Time to Buy? What are the Current Market Conditions ?

What are the Current Market Conditions to Buy a single family residence in Palos Verdes?

Contrary to many parts of the country, the market here in Palos Verdes and other affluent areas in Southern California is very stable.

Why stable in Palos Verdes?

1. Low inventory - Less than 250 for sale as of today of about 25,000 homes located in the 4 cities in Palos Verdes 90275 and 90274.

The average over the last 30 years is over twice that much. It has been between about 200-400 (the last few years) and about 500-600 in the 70's and 80's. 

2. Low interest rates - Historically, on the very low end at about 5%

2. Great Location - The "Peninsula" surrounded by water is a world class location. It has beautiful weather, no industial, no train tracks, very little commercial areas, no high rises, low density, excellent air quality, lots of jobs nearby, low crime and outstanding public and private schools.

3. High Demand  - Demand has been consistently high for local housing.

There are some good buys on the market right now. If you need a home, Buy it Now, while many buyers are waiting on the sidelines letting you get the good buys.

Have opposing and other views? Give us your thoughts. Thank you.

Respectfully,

Scott Berglund
Peninsula Properties
Principal Broker since 1974

What are the Current Market Conditions to Buy a single family residence in Palos Verdes?

Contrary to many parts of the country, the market here in Palos Verdes and other affluent areas in Southern California is very stable.

Why stable in Palos Verdes?

1. Low inventory - 188 for sale as of today of about 25,000 homes located in the 4 cities in Palos Verdes 90275 and 90274.

The average over the last 30 years is over twice that much. It has been between about 200-400 (the last few years) and about 500-600 in the 70's and 80's. 

2. Low interest rates - Historically, on the low end at about 6%,  8% used to be considered low, I remember begging for rates to come down to 10%. They were at 17% at the peak in the early 80's until they eventually went down to an "affordable" 10%.

2. Great Location - The "Peninsula" surrounded by water is a world class location. It has beautiful weather, no industial, no train tracks, very little commercial areas, no high rises, low density, excellent air quality, lots of jobs nearby, low crime and outstanding public and private schools.

3. High Demand  - Demand has been consistently high for local housing.

In a nutshell - Low Inventory, Low Interest Rates and High Demand do not equal the prices going down.

Those waiting on the sidelines for the market to crash before buying will be remain on the sidelines, and will eventually admit they could have and should have bought. Many people got priced out in the past by waiting too long and could not get back in when they realized their mistake. I have hundreds of examples in my Buyers database.

There are some good buys on the market right now. If you need a home, Buy it Now, while many buyers are waiting on the sidelines letting you get the good buys.

Have opposing and other views? Give us your thoughts. Thank you.

Respectfully,

Scott Berglund
Peninsula Properties
Principal Broker since 1974