I saw this in a store (got the owner's permission to take this) and thought it said a mouthful about the real estate market here, as well as about retail.
Paying CASH? Move to the Front of the Line
That is not to say that folks who are not cash buyers are out of luck. Far from it.
BUT, the reality is there are lots of buyers, many of them investors, who have the financial wherewithal to buy homes for cash. It seems to be especially common with REOs, and covers a wide range of prices.
In some cases, cash is about the only way to buy - for example condos in a complex where the owner occupancy is below 50%, or if the delinquency rate of HOA fees exceeds 15% of the units.
Buyers need to understand they are competing against cash buyers and, therefore, need to put forth their best and cleanest offer. Low-balling simply will not work in this market. And with REOs and short sales probably the highest and best offer, which may not be the same; read these articles for some thoughts on highest and best ( Highest and Best are Not Synonymous by Cindy Jones, and Musings on Highest vs. Best by Melissa Zevala).
So what is the track record for cash buyers in the Carlsbad real estate market and surrounding communities in the North San Diego County coastal area?
1 out of every 4 homes in San Diego County sold for cash in the last 6 months
(19% of detached homes, 35% of attached).
Carlsbad - 20%
Encinitas - 20%
Cardiff - 37%
Solana Beach - 24%
Del Mar - 35%
Oceanside - 29%
San Marcos - 24%
Rancho Santa Fe - 48%
La Jolla - 35%
Cash buyers varied by price range, too:
< $500,000 - 26%
$500K - $1M - 14%
$1M - $2M - 31%
$2M - $5M - 48%
Over $5M - 74%
GOT CASH?
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If I can provide more information about San Diego real estate and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2010 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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If I can provide more information about Carlsbad homes and real estate for sale and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search or sale, please contact my mobile office or text me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com
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