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To Buy In Tampa Bay Cash Still Leads The Way

Author Keith Connors

To Buy in Tampa Bay cash still leads the way . If you’re in the market for a new home, you might want to consider bringing cash to the table. According to a recent report by ATTOM Data Solutions, cash purchases accounted for over a third (36.1%) of total home sales in the US last year, up from 34.4% in 2021 and just 22.7% in 2020. This trend was particularly pronounced in Florida, where the Tampa Bay housing market saw a 5% increase in the share of cash sales in 2022, with many other Sun Belt states also experiencing a surge in investor activity.

Why the shift to cash? In part, it’s due to affordability challenges faced by first-time buyers and others. Rising home prices (which hit an all-time annual high of $330,000 in 2022) mean that some buyers simply can’t afford to take out a mortgage. Additionally, higher interest rates make borrowing more expensive, giving cash buyers a competitive edge in the market. Rick Sharga, executive vice president of market intelligence at ATTOM, predicts that we’ll continue to see a higher-than-usual share of all-cash purchases until mortgage rates dip back down.

Interestingly, the cities with the lowest percentage of cash sales tended to be more expensive coastal cities, like Washington, D.C., Vallejo, California, and San Jose. In contrast, many of the top markets for cash sales were located in the Sun Belt, in states like Georgia, South Carolina, Florida, and Arizona. Out of the top 10 metro areas for cash sales as a percentage of all sales in 2022, six were in Georgia.

While the trend towards cash purchases is unlikely to reverse anytime soon, there are signs that home price appreciation may be slowing. Higher mortgage interest rates and Federal Reserve rate hikes aimed at combating inflation have contributed to this slowdown, with prices rising more slowly than in previous years. However, NAR Chief Economist Lawrence Yun notes that prices are unlikely to drop significantly anytime soon, particularly as inventory levels remain historically low. For buyers who are able to pay cash, this means that they may have an advantage in a competitive market where bidding wars are increasingly common. Source: TBBJ

10 Celebrities Who've Called Tampa Bay Home

Have you even run into any celebrities around Tampa Bay?

If you have lived in Tampa Bay for any amount of time, you have probably come across a numerous amount of famous people. Tampa Bay has had so many celebrities live here at one time or another, it may shock you. The word is out that Channing Tatum is from Tampa Bay. It seems like almost everybody you come in contact with has known the guy in some way. There are many more famous people in Tampa that you might not have eve know about. Here is a list of 10 Celebrities from Tampa Bay.

But before you check out the list, I’ll give you a little inside information. (This is Froggy, by the way). Did you know that I went to high school with Channing? Well, back then we called him “Chan,” but I guess Hollywood makes you go full on birth name. He was actually a really great guy, and ironically, he never mentioned one time that he had the urge to go into acting. Guess things just fell into place for him. Good for Chan! He’s in good company.

 

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