News Column

BRIEF: Cash still king in Orlando housing market

May 7, 2014

By Mary Shanklin, Orlando Sentinel



May 07--The throng of investor home buyers who descended on the Orlando area last year has left but cash remains king in the region's housing market.

A new report shows that 56 percent of all home sales in Metro Orlando area last quarter were cash deals. The amount of cash-only sales increased from 31 percent a year earlier and 52 percent during the previous quarter, according to the RealtyTrac report released today.

Within the four-county area, Osceola had the greatest shares of cash sales -- 60 percent. Seminole County's mix of home sales had the fewest cash transactions -- 47 percent.

Veronica Malolos, a broker with RE/Max Premier Properties in Kissimmee, said the surge of cash-paying buyers likely indicates the strong interest from Canadians and other international buyers. The cold winter also played a role in drawing the interest of cash buyers from the North, she added.

The report also shows the fewer investment-driven sales in the region with 7.2 percent of purchases by investors during the first quarter, which was down from 8.6 percent a year earlier and 8.2 percent in the previous quarter.

mshanklin@tribune.com or 407-420-5538

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(c)2014 The Orlando Sentinel (Orlando, Fla.)

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Distributed by MCT Information Services


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Source: Orlando Sentinel (FL)


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