From the buyer's point of view, the competition from cash buyers topped out at a particular level that they were prepared to meet. But in some markets, there simply aren't financed buyers approved or willing to hit that level.
The results are summarised below. Detroit, Memphis and Chicago were no real surprise to us. Probably the most surprisingly finding in our eyes was that Florida, probably the state of most interest to us in terms of buying, has four markets where cash is king, including Orlando.
So buyers, if you want to get in on the ground floor and you have some cash to spend, take a close look at Zillow's research and don't rule out investing in Florida while financed buyers are still not clinching the deals. Follow the links on our home page if you want us to connect us with our trusted vendor in Florida.