Other Luxury Real Estate Markets are Stalling Out…Is The PV Peninsula Next?
The PVP and South Bay real estate market is strong, and picking up steam.
Unlike other luxury markets around the country, our local market is not showing any signs of “capping out,” or slowing down.
In other top markets, while demand remains high—as it does on the PV Peninsula—buyers are getting weary of placing multiple offers and never winning a home. This is known as “buyer fatigue.”
The result is that days on market are rising, sale-to-list price ratio is falling, and median sale price is dropping in other luxury markets.
On the Palos Verdes Peninsula, our local market does have many of the trappings needed to create such a situation—but with the right tactics, you can still sell your home on your desired timeline, and at your desired price.
Here are the most important things to know right now in our highly competitive real estate market:
#1: Well-marketed properties are selling faster and at higher prices than in years past.
Market tides are changing in other luxury markets around the country, making now an excellent time to sell on the PV Peninsula—if you market your home correctly.
A robust marketing strategy with print and online marketing, plus elite event marketing, is critical for maximizing exposure.
While our market is highly desirable, finding the right buyer for your home takes both years of building local connections—and an ROI-based marketing plan.
As a seller, you deserve a no-holds-barred approach to selling your valuable asset.
Email marketing, direct mail, targeted social media advertising—in a luxury real estate market like the PV Peninsula, marketing knowledge is power.
#2: One of the biggest keys to selling your home at your ideal price…is first listing it at the correct price.
Homes that are priced correctly are selling quickly, and often at or above list price.
Pricing correctly maximizes exposure and thus, offers.
Market trends are only part of the picture—elite marketing AND powerful negotiation also come into play with pricing.
#3: Supply remains limited. Inventory is still relatively low on the peninsula. This makes now an excellent time to list.
Now is THE time to start the process for selling your home.
Especially with our low inventory, buyers are excited and submitting multiple offers on properties that meet three criteria:
- They are beautifully updated and staged
- They are priced correctly
- They are well-marketed
Those who jump at the opportunity to list their home and take advantage of the low competition amongst sellers will reap the rewards of the many competing buyers.
Putting money INTO your property when you are trying to get money OUT may seem counter-intuitive, but with an expert’s eye for design and savvy updates, you can both make your money back and also sell faster, AND often at a significantly higher price point.
If you are thinking about selling in the next 12 months, the time is now.
I predict the national luxury real estate market’s changes will reach the PV Peninsula and have affected our market well within that time frame, making this an ideal time to capture buyers’ fervor as they seek to capitalize on low interest rates, too.
Take action now—and maximize your sale price and minimize your days on market.