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An Unprecedented Market 11-15-2013

Real estate prices in the Palisades have continued a steady and much stronger increase than could reasonably have been expected. Fueled by a historically low cost of money, the number of homes sold in 2013 is 20% greater than last year. This has resulted in prices being about 15% higher than last year.  As long as the number of homes available for sale is less than would be sold in 4-6 months, the upward pressure on prices is likely to continue.

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A Close Look at the Current Palisades Market 10-01-2013

We are often asked, “How is the market doing now? Where do you see it headed?” 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.

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Palisades Home Leases 09-16-2013

There continues to be much interest in the local real estate leasing market.  Owners who choose not to sell their current property for various reasons have asked what is involved and how the process works if they decide to lease. We are also asked if this is a good area to purchase real estate for long-term investments and if the income from leasing would be enough to justify the investment.

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Multiple Offer Tips 08-12-2013

Multiple offers refers to the situation when a seller receives more than one purchase offer at the same time, or before a counter offer is presented to the first buyer who has presented an offer and another offer is received. This has occurred fairly often since the local real estate market began its recovery in 2011, and is a refreshing change for many sellers who previously might have felt fortunate if anyone made an offer on their property. Conversely, of course, it has resulted in an environment that has become increasingly frustrating to well-qualified buyers who repeatedly are out-bid in their attempts to buy a home.

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Money in Today's Real Estate Market 07-03-2013

As most people must know by now, the housing recovery has been much greater than anticipated in 2012. While nationwide prices have increased about 12% in the past year, in Pacific Palisades the median sale price and average price per square foot are up more than 17%.

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The Buyers in Today's Market 03-07-2013

How can knowing who the buyers are in today’s market be helpful to sellers?

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Investor Buyer Impact 02-06-2013

As has become very evident, the number of local homes for sale is not nearly enough to meet the current demand. In fact, the inventory level is below four months at the current rate of sales, which indicates this to be a strong “seller’s market”. In last month’s article we reviewed the several reasons why the surprising shift from “buyer’s market” to “seller’s market” occurred.

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Pacific Palisades Housing Market: Looking Back... and Forward 01-04-2013

As we begin 2013, the number of homes available for sale in Pacific Palisades is as low as it has been since the end of 2004.  There are only 52 homes on the market, which is 28 percent less supply than at the beginning of last year.

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Home Appraisals Can Cause Sales Problems 11-29-2012

The local real estate market has been steadily improving since the beginning of 2012. However, it has also been experiencing increasing difficulties with appraisal and financing of the home purchases. Some of these issues are directly related to stringent lender guidelines, and many escrows are challenged by problems because of the appraisal process. The appraisal process is often slower than it used to be, which has delayed escrows beyond the closing date.

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The Unreliability of Online Home Evaluations 10-30-2012

I recently received a call from a local homeowner asking for a quick home evaluation. After I explained why I would need to see inside and around the home in order to provide a professional estimate of value, I was pressed to at least provide a range of possible value. The homeowner reacted to the conservative range that I gave her by telling me it was “way off,” because she had already gotten online figures from Zillow and Trulia and felt they were more accurate.

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