Real Estate News You Can Use: Cash buyers on an upswing
Buyers in Summit County that are paying all-cash for properties are at an all time high. All cash transactions are up by over 5 percent. Previous years cash sales have been approximately 38 percent and now are between 43 to 45 percent.
Buyers in markets around the US are also snapping up homes in all-cash-deals. Many buyers are betting that prices are at or near bottom, and with the lower prices, they find it irresistible to pass up bargains. As investors paying cash are on the increase it is breathing life into some of the most depressed markets in the U.S. Cash buyers represented more than half of the transaction in Miami area last year according to Zillow. The percentage of cash buyers in the Phoenix area hit 42 percent in 2010 which is more than triple the rate in 2008.
Prices in the downtown Miami area were up 15 percent in 2010 from a year earlier, according to the downtown development authority. In some areas they are seeing bidding wars and slightly increasing prices in the Ft. Lauderdale area. So what…you might ask, why are you telling me this? What does that have to do with Summit County real estate? Well, based on previous years our market usually lags behind the costal and other markets. Granted our market has not been as hard hit as many of the other markets, but when we start to see some recovery in those markets our market typically follows suit based on previous year’s history.
Although residential real estate has been slower to bounce back than stocks, the presence of apparent bargains is luring now confident buyers. Some are taking some of their money out of the markets and moving over to real estate investments. Buyers are feeling they are getting a great deal and going ahead and buying now.
How about you? Looking for a deal? There are many great buys out there right now in Summit County real estate. There are some short sales, where sellers are selling for less than they paid for the property. There are a few foreclosure properties and some motivated sellers out there are giving great discounts from previous years highs. So why wait, this is the market you’ve been waiting for…come see the real estate opportunities that are available in Summit County!
Currently there are 142 residential properties that are under contract/pending status. One hundred residential properties have closed year to date vs. 84 for the same time period last year.
Cynthia Goda at Cynthia Sells the Summit has been a local Summit County Realtor for 26 years. She can be reached at (970) 468-0404 or email@example.com
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