Palos Verdes Real Estate: The Truth Hurts

There's some good news and some bad news concerning the status of the Palos Verdes homes market.

As you can see from the chart, sale volume is trending down and prices have broken through support to the downside. We are a real estate market still looking for a bottom folks. That's the plain hard truth of the matter. And as I tell all my selling clients, you've got to price your home at a level that makes buyers perceive they are being compensated for the risk of buying into a soft market. Those sellers that do this, sell, those that don't just sit on the market saying, "Well gee whiz, someone can always make an offer." Sorry, they don't, you've got to price your home right up front from the start. Playing catch up and "chasing the market" is not fun.

On the other hand, there is some good news out there and as with any other commodity, Palos Verdes real estate is no different. Price is regulated by supply and demand. When we study the supply and demand changes in the market, guess what? We are seeing some fairly significant improvement. Now, don't get overheated on this. It takes time, lots of time, for the effects of improving supply and demand ratios to be reflected in real estate. But maybe, just maybe, we're beginning to see the signs of a bottom and 2012 will be looked at as the base year.

For more information on trends in Palos Verdes real estate you're welcome to visit my website.