Who’s making all-cash offers on houses in LA?

Yep, it's true! There are still so many all cash offers in LA. I'm seeing it firsthand so far this year representing so many clients up against multiple offers on so many properties. The competition has been fierce in my personal experience. Parents or rich uncles and family buying for their children to give them a head start in life. I feel this is one of the richest generations with the aging baby boomers.  I'm seeing the starter homes in affluent homes being much nicer than in the past with modern amenities and location being the key factor. This generation of folks desire proximity to everyday conveniences and want to be close to the city center of local restaurants.

Let me know if you have a home to sell as there is huge shortage of homes. It's still a seller's market and I have clients ready to buy. If you're looking to buy I'll help you be prepared to face the competition. Finding out what is important to the seller is important as sometimes it's not necessary just the price. Multiple offers... bring it on with me you will have a real chance. Feel free to contact me for a real estate consultation. Love to help you with your real estate needs. Call me Sandy Lew at 310-963-1623. My website:www.sandralew.com

 

 Who’s making all-cash offers on houses in LA?

Last month, cash purchases made up 20 percent of all real estate transactions

by Bianca Barragan Jul 12, 2017, 3:25pm PDT 

 

 

As sales prices for Los Angeles homes continue their solid recovery from the recession, the profile of all-cash homebuyers has changed. 

In the wake of the recession, foreign and domestic investors made up a good chunk of cash-only buyers in LA. All-cash sales are still happening fairly frequently—last month, 20 percent of all real estate transactions in Southern California were all-cash, Geoff McIntosh, president of the California Association of Realtors, tells KPCC—but the days of investors snapping up homes passed four or five years ago, says McIntosh.

Who are these buyers making all-cash home purchases? KPCC reports that one dominant group is the children of wealthy parents. "They're going to mom and dad and saying, 'We really want to buy something and would love it if you give us the money,'" McIntosh tells the radio news station.

Another is tech industry employees, Richard Green, director of the USC Lusk Center for Real Estate, tells KPCC. He says these workers are often paid well and are offered stock options that they can sell when the company goes public, leaving them with money to put toward a house. 

Source: https://la.curbed.com/2017/7/12/15961814/all-cash-home-sales-rich-kids-tech-workers