It is universally accepted that Central Florida is one of the most Sought-After places to live in the USA for its weather, economy, and quality of life! Indeed, the USA is one of the most Sought-After Places to Move TO in the world…Our own Orlando Area is undoubtedly one of the most Sought-After Places to be in the ENTIRE PLANET!
Just over one-third (34.1%) of U.S. home purchases last month Nationally were made in cash, up from 29.5% a year earlier and the highest share in nearly a decade, according to a report from Redfin. Our own state of FLORIDA is so popular that it make the Real Estate Market Competitive… That’s why we all want to own Real Estate here in CENTRAL FLORIDA! It’s SO competitive, that the percentage of cash sales here in FLORIDA was higher than the national average of 34.1% in all six metros included in the study, ranging from 38.2% in Tampa to 49.0% in West Palm Beach.
Percentage of CASH SALES by Florida City
- Fort Lauderdale: 40.5%, down 0.5 percentage points
- Jacksonville: 46.2%, up .2 points
- Miami: 40.7%, up 2.0 points
- Orlando: 40.0% are cash purchases, up 0.6 points
- Tampa: 38.2%, up 0.2 points
- West Palm Beach: 49.0%, up 0.8 points
All-cash purchases are making up a bigger piece of the homebuying pie for two major reasons. Affluent Americans who can already afford to pay cash are more apt to do so in such an expensive housing market – and higher rates are pushing other buyers to consider alternative methods that allow them to pay cash at the closing table. Elevated mortgage rates make buying a home in cash and avoiding interest altogether more attractive.
“High mortgage rates are exacerbating inequality between people who own homes and people who don’t,” says Redfin Senior Economist Sheharyar Bokhari. “Home prices are roughly 40% higher now than before the pandemic homebuying boom, and soaring mortgage rates have made the divide even bigger by adding more to monthly payments.
“Affluent Americans are the only ones who can avoid the sting of high mortgage rates … Meanwhile, those who are sidelined by high prices and rates not only can’t afford a home now, but they’re not building wealth through homeownership for the future.”
This Month’s Report Take-Aways on FINANCING REAL ESTATE in CENTRAL FLORIDA:
- The typical U.S. homebuyer’s down payment was equal to 16.1% of the purchase price last month, up from 15% a year earlier.
- The median down payment was $60,980, up roughly 15% year-to-yea
- FHA loans are more common than during the pandemic homebuying boom because sellers receive fewer offers – just over 15% of mortgaged home sales last month, up from 14% a year earlier.
- Only 6.3% of mortgaged sales used a VA loan, down just marginally from 6.8% a year earlier
- 78.5 % of mortgage purchases were conventional loans, down slightly from 79.2% a year earlier.
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About Realtor Scott Garrison:
Bringing over 36+ years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area!
Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, Brevard, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida.
As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales! He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset! Call Scott today to find out why “This Realtor WORKS!”
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