2019 was another year of political upheaval around the globe, and many of the pricier areas of real estate have begun to be impacted by the charged emotional climate and overdue cyclical period of price adjustment. Based on a review of all multiple listing service sales (MLS) for 2018 and 2019, Pacific Palisades home values in general are lower now than at the start of last year by about 7%. The total number of homes sold is lower by 8%, even though the cost of money (interest rates) is slightly less than a year ago.
How to Sell a Home
Comprehensive Guide to Selling a Home
Michael Edlen has tracked local statistics and trends and provides real estate counseling services to prospective home sellers. This guide to how to sell a home is where we've poured all of our comprehensive knowledge to help you have a better home selling experience.
Several months ago I was hired to sell a home here, and the owner decided to set the price approximately 12 percent higher than where we suggested the market would respond most favorably to. After months of very active marketing, many ads and open houses, and an eventual price adjustment, we were finally able to negotiate a lease with an option to purchase. That is an example of a home, which was merely “on the market.”
California Legislature has passed several housing laws that are effective in 2020. These include the first statewide rent control provisions, new protections for current tenants, and streamlining of the permit process and limits on local review procedures. The most significant impact for some people is a package that allows most single-family homes to include additional housing units.
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.
You may have heard / read about a “new concierge program” that some real estate companies are offering if you sell your home with them. Their program may include assistance with getting your home ready to sell and covering up-front
We are asked why we do not simply use Zillow or Redfin or other online evaluation systems in doing our pricing recommendations rather than doing a detailed market analysis to come to an opinion of value. Others ask why we seem to make it so complicated, when it is common knowledge that homes in our local area sell for around $1,000 per square foot.
Contributed by Michael Edlen, Real Estate Consultant We are in a local real estate market that has no precedent in all of its aspects. Sellers are tending to hold on to their properties for much longer than in previous decades,
There has been considerable interest expressed about the signs of the current market transitioning and what we might expect in 2019. In noticing that there have been a large number of leases this year, the question that arose is how that compares with the current sales levels.
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