Home News West Palm Beach No. 2 for homes bought with cash

West Palm Beach No. 2 for homes bought with cash

by admin
0 comment

WEST PALM BEACH, Fla. — The number of cash-purchased homes may be declining in some parts of the country, but it’s still occurring at high levels in Florida, new figures show .

a Recent reports All-cash purchases were the most common on Long Island, with 66.5% of home purchases made in cash in July, according to research by real estate firm Redfin.

but, West Palm Beach It was a close second with 56.4%. jacksonville 3rd place with 45.5% fort lauderdale 5th with 43.3% and Orlando 6th with 42.5%.

Special Compensation: Paradise price

“Three of the five metropolitan areas with the highest percentage of all-cash purchases are in Florida, in part because many wealthy buyers live in Florida.” said the report.

An all cash purchase is defined as no mortgage information on the deed.

WPTV

New Homes Under Construction in Palm Beach County

Nearly one-third, or 31.4%, of US home purchases were paid for entirely in cash in July, according to Redfin research. This is up from 27.5% a year ago and significantly higher than pre-pandemic levels.

Related: Homebuyers Move to Port St. Lucie for Affordability

The trend, which surged during the pandemic, has made it difficult for first-time homebuyers looking to buy homes, as out-of-state residents moving to Florida scooped up properties as soon as they hit the market.

The recent rise in interest rates is another factor plaguing new homebuyers and middle-income residents as the Federal Reserve (Fed) works to curb inflation.

In Florida, demand for homes surged as more relaxed COVID-19 policies led to a surge in residents from other parts of the country wanting to relocate to the Sunshine State.

Mortgage buyer Freddie Mac reported Thursday 15 September 2022 that the 30-year interest rate rose to 6.02% from 5.89% last week.

(AP Photo/Nam Y. Huh)

Mortgage buyer Freddie Mac reported Thursday 15 September 2022 that the 30-year interest rate rose to 6.02% from 5.89% last week.

Mortgage Bankers Association data indicates Average interest rates on one of the most popular mortgages in the U.S. topped 6% for the first time since 2008.

Buyers who don’t use loans can avoid paying high interest rates as the Florida housing market remains hot and somewhat subdued in the rest of the country.

Also contributing to Florida’s housing crisis is the surge in real estate investors buying properties.

A Redfin study found that real estate investors record share of US housing inventories in the fourth quarter of last year. Research shows that about three-quarters of investor home purchases are made with cash.

Holly Meyer Lucas, owner of Meyer Lucas Real Estate, said locals looking for homes have been hit hard by the lack of inventory in the area and the inability to compete with cash from buyers in the Northeast and California. Said there was

“If you’re a local and need to get a mortgage, it’s almost impossible to compete with these cash buyers because normal people need to get a mortgage to get a home. ‘ said Meyer Lucas.

However, she gave hope and said she might have a chance in the near future.

“I think there will be a lot of inventory locally of people who bought homes here for cash right away to get into Florida. I want to live in. Come in,” said Meyer Lucas.

appId : '207362756082470',

xfbml : true, version : 'v2.9' }); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "https://connect.facebook.net/en_US/sdk.js"; js.async = true; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

You may also like