A buyer recently told me she was quite comfortable waiting for the right house and the right price in this BUYERS MARKET. I gently explained in her price range Palos Verdes is experiencing a SELLERS MARKET. Yes, it is true. There are over 30 Palos Verdes homes under $1.2M in escrow. I am not sure she believed me, so I turned to my trusty backup--MLS statistics and compiled a short report. Yes, the numbers support what the sales were already telling me.
Here is the bottom line: If a Palos Verdes home is priced appropriately and under $1,200,000 the buyers will come:
Buyers want the coastal location.
Buyers want the Palos Verdes Unified School District.
Buyers love the lower prices.
Buyers love the lower interest rates.
Buyers do not want to miss an opportunity to buy while prices are lower.
Homes under $1,000,000 are the most popular with buyers and some are even receiving multiple offers!
Are prices as low as they will go, who knows? I do know there are some wonderful opportunities for buyers who want to enjoy life in Palos Verdes and all it has to offer.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
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.
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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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Norma, Here in the DC suburbs we are experiencing the same type of market. If the house shows well and is priced right, they are selling and I have been experiencing multiple offers as a listing agent and selling agent. Hopefully we will have some good old fashion balance.
In Palos Verdes the $1.5 to $2M is trending toward a balanced/neutral market, and that's encouraging.
Norma hopefully they will not wait too long. I know our inventory of homes is dropping. We all know what is going to happen if it keeps dropping the market will turn away from buyers.
Larry, we are seeing that in our entry price homes in Palos Verdes already.