More and more, all-cash offers are king in South Bay real estate, even when it comes to luxury properties. Several of my recent clients have made all-cash offers on properties they fell in love with, and likewise, I’ve listed properties where the cash offers have come pouring in. There is a higher demand than ever for luxury property, especially in the beach cities and areas like the Hollywood Riviera.
Let me give you some perspective on the matter: from 2002 to 2003, cash sales made up only 4% of purchases of all real estate in the United States. Today, in 2014, that number is 32%. More and more buyers are able to put down all cash and not bother with a mortgage at all, which is wonderful news for anyone thinking of selling their Redondo Beach luxury property.
As the local expert on all things Riviera Village and Redondo Beach, I’d like to ask you to feel free to come to me about any questions you may have about what type of offers you can expect on your home, how long your home may be on the market, and what would be an appropriate listing price for your property right now based on the local trends.