Understanding the Cash Home Buyers Market in St. Petersburg
With its white-sand beaches and thriving downtown, St. Petersburg is attracting both local and out-of-state investors eager to snatch up properties in cash. In March 2024, nearly 38% of all single-family home sales in Pinellas County were cash transactions, according to a report by Greater Tampa Realtors. This trend was even more pronounced for townhouses and condos, where a whopping 60% of sales involved all-cash offers.
The current housing market overwhelmingly favors sellers, and seeking out cash home buyers in St. Petersburg could be your ticket to a fast and straightforward sale. In this guide, we’ll explain how to locate and sell to cash home buyers in St. Petersburg, providing the insights you need to make an informed decision.
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 St. Petersburg
When time is of the essence, and you need reassurance that the sale will go through, partnering with a cash buyer can be a practical solution. Here are some effective ways to find reliable cash home buyers in St. Petersburg who might be willing to purchase your property.
Work with a reputable local real estate agent
Even when selling for cash, working with a local real estate agent can be hugely beneficial. Agents often have established networks, including cash buyers who are ready and able to purchase properties. When you enlist the help of a St. Petersburg agent, you can access their connections and avoid the time-consuming task of researching and vetting potential buyers yourself.
Additionally, agents can provide valuable insights and guidance throughout the sale process. If you don’t already have a trusted agent, HomeLight can connect you with top agents in St. Petersburg. While you may need to budget for real estate commissions, the expertise and convenience an agent provides can make the process much smoother.
Focus on investors rather than owner-occupiers
Thanks to its growing population and home values, St. Petersburg attracts a lot of real estate investment activity. To connect with these cash investors, consider listing your home on real estate investment websites or attending local real estate investment meet-ups.
You can also request no-obligation cash offers from “We Buy Houses” companies in St. Petersburg. These companies are typically operated by flippers who adhere to the 70% rule, meaning they aim to pay 70% of the home’s after-repair value minus the cost of repairs. Targeting investors rather than individual buyers can increase your chances of a quick, cash-based home sale.
Do your due diligence
It’s important to thoroughly research and vet cash-for-homes companies before agreeing to sell. Using resources like the Better Business Bureau (BBB) can help you verify the legitimacy of these companies. You can also reach out to St. Pete’s local chapter, BBB of West Florida.
Additionally, reading online reviews on platforms like Google, Yelp, Facebook, and Trustpilot can provide insight into the experiences of other sellers. Make sure the company has a solid track record, proper licenses, and positive customer referrals to confirm you’re dealing with a reputable cash buyer.
Before signing an offer, ask for proof of funds
Verifying a cash buyer’s financial resources is an important step to help ensure a smooth and efficient sale. This process typically involves requesting proof of funds, a document from the buyer’s bank that confirms their ability to complete the purchase with cash. If a potential buyer hesitates or is unwilling to provide this documentation, consider it a red flag and explore alternative options.
