All Cash Wins the Deal

Posted by Louis Wery on Thursday, August 29th, 2013 at 12:07pm.

 

The Local Market Insightall-cash deal has held sway in Sarasota for as long as I can remember, especially in the luxury market, and I have lived in the Sarasota area for more than 20 years. In my experience focused on selling residences listed at $500,000 and up, my clients are individual buyers, not institutional investors.

Certainly, people became more aware of this reality as credit tightened. The buyers who need mortgage support do struggle to find sellers willing to accept their offer.

In July 2013, there were 562 all-cash out of 991 sales for 57 percent; 389 involved a loan (39 percent); and 40 were classed as other (4 percent). For Manatee County, 47 percent of the July sales were all cash (330 out of 701). My Florida Regional Multiple Listing Service (MFRMLS) provided these figures to me via RealEstate Business Intelligence (RBI),

The Sarasota Herald-Tribune agreed with the gist of the RBI figures in that most purchases were all cash. However, the newspaper differed in the detail, reporting that, in July 2013, all-cash purchases took 62 percent of the real estate transactions in Sarasota County, 65 percent in Manatee County.

Nationwide, according to RealtyTrac, 35 percent of residential sales are all cash, an increase of 4 percent from a year ago.

There are many ways to slice and dice statistics, but, no matter how you cut it, the message continues to hold: All-cash wins the deal most of the time in Sarasota County.

See below for a detailed analysis provided by MFRMLS.

Please call Louis Wery at 941.232.3001 for more about properties available in Sarasota & Her islands.

For more information about Sarasota & Her Islands, please contact Louis Wery.




Leave a Comment