South Florida leads nation in all-cash home sales
Nearly two-thirds of Palm Beach County homes sold in the second quarter were bought in all cash deals, according to RealtyTrac data.
That makes South Florida the number one metro area in the country for cash deals, according to the Palm Beach Post.
“South Florida has the highest percentage of cash sales of any market nationwide because it attracts a trifecta of cash buyers,” RealtyTrac vice president Daren Blomquist, said.
“Institutional investors are buying single-family homes as rentals en masse. Foreign buyers are looking for a safe haven for their cash or possibly a trophy property. And retirees are downsizing from other markets and able to pay in cash from the proceeds of the sale of their previous home.”
In fact, 64.1 percent of homes in South Florida sold in the second quarter went for cash, smashing the national average of 37.9 percent. In Palm Beach County, that number jumped to 64.8 percent. [PBP] – Christopher Cameron