Living in a city that has been dubbed “The City Beautiful” may seem like a joke to some, but for the beloved residents of Coral Gables this is definitely a dream come true, especially when the city they live in is able to keep up with such a demanding role when it comes to living up to such high standards.
As more and more people are becoming aware of the fabulous lifestyle that awaits them in Coral Gables it seems that more and more people are also dealing with their real estate transactions on a cash purchase basis. In fact, it has been recorded in January of this year that there has been a 32 percent jump in the number of Coral Gables home that have been purchased with cold cash.
If there is anything that we can acknowledge when it comes to this occurrence of real estate transaction deals that are being paid fully in cash, it would be the weak appraisals for many of these properties. Prior to sales, banks make assessments on neighboring homes in order to evaluate how much the home property should be valued at. But in areas such as Miami, prices remain relatively weak, and appraisers are prone to utilize foreclosures as grounds for valuation.
At the end of the day, appraisals end up low while banks say no when it comes to having to finance however much is necessary in order to finalize the sale. And real estate buyers who want to own Coral Gables homes are forced to bring their own cash.
The good thing about bringing cash is that there are a number of sellers on the market who are willing to take offers for their Coral Gables homes even if these offers are lower than the prices that the home was previously marked at. Real estate sellers are much more willing to engage in such deals because there is a lesser chance of anything happening which might terminate the deal.
Cash is definitely more attractive when it comes to sellers who are looking to get quick deals done for their real estate properties. And for the buyers who are fortunate enough to have the cash that they need, it becomes much easier for these people to actually negotiate on Coral Gables homes that they might be interested in. After all, cash is king, and there has been no one in the history of real estate that has been able to prove otherwise.
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