Winter’s cool temperatures may still be with us, but the Palos Verdes single family home market is already heating up as spring approaches. My “Yellow Slider” market indicator moved a couple of notches back toward a stronger sellers’ market as we rolled into March 2017. However, the market indicator for the Palos Verdes luxury home market slipped deeper into the neutral zone.
However, single family inventory increased slightly (up from 131 homes to 147), and that’s good news for spring buyers.
Here are the current statistics for the Palos Verdes Peninsula single family homes market:
147 Single Family Palos Verdes Homes are currently for sale.
85 Palos Verdes residences are in escrow with accepted offers.
76 Palos Verdes Single Family properties have closed escrow year-to-date 2017.
Seller Tip: It appears the spring market will arrive early this year. Given the anticipated increase in interest rates, buyers are eager to lock in the lowest rate possible sooner rather than later. Make sure your property shows at its very best to ensure it competes well with other homes trying to win the hearts of buyers (and their offers) in your neighborhood.
Buyer Tip: Make sure your lender letter is a pre-approval, not just a pre-qualification. A pre-approval letter will strengthen your offer and should be presented with your offer to purchase a property. It lets the seller know you are a qualified buyer and can close the sale, and that’s likely a seller’s top concern.
For more information about selling and buying a home on the Palos Verdes Peninsula contact Norma Toering at 310.493.8333 or email Norma@CharlemagneProperties.com