If you’re having trouble buying a house because your constantly competing with cash offers, you’re not alone. According to one report Florida leads the nation in cash-only home sales.
Cash sales make up 66 percent of home sales in Florida according to a report released yesterday by RealtyTrac. This is up compared to 57 percent from July 2012 and is much higher than the national average of 40 percent. For the Orlando-Kissimmee area its 59 percent.
The Orlando Sentinel reports on how this increase in cash buyers can hurt first time home buyers:
Investor groups, international buyers, landlords and those in the market for vacation homes are fueling a cash-only market that has virtually shut out entry-level homebuyers, who can’t get approved for mortgages.
Photo by flickr user justinshearer