc. However, due to the less risk of closing, generally means the prices offered are a bit lower than market. A recent report in Fortune Magazine, said the average "haircut" off the home is 10% for cash.
Foreign investors are making their way to the US market who are betting on both a recovery in the housing market as well as a strengthening US Dollar. They would get a boost from the apprecation in the home value and the currency translation when they sold and reverted back to the home country currency.
All cash purchases were about 13% of all transactions in the US during 2007, according to DataQuick; this is considered a more normal period of sales. Cash sales were about 33.2% of nationwide sales in December 2011, according to DataQuick.
We also know distressed sales (i.e., short sales and foreclosures) are increasingly becoming a large part of overall sales. Foreclosures are dampening the sales comparisons and are forcing listing prices down in order to compete with the others in the inventory pool.
The overhang of new foreclosures and the sluggish US recovery are reasons I believe the US housing market will not show price appreciaiton in 2012. The market is favorable to buyers of homes, especially cash buyers. Please contact me for your buying, selling and renting needs.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Foreign investors are making their way to the US market who are betting on both a recovery in the housing market as well as a strengthening US Dollar. They would get a boost from the apprecation in the home value and the currency translation when they sold and reverted back to the home country currency.
All cash purchases were about 13% of all transactions in the US during 2007, according to DataQuick; this is considered a more normal period of sales. Cash sales were about 33.2% of nationwide sales in December 2011, according to DataQuick.
We also know distressed sales (i.e., short sales and foreclosures) are increasingly becoming a large part of overall sales. Foreclosures are dampening the sales comparisons and are forcing listing prices down in order to compete with the others in the inventory pool.
The overhang of new foreclosures and the sluggish US recovery are reasons I believe the US housing market will not show price appreciaiton in 2012. The market is favorable to buyers of homes, especially cash buyers. Please contact me for your buying, selling and renting needs.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, March 13, 2011
Homes For Sale: Why Are More Real Estate Buyers Doing Cash Deals?
I have noticed the trend in my own business-- more cash deals. The National Association of Realtors recently published data indicating 32% of homes bought in the US during January 2011 were cash buys compared with 26% a year earlier. I am writing up a cash deal now that started out as one that would be lender financed. Why is this happening more often?
We have discussed weak appraisals in the publication in previous postings. Prices remain weak and lenders are using foreclosures in compararable data. The banks want to be sure they will have adequate collateral and are using discounted foreclosures in their assessment of worth.
Sellers are more motivated by cash deals for this very reason. The seller is not held up by appraisals causing deals to fall through. Therefore, sellers are more motivated to take less money for the increased likelihood the deal will be completed.
Some condominium buyers cannot get financing as a result of falling short of Fannie Mae and Freddie Mac requirements. These agencies will not guarantee mortgages in condo communities where 70% of units in a development are not owner-occupied. Fannie and Freddie guarantee most of the mortgages issued in the US.
Other potential borrowers do not want to be subjected to the onerous process of being approved by a lender. Banks tend to want to look into every aspect of a potential borrower's finances; there are many pages of paperwork to be filled out; and people who can afford to self-finance sometimes decide to opt out of this process.
Many distressed properties do not even qualify for financing because they are in such poor condition.
Real estate investors are beggining to be more active, in my opinion, and the cash only incentive allows them to buy more cheaply. In addition, the investors do not want to have to worry about interest and payments if they can avoid it.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
We have discussed weak appraisals in the publication in previous postings. Prices remain weak and lenders are using foreclosures in compararable data. The banks want to be sure they will have adequate collateral and are using discounted foreclosures in their assessment of worth.
Sellers are more motivated by cash deals for this very reason. The seller is not held up by appraisals causing deals to fall through. Therefore, sellers are more motivated to take less money for the increased likelihood the deal will be completed.
Some condominium buyers cannot get financing as a result of falling short of Fannie Mae and Freddie Mac requirements. These agencies will not guarantee mortgages in condo communities where 70% of units in a development are not owner-occupied. Fannie and Freddie guarantee most of the mortgages issued in the US.
Other potential borrowers do not want to be subjected to the onerous process of being approved by a lender. Banks tend to want to look into every aspect of a potential borrower's finances; there are many pages of paperwork to be filled out; and people who can afford to self-finance sometimes decide to opt out of this process.
Many distressed properties do not even qualify for financing because they are in such poor condition.
Real estate investors are beggining to be more active, in my opinion, and the cash only incentive allows them to buy more cheaply. In addition, the investors do not want to have to worry about interest and payments if they can avoid it.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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