Cash deals gain edge in real estate market - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Cash deals gain edge in real estate market

By Chuck Weber email

WEST PALM BEACH, FL (WFLX)-If you've got the Benjamins, chances are you can cash in, in this real estate market.

Agents in Palm Beach County and on the Treasure Coast say they are seeing more cash deals lately. Between fluctuating prices and new rules requiring lenders to hire the appraiser, agents say there's an increased chance an appraisal could kill a deal.

In a cash transaction, the appraisal is optional. It's easy to see why cash offers could be more attractive to a seller.

Guy Normand and his family, from Montreal, plan to make a cash offer at the Edge condo in downtown West Palm Beach. With some units selling for half what they used to,.Normand see a golden opportunity for a second home in Florida.

"I've got the money right now," explains Normand. "So I don't have to wait for a mortgage. I've got the money and I'm ready."

More cash deals also means more investors are once again entering our market. And realtors tell of investors with lower cash offers beating out first time buyers, who have to finance.

The increased number of cash deals is part of more real estate activity overall in recent months. So have we hit bottom?

"Well I'd like to say we're at the bottom," responds West Palm Beach realtor Randy Bianchi. "But the inventory is such that we're probably going to flat line for awhile."

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