The housing market is all too icy in many areas of the country without the arrival of the dreaded "double dip" many economists are predicting. From MarketWatch to the Wall Street Journal the subject is being widely discussed. Please, hold the second dip--one was enough!
Real estate is local and my market of high-end homes was never dependent upon tax credits to stimulate the housing market. The house prices were impacted by the arrival of the recession. Although we've enjoyed a few spurts of renewed sales, the local Palos Verdes market is holding steady in a pattern very similar to 2009. It has not crashed, but it is not hotter than a firecracker by any measure.
What's the secret to selling a home in a jittery, cautious market? The condition must be stellar and the price must be spot on. Anything less will grow stale on the market.
If buyers are pulling back due to anticipating another dip in prices, a seller (and agent) must double their efforts to present a superior product at a fair market price. Buyers want value. They do not expect a seller to give their property away, but they do expect and recognize a fair market value price. The properties that meet this criteria are often in escrow in a few days.
The end of year often brings a market slow down, price reductions are more prevalent to stimulate buyer interest and move stale listings. If August's dog days of summer linger into the fall the double dip may be in full swing by year's end.
Norma Toering & Team RE/MAX Palos Verdes Realty
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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
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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"Real estate is local and my market of high-end homes was never dependent upon tax credits to stimulate the housing market."
Norma, same for me in Austin Texas along with condition and price and thankfully we are seeing some movement in non-conforming and jumbo money to get the sales going again so I am cautiously optimistic!
Russell - The availability of loans would certainly help the high-end market.
I could do without the second dip too.
Featured in the Group "Whacked!!!"
That is incouraging words of wisdom for all of us. May ALL the prices in All the market RISE for the better.
I certainly don't understand why buyers aren't jumping, with low prices and below average interest rates. There will never be a better time.
Norma, I'm with you on this one. A double dip is way too much for my diet.
Keep George Costanza away from the chips!
Norma.....Many areas are showing signs of improvement, however, the real estate markets are local. Your point about having a superior product at a spot on market price is the answer to selling homes now. The lower prices and outstanding interest rates make it a wonderful time to buy!