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.Â
According toÂ Florida RealtorsÂ®Â Trends recent news dated November 13th, 2012 there are now More cash sales, and shrinking time on market (fromÂ 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 â€œChanging Dynamics of Recent Home Buyers and Sellersâ€ session at the 2012 RealtorsÂ® Conference and Expo. Funding for the research was provided by the Realtor University Center for Real Estate Studies.
â€œWeâ€™ve seen a tremendous increase in cash buyers since the housing downturn that we havenâ€™t seen before in history,â€ 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 theyâ€™ve increased steadily since 2008 â€“ 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,Â â€œResearch shows a bias toward cash sales for newer and lower priced homes,â€ and â€œMany 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.â€
Inventory in Florida is now tightening in South Florida, so it will impact how long a home is on the market. Yun said,
â€œTightened inventories in some places mean homes are selling more quickly and reducing time-on-market,â€ Yun said. â€œOur 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.â€
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. â€¨â€¨
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CHRISTINA ALZONA,â€¨Realtor Pro for North Palm Beach County & Martin Countyâ€¨Realty Associates - Florida Propertiesâ€¨TEL. (561)-339-1014 â€¨www.ChristinaAlzona.com