What does all this mean for Buyers and Sellers?
Here’s what I’ve noticed. Buyers are quick to notice the change in the market in an instant. Sellers tend to have a bit of a delayed reaction….sometimes it takes them 120-180 days before they say “all this data affects MY house.??” It’s been quite a ride over the last couple years. And for many Sellers or potential sellers their expectations reflect what they’ve been seeing in the market just a few months or even a few weeks back.
Let’s look at the local market.
– San Pedro: 78 ACTIVE- 32 have price reductions
– Rancho Palos Verdes- 75 ACTIVE- 31 have price reductions
– Palos Verdes Estates- 37 ACTIVE- 16 REDUCED
– Redondo Beach- 103 ACTIVE- 48 REDUCED
– Torrance- 128 ACTIVE- 56 reduced
– Hermosa Beach- 37 active- 16 REDUCED
– Manhattan Beach- 66 ACTIVE- 25 reduced
On top of this data is the number of days properties are sitting on the market…or Days on Market. That number is growing, too. That is why it’s SO important to price your home correctly right now if your considering selling. Don’t panic. It’s still a great time to sell. Demand is still high. Just be strategic. Talk to a knowledgeable agent who can give you the guidance you need to make this market work for you. Same goes with buyers: Talk to an agent who can reveal the opportunities and conditions in the market that will make your home buying experience a success.
Mike Naylor Compass / Accardo Real Estate Associates 310-686-9361 mobile