Cash Deals Led the Way for South Florida Home Buying in August

by Isaac Benmergui, Esq on September 27, 2013

Home2RealtyTrac reports that the driving force behind most of the August home purchases in South Florida was cash.

In the counties of Miami-Dade and Palm Beach approximately 70 percent of each deal was paid for in cash, with Broward county coming in at 67 percent. From last year, the percentage of cash deals in Broward were down about 12 percent; with Miami-Dade’s and Palm Beach’s improving 4-10 percent, year-over-year.

Cash buyers typically outbid mortgage-based buyers and are able to swoop in with a higher bid and snag the property. Institutional investment buying is also making up a smaller percentage of sales from a year ago, marking a change in the overall demographic of buyers.

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