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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.
In many other areas of the country, sellers provide full inspection reports and disclosure information for prospective buyers to review before deciding to make an offer.
I recently received a call from a local homeowner asking if I would like to list her home for sale. She explained that she had done her research and wanted us to do the same type of marketing we had done so successfully for her neighbor. She also already knew how much her property was worth, and if we would be willing to put it on the market a bit higher than that, rather than slightly below what it was worth as the neighbor had chosen to do.
“Multiple offers” occur either when a seller receives more than one purchase offer at the same time or receives another offer before a counter offer is presented to the first buyer. This has occurred fairly often since 2012 and has created a frustrating environment for well-qualified buyers who repeatedly are out-bid in their attempts to buy a home.
Just a few years ago, less than 20 percent of home sales involved any Internet use. Now over 70 percent of California sales involve buyers searching the Internet for homes, loans, real estate agents, quality of community and schools, and for information about the purchase process.
This is the second in a series of articles in answer to requests for more informational help with “downsizing” issues for seniors. The focus here is on key questions to ask before beginning a process of “rightsizing.”
This is the third in a series of articles in answer to requests for more informational help with “downsizing” issues for seniors. The focus here is on getting started with the process in a systematic and gradual way.