The Palos Verdes housing market continues to burn bright for sellers, but there are signs of a slight shift in the air. I’ve noticed more price reductions and a growing number of days on the market for more than a few properties. These are early indicators of a change in the market.

Maybe the pent-up housing demand the Pandemic unleashed is beginning to wane, or perhaps buyers decided to step away from the market for a breather after numerous failed attempts to purchase a property in the hot market of months past. Either way, buyer fatigue plays a role in the number of offers submitted as we enter the dog days of summer 2021.

Sellers, don’t worry, you have not missed the market, but it’s always adapting to supply and demand. It is now a different market and requires adjustments. Preparing and pricing your property is more important than ever. Presenting your property for its market debut is its chance to shine, and you know what they say about first impressions! Most buyers will not grant it a second look; they don’t have the time. The first impression will be lasting.

What’s a seller to do? Buyers have come to expect a model home appearance unless the property is marketed as a fixer. Staging is not cheap and is less optional than in the past, but its return on investment is well worth the upfront cost. I’ve had clients paint the interior, install new flooring and stage the entire home with successful results. This is especially true for luxury properties. On the other hand, a mini-facelift of exterior and interior is often enough for most homes outside the high-end category. There are no blanket rules as each property is unique, as are the improvements needed to achieve the highest market value. Whether your property needs a top to bottom makeover or an easy-breezy once-and-done decluttering, it’s advisable to consult professionals who are in the business of helping their clients achieve the highest and best value for properties.

Palos Verdes Single Family Homes Snapshot for July 2021:

 

 

Do you have questions about your neighborhood? Contact me for a personalized update of recent real estate activity in your area of interest.

Norma Toering, Broker/Owner

Charlemagne International Properties

310.493.8333 or email No***@*******************es.com

DRE: 01147470