Many markets throughout the United States are experiencing a major increase in the number of homes selling for all-cash, and the South Bay is no exception. In fact, a record number of home buyers are avoiding the mortgage process altogether and paying cash for Redondo Beach properties. Approximately 30% of buyers seeking home properties not for investment use, but to live in, are paying cash.
Most of these all-cash buyers are retiring baby boomers, according to statistics from the National Association of REALTORS. Older home owners have decades of home equity and don’t want the hassle of the mortgage, so when they buy a new property they want to use all cash for the transaction. So many baby boomers want to be close to the ocean in a neighborhood, like the Riviera, that is walkable and away from the hustle and bustle of Los Angeles living.
If you have a Riviera home and are thinking of selling, contact me to find out how we can attract all-cash offers on your property while the buyers are out there and ready to make a deal.