Cash Sales Becoming New Normal

by Isaac Benmergui, Esq on January 16, 2012

Foreign investors to Florida’s real estate market have always preferred to pay in cash. Dealing with banks and their regulations often proved too difficult and time consuming, so they simply handed over the green and got the deed. This method of operation has raised cash home sales to 41 percent and condominium cash sales to 79 percent. Nationally about 28 percent of single family homes and condos are cash deals.

Despite an 8 percent increase in single-family home prices and a 21.5 percent increase in condominium prices in the Miami-Dade market from a year ago, prices are still lower than they were before the housing bust. With banks making it tougher to get loans, more U.S. buyers are also scraping together the cash to purchase their homes. Although they may not be able to buy the big house they had hoped, they end up with a home without worries of a mortgage payment.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

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