November 25, 2024 1:48 am
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Share of homebuyers paying cash reaches new high

House-with-cash-300x211By Pamela M. Prah, Pew/Stateline

Cash is king, especially for those buying homes in Florida: A stunning 64% of all home sales in early 2014 in Florida were cash-only purchases.

New York (59%) and Alabama (56%) rounded out the top three states with the highest percentage of buyers plopping down cash instead of taking out mortgages to buy residential properties, according to new figures from RealtyTrac, a California-based firm that tracks and analyzes housing data.

Even in states such as Colorado, where only a third of home purchases in the first quarter of 2014 were all-cash transactions, the trend is evident. Greg Smith, a Denver-area broker owner at RE/MAX Alliance, said “cash offers are winning the bidding wars” more and more often.

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© 2024 Rose Law Group Reporter

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.