That is right folks, this year the Majority of Tampa is being bought up by People with Cash. This was the front page of the St. Pete Times Real Estate Section.
In Hillsborough County 50.1% of properties went to Cash Buyers
avg price - $140,360
In Pasco County 58.77% of properties went to Cash Buyers
avg price - $132,000
In Pinellas County that number struck 65%
avg price - $165,700
Keep in mind, nationally cash buyers account for only ~35% of solds. Another consideration is that these numbers are from Snow Bird season. Snowbirds rent a season or more, while getting to know the area, and than buy before the end of the season, so they have a place set up for next season. As they are closer to, or in retirement, they are not looking to take on more debt, so they tend to pay cash.
Of note in the report was that there are more than 2,500 homes priced under $50,000 for sale
Some are speculating that the bottom has arrived. Personally, prices can not go much lower. Some houses have sold for around $10,000 (yeah they need work.) New construction is available for under $100 per square foot. So if you are thinking about purchasing, you might want to pull the trigger now
I say that because if you wait, not only could you miss the bottom, but interest rates CAN NOT stay this low for very much longer. The result of waiting for a cheaper house, could be way more offset by a higher interest rate.
Original source for the statistics posted are located at the St Pete Times
All information provided is deemed reliable but is not guaranteed and should be independently verified.
Properties subject to prior sale or rental
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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.
All information should be independently verified.
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