NAF casha subsidiary of Multiple Access Mortgage Lenders new america funding NAF on Tuesday announced the launch of a tool called NAF Cash Maps, designed to provide trend data related to all-cash home purchases.
“This data is derived from information collected from real estate data provider MMI, MLS data and public records, and is enhanced with detailed work and analysis by NAF Cash data engineers,” the company explains. “This new tool allows homebuyers to drill down Understanding the prevalence of cash purchases in each state allows them to make more informed decisions about how to compete in today’s real estate market.”
NAF Director Miguel Villegas said the map is intended to give potential homebuyers more information about whether cash purchases are common in a particular area so they can make financing decisions based on the competitiveness of cash offers.
Through NAF Cash, lenders can use cash to pre-purchase a home of the buyer’s choice. The buyer then rents the new home while working to sell the old home or secure financing for the new home. When the buyer is ready to move in with permanent financing, NAF sells the home back to the buyer at the original price, plus a convenience fee that can be added to the purchase price.
The release of the new mapping tool also comes with data showing the states where all-cash transactions are most common.
“Mississippi ranked first in the nation in the popularity of all-cash home buying in the first quarter of this year, with more than half (56%) of homes in the state purchased with cash,” the company said.
Other top states include Louisiana (53%), Michigan (51%), Georgia (47%) and New York (44%). Although Georgia failed to crack the top five in 2023, NAF noted that the state had the largest annual increase (19%) of any state in terms of share of cash transactions.
“In some of these states, lower home prices are attracting investors and homebuyers, while other homebuyers are looking to downsize or settle into retirement,” the company explains. “Additionally, there has been a trend in recent years towards homebuyers with larger budgets. “People are moving from higher-cost areas to lower-priced areas so they can buy more homes for their money.”
