Statistics for the month of May for Palos Verdes real estate are available and indicate our market is holding. Average price for single family homes sold in the month of May was $1,677,000 vs $1,667,000 in April. Number of homes reported sold (closed escrow) for the month of May was 43 which was the same for April. Number of homes pending for the month of May was 39 vs 40 in April. Inventory of...
Are open houses an efficient sales tool for sellers? I am up front with my clients selling Palos Verdes real estate. I tell them that I will hold occasional public open houses for them; statistics show that only 3% of homes are sold to buyers walking into an open house. Plus there is the security issue. I cannot be in every room at every minute and we receive periodic notices from other Realtors...
This is a buyer's market, right? What happens when a buyer has read and listened to all the media reports about how the buyer is king now? The buyer may feel empowered to offer considerably less than the asking price and considerably less than all recent sold comps. Some sellers are so insulted that they won't even counter the offer. Here is an idea for those considering Palos Verdes real...
I have been part of a lively conversation lately regarding the practice of "double ending" transactions -- representing both the buyer and seller in the same real estate transaction. This is an acceptable practice in California and the Palos Verdes/South Bay area. How does this serve the buyer and seller? My personal feeling is that I cannot fairly represent both the buyer and seller. The buyer...
Buyers may need 5% more down payment to buy homes that are designated to be in a declining market. By the way, the entire state of California (including real estate in Palos Verdes) is considered a "soft market" by Freddie Mac and Fannie Mae. Kenneth R. Harney of the Washington Post wrote an excellent article on April 26, 2008, entitled "Declining Markets and Self-Fulfilling Prophecies(which was...
This is an open letter to Buyers. If you are looking for foreclosures or REOs (bank owned real estate) in Palos Verdes or the South Bay, here are some ideas to help you... One for the Money -You must have your finances ready. The Bank-Seller has already experienced shaky finances from the prior owner. Get pre-approved from your lender and have them pull your current FICO scores. You will also...
Real Estate is like baking cookies because: 1. Research is key. 2. You must gather all information (ingredients) before you begin. 3. Care (measuring) must be taken during all steps. 4. You must be patient and attentive during the escrow (baking) process. 5. You get to enjoy the fruits of your labor for many years (days). photo courtesy of John...
Many Multiple Listing Services allow the agent to cancel/withdraw a listing and then relist it (even moments later) to make it appear as a new listing. I think this is a great marketing ploy but wrong. It then gives a skewed look at buyers' reaction to that particular property. Kelly and Laura of Remax Palos Verdes call this "Churning and Burning". If a property sits on the market for over 30 days,...
In Palos Verdes Estates, we are blessed with the "Art Jury" (Homeowner's Association) which is to approve any exterior changes to your home. This is everything from the color of your home to shutters, doors, driveways, rain gutters, fencing -- you get the picture. The good news is that it keeps the neighborhood looking nice and not "too far out". The challenge can be when you sell your home. A...