Understanding the Market for Cash Home Buyers in Jacksonville
Jacksonville’s hot real estate market makes cash offers a strong possibility for homeowners. In February 2024, the city had the highest percentage of cash home sales among 40 of the most populous U.S. metropolitan areas. An eye-popping 54.4% of Jacksonville home purchases were all-cash deals, an eight percentage point increase over the same period last year.
If you’re a Jacksonville homeowner looking to sell your home quickly and without the usual hassle of listing on the open market, partnering with a cash buyer might be the best solution for you. In this guide, we’ll outline how to find reliable cash home buyers in Jacksonville, explain the benefits of selling for cash, and provide a step-by-step overview of the entire process.
Disclaimer: As a friendly reminder, this blog post is meant to be used for educational purposes, not legal or tax advice. HomeLight always encourages you to reach out to your own advisor.
How to find cash home buyers in Jacksonville
Cash home buyers can be a convenient option for sellers on a short timeline, providing greater speed and reassurance that the deal will go through. Here’s how to find reputable cash home buyers in Jacksonville who might be interested in purchasing your property.
Work with a reputable local real estate agent
Even if you’re leaning toward a cash home sale, teaming up with a reputable local real estate agent can be highly beneficial. Agents often have a Rolodex of cash buyers who are actively looking to purchase homes in the area. You can leverage their network, saving you unknown hours of time and effort, to find credible and interested parties.
Additionally, a real estate agent can help you navigate the complexities of the home sale process, making sure that everything goes smoothly. If you don’t already have an agent in mind, HomeLight can connect you with top-peforming agents in Jacksonville. Keep in mind that while agents earn real estate commissions, their contacts and expertise can prove invaluable in securing a cash sale.
Focus on investors rather than owner-occupiers
Jacksonville has a significant share of institutional buyers — companies, corporations, and limited liability companies that purchase homes for cash, often to turn them into long-term rentals. In 2023, an analysis by the News4JAX I-TEAM found that institutional investors owned more than 9,600 single-family homes across Duval County, where Jacksonville is located.
To attract these types of buyers, consider posting your property on investment websites or attending local real estate investing events. You can also request no-obligation cash offers from “We Buy Houses” companies in Jacksonville. However, keep in mind that these companies are typically run by house flippers who follow the 70% rule, meaning they may offer 70% of the property’s after-repair value minus repair costs. Targeting investors can streamline the selling process and increase your chances of securing a cash offer.
Do your due diligence
It’s important to research and vet cash-for-homes companies to make sure they’re legitimate. Homeowners can use the Better Business Bureau (BBB) to verify the reputation of companies they are considering. You can also reach out to Jacksonville’s local chapter, BBB Serving Northeast Florida & The Southeast Atlantic.
Additionally, reading online reviews from websites like Google, Yelp, Facebook, and Trustpilot can provide insights into other sellers’ experiences. Corroborating the company’s track record, licenses, and customer referrals will help ensure that you’re working with a trustworthy buyer.
Before signing an offer, ask for proof of funds
Choosing a cash buyer with readily available funds is essential. Homeowners should ask the cash buyer for proof of funds, which is a document that verifies the buyer has the necessary cash available to complete the purchase. If a cash buyer is unwilling to provide proof of funds, this is a red flag, and you should consider working with a more trustworthy company instead.
