cash buyers sarasota real estate
Canadians are by far the largest international purchasers of Sarasota real estate. Additionally, the vast majority of Canadians pay cash for their Sarasota property. The reasons are threefold. Firstly, the lending criteria is very strict for Canadians. Whereas American citizen’s commonly obtain loans for 80% to 90% of the properties value, Canadians and other international buyers…
In 2013, statistics state that 66% of all Sarasota County buyers paid cash for their real estate purchase as opposed to getting a mortgage. Why ? Because cash buyers pay far less. And here’s the explanation. Florida has no state income tax, and Sarasota County has no “land transfer tax” so both entities make money…
Cash sales of single-family homes and condominiums accounted for 64.5% of all transactions in Sarasota County in 2013. That figure was up from 48.3% a year earlier. In November, Florida actually led the nation in cash sales of single-family homes, according to RealtyTrac data. When mortgage rates rise, which they will surely do in 2014,…
