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Navigating the ever-evolving landscape of real estate demands astute observation and strategic planning, especially as indicators point toward an impending shift in the market. As we near the turn of the year, subtle yet significant changes are surfacing—a rise in inventory accompanied by a slower pace of sales, dwindling multiple offers, and increased renegotiations during escrow.
In Pacific Palisades, a region classified as a Very High Fire Hazard Severity Zone, the threat of wildfires looms large. Residents are continually encouraged to take proactive measures to safeguard their properties. Earlier this year, local fire department personnel conducted assessments of properties in brush areas, identifying those with excessive vegetation and urging owners to comply with clearance regulations. To address the need for a more systematic approach to assess property-specific wildfire risks, a groundbreaking tool called the “Wildfire Disclosure Report” has been introduced.
The Palisades real estate market has defied expectations, with prices soaring despite higher interest rates and reduced loan-qualified buyers. Additionally, an intriguing shift has occurred, with a growing number of homeowners choosing off-market sales, particularly for higher-value homes. As the market continues to evolve amidst various factors, predictions remain uncertain. Stay tuned for updates.
Contributed by Michael Edlen, Real Estate Consultant We are in a local real estate market that has
The initial pricing decision always remains one of the most important decisions an owner will make after selecting the agent with whom to entrust the representation.
Before you can get serious about buying a home, you need to get pre-approved for a mortgage. The best time to get pre-approved is just before you start shopping for homes.
“We are helping our son with his first home (condo) purchase, and really think he should work with an agent through the entire process. He and his friends feel sure that he does not need to engage an agent until ready to buy, and then he might do well to work with the seller’s agent. Could you please share your thoughts about this issue and also about the various search sites that our son is intending to use?” — A Santa Monica Homebuyer’s Dad
Proposition 19 provides expansion and qualifications regarding limitations on property tax increases for people over 55, severely disabled, transfers of certain inherited properties, or victims of wildfires or other natural disasters.
For many seniors, days seem to pass into months and time just goes by. Their focus often becomes narrowed down to basic activities and they have very little communication with other people.