In reality, real estate is an investment. Like any investment, there are good times and bad times to sell. When it’s a bad time to sell, it’s usually a good time to buy, and vice versa. Buying a home isn’t a handshake deal.
As of January 31st, there were 82 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is just 2% higher than the start of 2019.
Over the last several years we have written about “deal breakers” that have often come up during the sale and/or purchase process. During the last two years, the transactions have mostly been challenged through the loan and appraisal process, even though loans are finally more available than they had been for more than a year.
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.
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.