Buyers in Florida Pay Cash… According to CoreLogic, a financial study company in California, more than half of all buyers of real estate in Florida paid cash rather than financing.
The Metropolitan Statistical Area that includes North Port, Sarasota and Bradenton reported that 59.8% of sales were cash. Florida was the only state where more than half of buyers paid cash, however there were a handful of states where the average was over 40%. In the US as a whole, cash sales of real estate was 33%, the lowest reported since 2008. Before the financial crisis, cash sales were historically about 25% of real estate purchases.
Cash sales of real estate in Southwest Florida has often been higher than much of the nation. That is attributed to retirees selling a property prior to relocating to this area. Suncoasteam Realty agents have seen the majority of home and condo purchases in Punta Gorda, Port Charlotte, Rotonda and North Port being all cash on a regular basis. Real estate transactions in the Charlotte and Sarasota County areas have fewer financing contingencies than in other areas.