California cash home sales up 24.6% in 2012.

 

Dataquick released figures, in February of 2013, that California cash home sales of residential homes is over double the normal rate.

Los Angeles county is up 26%, Orange county nearly 29%, San Diego is over 32%, Riverside up 9%, San Bernardino 5%, Ventura increased 27%,  with Imperial being the only county showing a decrease of nearly 7%.

So what does this say?  Investors are still out there looking for deals and the affluent are showing they aren’t afraid of making a deal either.  Who does this hurt?  The first time homebuyer, the buyer using FHA financing, senior citizens looking to downsize and just about anyone looking for a California home loan.

Inventory of property is low right now, hardly any condos for sale, and short sales are thinning out.  Hopefully when the “buying season” opens in the spring we’ll see more properties hit the market and you can bet bidding wars for most properties as well.

Again, California first time home buyers are competing with cash offers.  Just know that if you agree on a purchase price and the home does not appraise for at least your agreed upon purchase price, the buyer will have to pay the difference in cash or if you’re lucky, the seller will renegotiate and lower the sales price to match the appraised value.

Best,

Kevin Walton

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