Buyers with cash on hand are winning deals right now, which is good for them and bad for anyone who needs a bank loan to compete.

• Sellers favor offers that can close in a day over ones waiting on bank approval.
• Berkshire Hathaway is sitting on well over $100 billion in cash, ready to buy when others can't.
• Commercial real estate in Florida is one place cash offers are being used to beat out financed bidders, including plans to build a film and TV campus in Fort Lauderdale.
• Showing proof of funds also helps knock the price down, not just win the deal.

Outlook: As long as borrowing stays expensive, cash buyers will keep taking properties off the market before financed buyers can move.