Florida this year appears to be a hotspot for real estate now that the effects of the Great Recession of 2008 are waning. If a person has a sweet stash of cash, then he or she has the best chance of getting a piece of the Florida residential real estate pie. According to a new study, cash appears to reign supreme in our state.
The study revealed that approximately 66 percent of home sales in Florida during the first three months of 2014 were cash deals. This is the greatest rate nationwide. The state's rate is far higher than the nation's average of cash deals, which is almost 43 percent.
The areas of Florida with the most cash sales include Palm Bay, Lakeland and Sarasota. Miami as well as Fort Myers-Cape Coral also have a high cash sale count. This points to the fact that Florida is still a popular target for investors. Not as many institutional investors are focusing on Florida this year compared with in late 2013. However, foreign investors and small local investors are seeing Florida as well as wellspring of opportunity.
With the excitement that comes from facilitating a residential real estate deal in the Sunshine State can come several challenges as well. These difficulties are unavoidable at times, and if they are not tackled appropriately, a transaction may end up failing miserably. It is necessary to understand the law in order to make sure that all of one's bases are covered at all stages of a residential real estate deal in Florida.
Source: Miami Herald, "Study shows cash is king in Fla. real estate", Mike Schneider, May 8, 2014