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Prices and sales are down substantially from the peak in 2008 here in Summit County, and because mortgage lenders are being so miserly, cash buyers are a major force. They’re using cash as leverage to buy at bargain prices.
In years past, sellers were less impressed by cash offers than now. They figured they’d get cash at closing either way, so who cared if the buyer had a suitcase full of large bills?
Now, cash deals without the major uncertainty caused by the lending process have real value to sellers. They know that unless the buyer gets hit by a bus, he’ll probably close. At least lenders won’t get in the way.
In response to this emerging demand for bargains, I’ve begun sending out a Top Twenty Best Buys list about every two weeks or so.
To get on this list, a property has to have been reduced by at least 25 percent from its original asking price.


The majority of them are discounted by about 30 percent, but discounts of up to 80 percent have been seen... briefly. Recently, the top deals have averaged 45 to 50 percent discounts as the best bargains are snapped up.
Some who have subscribed to the list are disappointed that so few of the properties are under $500,000. Unfortunately for bargain hunters on a budget, lower priced properties usually get bought well before they have to have a major price reduction.
The best buys have been and remain in the million-dollar and up market where $1 million sometimes buys you a $2 million dollar house. For about 2 years, higher than normal volume in this market segment has held the county average price up.
E-mail me and ask for the Best Buys list. You just might find the mountain home that you’ve been looking for at a price you never thought you’d see.


Go to http://www.chuckleathersre.com/ to see all Summit County listings