Investors have become a significant factor in the current market environment. Investors generally have fewer contingencies and shorter time periods for processing the escrow. Therefore, they have traditionally closed escrows with fewer complications though having generally paid less for the property.
How is the Palisades Market?
As of May 1st, 2013, there is approximately a one-year inventory of homes available above the $5million level. Conversely, it would only take 2.5 months to sell all of the homes below that level. As long as the inventory level is below 5 months, it is generally considered to be a market that favors sellers.
As we begin the year 2012, the number of homes available for sale in Pacific Palisades is quite low. There are only 70 homes on the market, which is 22 percent less supply than at the beginning of last year.
The answers to these questions have been relatively easy to give for the last year or so. Today, however, this is not at all an easy subject to fully understand.