Evidently, yes. The suspect or his accomplice related to another person that the victims had "bands of cash".Did they believe there was a substantial amount of cash in the house?
Sadly, the suspects probably equated affluence ( And relative affluence at that. The victim was a physician, but practiced family medicine in a community clinic- not exactly, "surgeon to the stars" glamour) with having large quantities of cash on hand.
In short, they projected themselves and their real or imagined world on the victims where those with money are decked out in copious quantities of bling and bands of "flash cash" are the norm.