Cash Sales Are on The Rise
Low inventory and high buyer demand has created fierce competition in real estate markets across the country. In order to successfully purchase a home, buyers are doing everything they can to make their offer more attractive to sellers. One of the biggest current issues are buyers that have the ability to make cash offers. Cash sales are on the rise.
According to the latest REALTORS® Confidence Index Survey from the National Association of REALTORS®, a full 25 percent of offers accepted in April 2021 were all-cash offers. This is up from just 15 percent in April 2020. And while some of those cash offers are investors, many represent buyers purchasing their primary residences. In April, 15 percent of primary residence buyers made an all-cash purchase.
Here in the local Gainesville-Alachua County area, our monthly stats reflect a big uptick of cash buyers as well. We do our best to publish the monthly market stats here on our blog. Check back often to see our LOCAL monthly market reports.
Within the last year, many cash buyers that are buying second homes in our area, are actually pulling equity from their primary residences in other states, and therefore paying cash for homes or condos here in the Gainesville area.
So, what does that mean for you? Such a high percentage of all-cash offers is just another indicator of what buyers are willing to do to land their dream home—so if you’ve been thinking about selling, now is a great time to make a move.