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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.
The real estate market in the Palisades has seen almost continuous increases in property values for the past 10 years, with prices increasing by nearly 1.5% per month over the last 3 years. There are signs that the market is moving towards a more balanced state, with fewer multiple offers, loan applications, escrows, and motivated sellers adjusting their prices.
Measure ULA recently passed in Los Angeles, resulting in an increased transfer tax for property sales over $5 million beginning April 1, 2023. It may be beneficial for property owners to sell before April 1 in order to maximize equity and take advantage of the current seller’s market, as well as to avoid the higher transfer tax.
of“I have heard about ‘back-up’ contracts. How do these work and do they benefit buyers or sellers
Conventional belief has generally been that November-December is the worst time of the year to have a home on the market. The reasons for this thinking are that people go on vacation, holidays distract attention, bad weather may inhibit some buyers, and many real estate agents discourage home sellers from winter listings.
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.
One of every four escrows falls out due to buyer difficulties in obtaining a loan or because of the many challenging things that come up during transactions that can result in an escrow falling apart.
This is the sixth in a series of articles in answer to requests for more informational help with “downsizing” issues for seniors. The focus here is on determining what type of lifestyle they wish to have.
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.
