Cash-Paying Buyers Are Getting The Best Deals In Miami Real Estate!
According to a Bloomberg news article published last 29th of March 2011 and titled “Cash-Paying Vultures Pick Bones of U.S. Housing Market as Mortgages Dry Up”, for the past month of February 2011, 33% of all existing-home sales in the US were cash transactions. And for the same month, South Florida registered close 70% cash transactions in sales of existing-home.
This numbers are amazing and certainly unheard of.
Notwithstanding the historical low rates available for financing today, the difficulties and extensive requirements imposed by lenders motivate buyers to consider paying in cash. Another motivation comes from the Sellers themselves who are so discourage by the lengthy credit approval processes, that are willing to discount asking prices a few additonal percentage points if the buyer buys cash and is willing to close withing weeks.
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