By MARCO RUFO | Special to the Palisadian-Post
It is amazing what transpired in January: 18 single-family homes sold in Pacific Palisades, compared with a monthly average of about 12 homes sold the past four years.
Is the market softening?
Depends who you ask. The lower-end market—properties sold for $1.8 to $4 million—absolutely has not; if anything we do not have enough inventory to sustain the demand. The market however has softened, particularly at the top. So for those properties selling from $5 million and up, which consist of 24 currently active homes for sale out of the 58 total, has become markedly harder to sell.
Is it the right time to sell?
It is a prime time to sell your home, especially those in the low end of the market.
The New Year kicked off with a record low number of homes for sale. According to the California Association of Realtors, the number of homes for sale in December 2016 was down nearly five percent from the same time last year, while the number of homes sold was up nearly eight percent.
What checklist should I have before I sell?
Here are some basic ideas:
Curb Appeal: Make sure your exterior is manicured, from the grass to the paint on the home.
Garage: If you’re a packrat, get a dumpster and get rid of all the old junk taking up space in your garage. Buyers need to see that their cars will fit in the space.
Kitchen: Determine whether you really need those items on the counter (e.g. blender, canisters, rooster, etc.) Put them away or pack them away. You now have much more usable counter space and buyers will notice.
Bathrooms: Thoroughly clean mirrors, glass, chrome and porcelain surfaces. If you have grout, then scrub away.
Closets: Pack away everything that you are not going to need for the next few months. Neatly store in boxes.
Overall: Check all the basics around the house—all doors, windows and cabinets. Apply fresh paint where needed. Carpets, draperies and furniture should all be professionally cleaned and looking their best. Does your home smell pleasant? Place diffusers or air fresheners with a pleasant and mild scent around your home. First impression is everything.
What are would-be Palisadian’s looking for that they were not looking for a year ago?
Many buyers today believe they can purchase a house with the intent of improving it and, when selling it, making a profit. Such attitudes have increased exponentially from a year ago. I personally believe it due to all the remodeling shows on TV.
Other buyers are the ones that want to see the new construction. As you drive down many of the streets in the Palisades you see enormous amount of building, which is not an accident—demand is higher today than a year ago. It encourages others to buy.
What style of homes are likely to be hottest in 2017?
What displays an overwhelming favoritism is Traditional- and Cape Cod-style homes with translational to modern interiors. Second favorites are: sleek contemporary designs and open floorplan concept. Homeowners are beginning to opt for more environmentally friendly and sustainable design elements in their houses.
Advice for a first-time seller?
Understanding how important it is to prepare a home for the open real estate market.
Have a home inspection completed before the house is listed for sale.
Prepare your home for the market by making low-cost home improvements before listing the home for sale (e.g. paint, cleaning, repairing/replacing grout, etc.)
Understanding what the current state is of your local real estate market.
Figure out what your next move is after selling their current home. Will you move into an apartment/condo? Will you be buying a new home? Moving to another state? It’s important when selling a home for the first time, you have a strong game plan for your next move.
Understand the costs associated in the sale of a property.
Hire the right professional real estate agent for the job and make sure it’s priced correctly.
In closing, I would characterize the real estate market for the 2017 forecast as a moderation, as opposed to an acceleration, in the market. The pace of growth is still strong and, for pricing, still represents an above-average level of appreciation.
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