Newspaper article Sarasota Herald Tribune

Area 4th in US for Cash Sales

Newspaper article Sarasota Herald Tribune

Area 4th in US for Cash Sales

Article excerpt

REAL ESTATE

Cash buyers remain big players in the Southwest Florida housing market, but their impact is shrinking.

The Sarasota-Manatee area ranked fourth among the 100 largest U.S. metro areas for cash deals at the end of 2016, data provider CoreLogic reported Wednesday.

Cash sales accounted for 46.2 percent of all home deals in the two counties, CoreLogic said. But that was down from 51.4 percent at the end of 2015 and from 54.3 percent two years earlier.

Cash buyers dominated the region's real estate market for several years, even leading the nation for the top share in early 2015.

The clout of large institutional investors -- who ruled the market during its early rebound -- has eased, but some smaller investors have picked up the pace. Baby boomers at or near retirement also are selling homes up north and paying cash for homes here. …

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