Cash For Castles

October 24, 2011
Coral Gables Luxury Real Estate - 22 Tahiti Beach Island Road

Buying a home with cash is becoming more popular than ever, especially in the luxury home market. This year, according to the National Association of Realtors, 32% of home purchases were paid for in cash, up from 26% last year. 

With the real estate market in flux and foreclosures affecting overall prices, home appraisers are tending to assess homes at lower values than banks assess them. This makes it harder to obtain a loan to cover the full amount of a property.

One of the advantages of paying with cash is bypassing the loan approval process, which can be long and complicated. When you don’t have to submit all your financial records to a lender, you can maintain your privacy and have more bargaining power with the seller. Sellers are often willing to accept lower offers from cash buyers, because the deal is more dependable when it’s not contingent upon appraisals and outside funding.

If you do have the cash to cover a home purchase, the transaction will go more smoothly. You will also have instant equity in your new home and save on the interest you would have paid over a 30 year loan. All these advantages make paying cash for your new castle a smart option in today’s market.

Register
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    When are you looking to purchase?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need assistance with financing?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need to also sell your property?