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In homebuying, cash rules.
Nationwide, roughly 30% of homebuyers pay cash, rather than get a mortgage, says Daren Blomquist, vice president of RealtyTrac, a real estate data company. That’s down from an average of 36% for 2011 through 2013, he says. But it’s still higher than a typical year — which sees about one-fifth of buyers paying with cash.
Cash dominates some markets. Two-thirds of buyers in Fort Smith, which straddles the Arkansas-Oklahoma border, paid cash in 2015, according to RealtyTrac numbers. In 9 other cities, at least half of all home sales were cash transactions in 2015. Seven of those cash-buyer hot spots were in Florida.
Worried about going head-to-head with cash buyers for your dream house? Here are 8 strategies to help you compete.
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