Each month, my team and I provide complimentary local home value estimates for nearly a dozen homeowners. Many of these owners just want a rough idea of value as part of their overall financial picture for future plans.
An increasing number of Palisadians have been experiencing the need to consider selling their home due to becoming “empty nesters.” They own a 5 or 6 bedroom house and have higher maintenance costs and/or feel that it does not make sense to keep such a large place for just the one or two of them.
As we look back over the past twelve months, and particularly since the beginning of this year, several observations can be made. The number of homes available for sale continue to be insufficient to meet the continuing strong demand with the number of sales 17% higher than last year at this time. Accompanied by 21% lower inventory of homes available, the Palisades median sale price is 14% higher now than at this time last year.
Since I have had nearly 1,000 escrows, a new agent recently asked me what key lessons I could share to help her successfully counsel both buyers and sellers. Although answering that could lead to a book, here are a dozen ideas I suggested:
I recently heard from two homeowners. One said, “I’m keeping this house for my children – but I don’t know if that’s the wisest decision.”The other asked, “Do we leave the house to our children or would it be better to sell it now? We are thinking of simplifying our lives, and maybe do some traveling.What are the arguments either way?”-Two Palisades homeowners
Many retirees and senior homeowners are faced with a dilemma. Their children have grown up and moved out.So, do they stay in their oversized home and enjoy the benefits of a lower Prop 13-protected tax base or relocate to a smaller and perhaps newer home that better meets their current needs and be faced with a high property tax bill based on current “hot” property values?
"Thank you for the column ‘How To Prepare A Home For Sale’. We are planning to sell our home soon, but don’t have the time or energy to do many preparations. Do you have a simple list we can use as guidelines?” - A long-time Palisades homeowner
“I am quite confused after talking with two agents about selling our house.We want to get the best price we can, but this place needs a lot of work. One of the agents advised me to just list it and to do nothing before showing it to some buyers..."
In many areas of the U.S., attorneys are hired to handle the property transfer process. In southern California, however, nearly all transfers are handled by an escrow holder. WHAT IS IT, AND WHY HAVE IT?