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Is The Local Market Turning? 02-08-2012

In the past few months, the stage may have been set for a possible nationwide real estate recovery. The Federal Reserve has determined to do everything possible to maintain 60-year low levels of interest rates for the next two years. Lenders have finally begun to loosen up underwriting standards for the approval of home financing. Many lenders are now willing to provide financing with 20% down in price ranges they had been limiting to 25% down. The widely-expected flood of foreclosure properties has never occurred in the Palisades. Many potential sellers have chosen to remain on the sidelines until prices show signs of increasing, thus limiting the inventory of homes available for buyers to select from.

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Pacific Palisades Housing Market: Looking Back and Forward 01-06-2012

As we begin the year 2012, the number of homes available for sale in Pacific Palisades is quite low.  There are only 70 homes on the market, which is 22 percent less supply than at the beginning of last year. 

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Who Pays for What in a Residential Real Estate Transaction 12-05-2011

We are often asked by both sellers and potential buyers what the various expenses are in the process of their sale or purchase of a home. The following is a summary of the traditional distribution of expenses associated with these transactions. It should be noted that many of these items can be negotiated by both parties as part of the Purchase Agreement, excluding some expenses that may be required by the City or the buyer’s lender to be paid specifically by the seller.

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Anticipating and Solving Pre-Marketing Challenges 11-29-2011

We have often been asked what actions can be taken to maximize the benefit of the home marketing process. In considering these requests from a broad perspective, it became clear that many of the issues and challenges can be anticipated and handled effectively before they become problems to be overcome.

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When it Comes to Home Sales...Detch if Can, Adjust if Must 11-10-2011

Generally speaking, there are three critical areas of concern in the acquisition or sale of a property. They are shelter, safety and financial security. The emotional and economic importance of each of these factors assumes priority in each of our lives on a distinctly individual basis. The influence of each factor shifts to reflect the changes in our lives and it may become necessary for us to let go of previously held positions in order to move forward. As the economics of the real estate market continues to shift, we are best served by a willingness to adjust to realities rather than to hold on to our former expectations.

How do we determine the “value” of the shelter, safety and financial security a home gives us? For both the buyer and the seller, it may help to consider the long-range picture.

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Third Quarter Palisades Market Analysis 10-10-2011

As we enter the final quarter of 2011, and take a look at the Palisades market so far this year, some noteworthy observations can be made. There have been some recent articles in different publications that report “another dip in home prices due to high foreclosure rates and weak demand.” Another suggested that, “home prices in a majority of the nation’s largest metropolitan areas posted fresh lows” earlier this year, but that in many areas prices appeared to be somewhat more stable. The creator of a widely-followed index of real estate values which that quote was based on felt there was a chance of a continuing decline in home prices.  However, their index showed serious weakness in cities such as Atlanta, Chicago, Miami, Detroit, Las Vegas, Phoenix and similar areas. They also noted that the Los Angeles area was down less than two percent from last year.

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12 Things I've Learned in 25 Years of Real Estate 08-15-2011

Since I have had nearly 1,000 escrows, a new agent recently asked me what key lessons I could share to help her successfully counsel both buyers and sellers. Although answering that could lead to a book, here are a dozen ideas I suggested:

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A Recipe for Escrow Success 05-01-2011

Special to the Palisadian Post

 

Since my team has a relatively higher rate of successful escrow closings, 90% versus 75% local average, I have been asked what attributes have been found most helpful to this success. In thinking this through, I have identified several key ingredients that are most helpful. These need to be used in combination by both sellers and buyers in order for escrows to be successful.

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On the Market vs. In the Market? 02-01-2011

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”.

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Sell or Leave as Inheritance? 10-01-2010

I recently heard from two homeowners. One said, “I’m keeping this house for my children – but I don’t know if that’s the wisest decision.”  The other asked, “Do we leave the house to our children or would it be better to sell it now? We are thinking of simplifying our lives, and maybe do some traveling.  What are the arguments either way?” -     Two Palisades homeowners

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