The housing market continues to take off in Florida, both in individual metro locations as well as statewide. In fact, new research shows that Florida's residential real estate market in April had the most homes being paid for in cash compared with other residential real estate markets throughout the United States. With regard to individual areas, a total of four out of five top regions for cash purchases in the nation were in the Sunshine State.
The areas of Florida with the most cash sales include the West Palm Beach area and the North Port region. Other high-cash areas include Cape Coral and Fort Lauderdale. The shares of cash sales in these parts of Florida ranged from nearly 57 percent to over 59 percent.
Cash sales made up nearly 34 percent of all home sales throughout the United States in April of this year. This is down from the over 37 percent of homes sold for cash at the same time in 2014. The share of homes sold for cash has actually dropped every month since early 2013.
With single-family homes remaining hot-ticket items in Florida's residential real estate market, many people with cash may be interested in pursuing opportunities to own these profitable properties. However, buying a piece of residential real estate can be tricky, and a seemingly minor mistake can cause a real estate transaction to go belly-up. An applied understanding of real estate law in Florida may help buyers to complete transactions in a way that protects their best interests in the long run.
Source: businessobserverfl.com, "Florida real estate sales: All about the Benjamins", July 16, 2015