Cash Sales At All Time High

In 2010, cash buyers accounted for 52 percent of all residential sales in Pinellas County – the national average is just 28%. The high rate of cash sales is a result of tighter lending, cash discounts, and a sense that the market may have hit bottom. Pinellas County also has a large percentage of second home buyers, who have more access to cash. Investors are turning to real estate, getting a better return on rental income than they can in the the stock market. They had been largely sitting on the sidelines for the past couple of years.