Since multiple offers on properties has become common place in areas like the Manhattan Beach Tree Section as well as elsewhere in the Beach Cities, it might be relevant to note that many offers are all cash today. How many? You might be surprised.
Investors have been using all cash offers for some time to scoop up bank-owned homes in areas such as Riverside, Corona and Moreno Valley. But the prices are a bit stiffer in the coastal areas, so how often do buyers use all cash offers in Manhattan Beach, Hermosa Beach or Redondo Beach?
Bill Mayer of DataQuick Information Systems reported on the results for sales in 2011, and year-to-date for 2012 as follows:
City Total # of Sales All Cash Buyers
Manhattan Beach 2011 491 143 (30%)
2012 ytd 214 84 (40%)
Hermosa Beach 2011 198 65 (33%)
2012 ytd 116 31 (27%)
Redondo Beach 2011 832 377 (46%)
2012 ytd 153 100 (66%)
Making an all cash offer can give you an edge in a competitive market. Can’t do an all cash offer? Contact me for more strategies that can help in a hot market.
