How is the real estate market in the Ladera Linda neighborhood of Rancho Palos Verdes?
The housing market took us on a roller coaster ride during the recession years with home prices falling close to 20 percent on the Palos Verdes Peninsula. 2012 saw the beginning of the slow climb upward, and 2013 will go down in my memory as the great recovery year with gains of 20 percent or more. Fortunately, the rapid rise in prices tapered off in 2014 and my guess is we will experience a modest 5-6 percent increase in prices for the year. The number of Palos Verdes homes sold in 2014 lags behind 2013 statistics. In a nutshell, we're in a slow recovery mode, but home values have regained what was lost during the financial debacle.
What do these numbers mean for home owners considering the sale of their property? Aligning the price of you home with the conditions of the current market will be a key factor in generating a speedy sale. Price is the umbrella under which all other factors of the property fall:
1) Location affects the price: Prime locations are valued by buyers. A home on a cul-de-sac will be perceived as more valuable than a house that fronts a busy street in the same neighborhood even if all other factors are equal.
2) Condition affects the price: A remodeled home is more valuable than one in needs of new kitchen, baths and other cosmetic updates. A major home remodel is expensive, time-consuming and an inconvenience. Many buyers want a move-in ready home and they are willing to reward the seller for doing what they don't want to do.
3) View affects the price: Homes with a panoramic view are obviously more valuable than those with smaller views. Palos Verdes is well-known for its outstanding view properties. Although it's difficult to put a price tag on the view, it certainly makes a contribution to the overall value of a property.
4) Things you can't see affect the price: Local school rankings, commute time, proximity to shopping, recreation and entertainment factor into a buyer's decision as well.
When you are ready to sell a property you need to be aware of homes currently for sale in your immediate neighborhood--these are your competition. As a seller, you must also be aware of recent sales in your neighborhood--these are the comparable sales an appraiser and real estate professional will evaluate to establish the current value of your property. Prospective buyers will view your competition and the comparable sales to establish an offer price. Keep in mind everyone involved in the purchase process will be using the same information about past sales and viewing the same properties currently for sale. There are no secrets when it comes to finding and evaluating real estate statistics.
As a seller in the Ladera Linda neighborhood of Rancho Palos Verdes your location is established. You may be able to enhance your view, but it too is in place. The community amenities affecting value are not within your control.
On the other hand, condition is a very big variable and it is within your control. A landscape professional and professional cleaning can work wonders even if your home does not have a gourmet kitchen or a spa bath. Fresh paint and flooring offer excellent return on time and money spent.
It is a savvy decision to make your home as appealing to buyers as possible. There's a buyer for every property, but make sure you're not losing money by having your property in less than top condition if your goal is to achieve the highest price the market will bear.
For more information, please contact us! Norma Toering - Broker Owner of Charlemagne Int'l Properties (310) 493-8333
Homes for sale in the Ladera Linda neighborhood of Palos Verdes:
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South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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