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NAF subsidiary launches map tool for intel on cash homebuying trends | Black Kite Express

NAF Casha subsidiary of the multi-channel mortgage lender New American financing (NAF), announced Tuesday the availability of a tool called NAF Cash Maps that aims to provide data on trends related to all-cash home purchases.

“The data is derived from information collected by real estate data provider MMI, MLS data and public records, enhanced with the detailed work and analysis of NAF Cash’s data engineers,” the company explained. “This new tool provides homebuyers with information about the prevalence of cash purchasing in each state, allowing them to make more informed decisions about how to compete in today’s housing market.”

The map is designed to give prospective homebuyers more information about whether cash purchases are more or less common in a given area, so they can then make a financing decision based on the competitiveness of cash offers, based on Miguel Villegas, director of NAF. Cash.

Through NAF Cash, the lender purchases the buyer’s chosen home up front in cash. The buyer then rents the new home while he works on the sale of his old home or obtains financing for the new one. When the buyer is ready to move in with permanent financing, NAF sells it back to them at the original price, plus a convenience fee that can be added to the purchase price.

The announcement of the new mapping tool was accompanied by data showing the states with the highest prevalence of cash-only transactions.

“During the first quarter of this year, Mississippi ranked first nationally in cash home purchasing popularity, as more than half of the homes purchased in the Magnolia State (56%) were purchased with cash” the company said.

Other states high on the list include Louisiana (53%), Michigan (51%), Georgia (47%) and New York (44%). While Georgia did not make the top five in 2023, NAF noted that it reported the largest year-over-year increase (19%) of any state in terms of share of cash transactions.

“In some of these states, lower home prices are attracting investors and home buyers, while other buyers are looking to downsize or retire,” the company explained. “In addition, in recent years there has been a trend for people with larger home-buying budgets to move away from higher-cost areas toward those where housing is less expensive, allowing them to get more housing for their money.” .

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