Wellington Florida | Was Cash King in 2010?
Cash did remain King last year in Wellington Florida. Over 44% of home buyers paid cash for their Wellington Florida home, but don’t think these buyers paid 30%, 20%, or even 10% less than the asking price. In fact, the median List to Sales Price Ratio for a Wellington Florida Cash Buyer was 94%. That means a home listed for $300,000 sold for $282,000, NOT $210,000, $240,000 or even $270,000.
Buyers who chose to finance their Wellington home had a slightly higher List to Sales Price Ratio, which was around 95%. However, this number could easily be different if those buyers who had seller concessions chose a reduced purchase price instead. Seller concessions are when a seller contributes a certain amount of money towards a buyer’s closing costs, escrows, and/or pre-paids.
For example, a buyer may purchase a home for $300,000 and ask the seller to contribute $10K towards their closing cost netting the seller $290,000, but if these financed buyers chose to remove the concessions and pay the $290,000 instead of $300,000 the List to Sales Price Ratio for financed buyers could be well under 95%.
Unfortunately, there is no way to find out how many of these financed buyers actually had seller concessions other than contacting each listing agent for the 535 financed homes that sold in Wellington Florida, and asking them.
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A lot took place in Wellington Florida real estate market and many buyers and sellers alike want to know was cash king in 2010? Here's the answer! #wellingtonfl #realestateAbout the Author
Top Wellington Realtor, Michelle Gibson, wrote: “Wellington Florida | Was Cash King in 2010?”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.
Michelle Gibson of the Hansen Real Estate Group Inc. who has specialized in Wellington, Florida, real estate since 2001. She combines community knowledge with effective marketing, technology, and social media to help buyers, sellers, and renters throughout Wellington.