Real Estate News & Market Analysis

Inventory of homes in the Pacific Palisades was decreasing through may. Now, leasing inventory in the Pacific Palisades is growing through the Covid19 Lockdowns. Where does that leave us?

In this short period of time, our home has become our work place, our school, our church, our gym and our technological base for connection to our family, friends and the world.

In reality, real estate is an investment. Like any investment, there are good times and bad times to sell. When it’s a bad time to sell, it’s usually a good time to buy, and vice versa.

Buying a home isn’t a handshake deal

Over the last several years we have written about “deal breakers” that have often come up during the sale and/or purchase process. During the last two years, the transactions have mostly been challenged through the loan and appraisal process, even though loans are finally more available than they had been for more than a year.

For several months, the Westside real estate market has experienced a steady recovery with both average list and sales prices increasing by more than 4%.

Investors have become a significant factor in the current market environment.  Investors generally have fewer contingencies and shorter time periods for processing the escrow. Therefore, they have traditionally closed escrows with fewer complications though having generally paid less for the property.

The fuel for this steady recovery has been continued artificially low interest rates which has made purchases more affordable for everyone, combined with a lag in the homes being made available for sale at a rate equal to the steady and strong demand.