There's a simmering expectation that something is about to happen in the real estate market. Some say we have reached the bottom of a declining market; others say get ready for the next wave of foreclosures and the sure-to-follow price free fall. Add the seasonal slowdown to the market mix and it's hard to predict what lies ahead. I'm not relying on crystal ball peering, I'll work with whatever the market dictates, and judging by today's calendar, the market is not so slow.
Five days before Christmas finds me showing ocean view homes in Palos Verdes to buyers in search of a coastal home for weekend getaways and future retirement home. I'll show them the usual suspects: Homes in the Portuguese Bend Beach Club, homes overlooking Trump's golf course and other coastal enclaves that offer a view of the Pacific and the opportunity to enjoy the location, weather and amenities of the Palos Verdes Peninsula.
After a late lunch I will meet with a prospective buyer who decided (finally) now is the time to buy. This is huge, after all he has religiously followed the rise and fall of Palos Verdes real estate for the past five years. Today we will write an offer on a house he has watched for the past four months. Every price reduction noted, all sold comps carefully studied and loan pre-approval in hand. I applaud his decision, because I think it is a good one based on the following:
1. Properties in his under $800,000 neighborhood are selling fast with multiple offers--think over asking price.
2. Properties in his move-up neighborhood of choice are lingering on the market a few months.
3. Based on the demand for his current price range, and the lesser demand for homes priced over $1,000,000 he has decided now is the right time for him to sell high and buy low.
As this Sunday before Christmas draws to close I'm expecting one more real estate question to be answered; I'm hoping the third offer written will be the lucky one for my prospective buyers engaged in a seemingly never ending bidding war for a Torrance home priced under $700,00. They've lost to cash, the proverbial king, a few times, but we are still playing the game and hoping persistence pays off.
Perhaps staying busy throughout the holiday season will be a gift that bears fruit for my buyers, sellers and myself during the upcoming New Year.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.
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