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Florida Top for Cash Real Estate Purchases

cash buyers florida

At the beginning of 2024, the Federal Reserve predicted multiple interest rate reductions which would bring relief to real estate buyers in search of favorable loan terms, but through the first quarter of the year, this has not come to fruition. High interest rates have stifled buying power across the country, but especially in Florida where homes and condos are often bought as vacation or investment properties. Some may not know that interest rates are typically higher, and loan terms less favorable, when purchasing a second-home, so those who are currently buying on the beach, river or golf course in Florida are turning to the “ol’ faithful” route: cash!

So with this line of thinking it should come as little surprise that Florida leads the nation for cash purchases, with six Florida metros ranking in the top 12 for cash sales nationwide. According to a report from a national real estate company, Florida is seeing a large increase in cash purchases year over year, and even when financing is involved, the overall down payments are much higher here in Florida. While the Daytona Beach area is not considered a metropolitan area, every metro around our World Famous coast makes this list, including Jacksonville, Orlando, and Tampa. Couple this with the fact that Daytona Beach was just ranked the #7 Best Places to Live in Florida in 2023-204 by U.S. News, and its safe to say that these cash buyers are finding their piece of paradise along Ormond Beach, Ponce Inlet, New Smyrna Beach and our surrounding cities.Plus, this high ranking for the Daytona Beach area was elevated due to the affordability and overall value find for homes and condos here. So if you are considering a move to Florida, you need to put Daytona Beach at the top of your list to explore. Contact us if you have questions about completed sales, historical data, or especially fun things to do along the coast.

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