Home sales in South Florida’s market done mostly in cash
The Sun Sentinel reports that sellers in the South Florida market still prefer cash.
A new report by RealtyTrac shows that roughly six out of 10 Palm Beach County buyers paid cash in the third quarter. Furthermore, the South Florida metro area, which also includes Miami-Dade County, has the highest percentage (59.1 percent) in the nation of home sales that didn’t require a mortgage. This is causing trouble for first-time homebuyers who struggle to compete against cash offers.