All-Cash Home Buyers Have an Amazing Opportunity

USA Today reported this week that all-cash buyers are beginning to scoop up homes all across the country at bargain prices. On average, U.S. home prices are now 33% below their 2006 peak. In many areas, prices have come down even more. In some cases as much as 50 to 70% from their highs. Those buyers apparently believe that prices won't get much cheaper any time soon and they see an opportunity to make some money either through rentals or by holding the properties until times get better.

All over Florida, there are substantial numbers of homes for sale at bargain prices. Some, admittedly are short sales and foreclosure properties that require a fair amount of investment before they will be viable rentals or second homes. But, according to Andree Huffine, a Sarasota real estate expert, there are also all sorts of other real estate properties for sale at bargain prices including luxury waterfront and golf course homes and condominiums in the $1 million and up price range.

Homeowners in all price ranges who need or want to sell their homes or condos, after having held off for two or more years already hoping for a quick housing market recovery, have begun to understand the situation. As a result, they have reduced their asking prices to more realistic levels and become particularly interested in cash buyers.

Yes, mortgages are still tight but that is opening an opportunity for seen before for those with cash to get great deals on Florida real estate properties. Some of these all-cash buyers are Americans, but there also substantial numbers of Canadians and European buyers in the market.

Home sellers throughout Florida are beginning to be willing to accept lower price offers from all-cash buyers who have no financing contingencies in their offers. They also recognize that an all-cash deal can close within 2-3 weeks, far more quickly than a deal requiring the normal appraisal and mortgage approval, and vastly quicker than a short sale.

"As a result," says Bob Henley, a Sarasota Florida real estate agent with RE/MAX Alliance Group in Sarasota, "home buyers with cash on hand are in the enviable position of being able right now to purchase a home or condominium as either an investment property or as a second home at truly attractive price."