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Christina Alzona's Blog

By Christina Alzona | Agent in Jupiter, FL

Important Update for Buyers in Palm Beach County & Martin County Florida areas

Here is an important update from Florida Realtors that reflects the activity of buyers purchasing homes in the Palm Beach & Martin County areas of Florida. I have seen this happening with my new clients more often in recent months, than ever before. There are more cash sales coming through with buyers purchasing homes in my real estate area and therefore properties are listed for a shorter time on the market. 

According to Florida Realtors® Trends recent news dated November 13th, 2012 there are now More cash sales, and shrinking time on market (from http://www.floridarealtors.org/ )

All-cash buyers have now greatly increased since the housing downturn, while the typical amount of time it takes to sell a home is shrinking.

Academic experts took a closer look at cash buyers and how time-on-market impacts home sales during the “Changing Dynamics of Recent Home Buyers and Sellers” session at the 2012 Realtors® Conference and Expo. Funding for the research was provided by the Realtor University Center for Real Estate Studies.

“We’ve seen a tremendous increase in cash buyers since the housing downturn that we haven’t seen before in history,” said Lawrence Yun, chief economist of the National Association of Realtors (NAR). Yun said a decade ago, cash home purchases were less than 10 percent of the market, but they’ve increased steadily since 2008 – up to 30% of sales.

Yun said the increase in cash buyers results from tight lending conditions and an increase in investor sales, which make up the bulk of cash purchases. Increases in the number of international buyers, who often have financing difficulties when purchasing a home in the U.S., are also adding to the cash sale rise; 62% of international purchases were all cash, a percentage that has increased since 2007.

Dr. Grant Ian Thrall, president of the American Real Estate Society, agreed that cash sales have increased dramatically in recent years. Thrall stated that, “Research shows a bias toward cash sales for newer and lower priced homes,” and “Many of those sales are occurring within the first 60 days that the home is on the market, and more than half sold within the first 120 days.”

Inventory in Florida is now tightening in South Florida, so it will impact how long a home is on the market. Yun said,

“Tightened inventories in some places mean homes are selling more quickly and reducing time-on-market,” Yun said. “Our research shows that last year, homebuyers saw 10 homes before buying, down from 12 the year before. And more than half of buyers reported that finding the right home was the hardest part of the home search process.”

Buying a home is one of the major purchase decisions of your life, so it is very Important for you to be an Informed Buyer. Please visit my website www.CHRISTINAALZONA.com today for detailed information for buyers, where you can download a free copy of my Buyers Report. 

You can also sign up to receive email updates on all new listings available in the Northern Palm Beach and Martin County Florida area that meet your search criteria.

EMAIL me with your Real Estate questions - 

also, you can submit your inquiry through - http://www.christinaalzona.com/Buyers.aspx

Realtor Pro for North Palm Beach County & Martin County
Realty Associates - Florida Properties
TEL. (561)-339-1014 

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