Palos Verdes Homes Blog: Lose the Fear--Become an Expert on Your Local Market / Norma Toering REMAX Palos Verdes

Tuesday, May 4, 2010

Lose the Fear--Become an Expert on Your Local Market / Norma Toering REMAX Palos Verdes

Today, as I chatted with an open house attendee, the sky opened up and a ray of sunlight burst through the heavy gray clouds and illuminated his main concern with pulling the purchase trigger--FEAR.

Breaking It Down: This prospective buyer did not know the market statistics for the area. He did know them for his home area (about 1 hour away and world apart from the coastal area of Palos Verdes), and his area is drowning in a sea of short sales and foreclosures. Real Estate is local---very local. Drive an hour and the market changes, often dramatically.

Buying It Up: The prospective buyer's neighborhood is crawling with investors offering 50 cents on the dollar. The buyers in my area are nearby residents who are thrilled to have the opportunity to purchase in a neighborhood that only a few years ago was out of their financial grasp. They are families looking for top notch schools. They are seeking a lifestyle.

Collecting Cash: Many residents in Palos Verdes have lived in their current home 20 to 30 years. Many (I recently read 35% of homes in my area are owned free and clear.) are retired or it is looming on their horizon. Many purchased their property for less than $100,000. They are still equity rich; and the bank is not breathing down their neck. They long to be closer to grandchildren, travel or downsize to a carefree condo. They are cashing out and taking advantage of spectacular deals in the local desert. Personal needs is driving their decision, not the economy.

I spent about 30 minutes with one prospective buyer. I showed him recent sales, pending sales and active listings in the neighborhood. We discussed the local economy, his personal economy and the needs of his family. At the end of our conversation he was no longer ready to throw up his hands in frustration. Instead, I hope he will raise his hands in victory and conquer his fear of the market.

He walked away informed. Will he buy a home in Palos Verdes? That is for him to decide, but he now has the tools to make a rational decision based on real local facts, not media hype.

Education and knowledge is a powerful antidote for quelling fear.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

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.

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