If you’re thinking about selling your home on the Palos Verdes Peninsula this information will be particularly of interest. Based on reports from the housing gurus, 2015 will be a year of continued stabilization for the housing sector with a slower pace of increase in prices. An economist with Zillow predicted 2015 price gains will be around 2.5%, quite a difference from the 18+% gain of 2013 and this year’s number of approximately 6%.
Based on this “Big Picture” of the housing market, the trickle down message to your local neighborhood is this: The housing market bounced back from the crash years, and has now reached stabilization. The big gain-backs are over, and more modest increases in price are the prediction for the immediate future. If you’ve been waiting for this market news before selling your home, it has arrived.
We can expect home owners to act on this news by deciding the time is right to sell their home and make the move that was postponed during the recession years. If you lost equity during the housing crash, it’s back. If you were underwater with your mortgage exceeding the value of your home, chances are you now have enough equity to move up or down depending upon your life circumstances.
On an individual basis this means you can expect more of your neighbors to sell their houses in 2015. This will increase the local inventory and the local competition. The slower growth of equity negates the need to wait any longer. It doesn’t make much sense to sell an asset growing at the rate of 18% per year, but such is no longer the case for homes in Palos Verdes, or other neighborhoods in the South Bay of Los Angeles.
When you’re ready to start the selling process, we will be honored to help you from preparation of the property through the closing of escrow. With over 40 years of combined real estate experience, Josh and I will market your home around the world as well as to your next door neighbor. Our Internet presence is both global and local. Our real estate blog was recently selected as one of the Top 100 Real Estate Blogs. Our goal is to keep our clients informed so they can make smart and savvy decisions about their personal real estate holdings.
There are currently 147 Palos Verdes single family homes for sale.
- 77 Palos Verdes single family homes are in escrow with accepted offers.
- 503 Palos Verdes single family homes have sold year-to-date as of December 8, 2014.
- At the current rate of absorption, and without new inventory, we will be "sold out" of homes by mid-February!
Now is an excellent time to begin the listing process of preparing your Palos Verdes home to enter the real estate market in early 2015. Let us know if we can help you, and we will be delighted to guide you through the process.
- Norma (310) 493-8333