Cash Home Sales of Homes in California Reach Record High in 2012
by Ted Ricasa on Feb 7, 2013
DataQuick, a San Diego-based property information company, reported that a record number of homes were purchased entirely with cash in California in 2012. Of the 447,573 homes sold in California during the year, 145,797 were bought with cash and without mortgage financing.
By contrast, only 39,731 homes were purchased with cash in the state in 2007.
The median price of these transactions was $205,000, with the majority of cash sales occurring in Southern California. The top-five metropolitan areas for all-cash purchases of homes were, in order, Los Angeles, Riverside, San Diego, San Bernardino, and Orange – all located in Southern California. Sacramento logged the sixth-highest number of all cash sales.
The all-time peak for home sales in California – 775,831 – occurred in 2004. Not surprisingly, the all-time low for the state – 383,748 – occurred at the unofficial beginning of the economic crisis in 2007.
The increase in cash home sales reflects marked changes in thinking among both buyers and sellers. Many homeowners are recognizing the benefits of selling their homes for cash, especially when banks can be taken out of the equation. Likewise, many buyers are wary of dealing with banks after what John Walsh, DataQuick president, characterizes as the “loans-gone-wild” years of 2004 to 2006.
If you are interested in getting a cash quote for your home, and you would like to sell your home quickly without having to go through a Realtor or lending institution, contact Fast Home Help today. Whether you are facing foreclosure, bankruptcy, divorce, or any other issue threatening your home, our real estate and financial professionals can help.