"Palos Verdes Resident since 1947"

July 2014 Newsletter

July, 2014

Dear Neighbor:

After about 8 months of frenetic activity, the real estate market has slowed somewhat, which you may remember I predicted a few months ago.  Prices have risen significantly in the last year or so but, at some point, affordability plus some sellers over-shooting the mark on price causes the sort of slowdown we’re now seeing.   This will be picked up by the media in about 60 days, so you can expect to still hear breathless reports of huge gains until then.

I have got a lovely one level 4 bedroom 2.5 bath home in the Country Club area (out by Ralph’s Market) coming on the market at $1,295,000 about the time you receive this.  It’s about 2400 square feet, 3-car garage, and has a nice ocean view.  Call me if you are interested or know anyone who might be – 310 613-1076.

I run into misconceptions about real estate routinely, so while I’ve got you, I’m going to take this opportunity to clear a few up, in no particular order:

You want to price your house high enough to allow “negotiating room”:  maybe, but not by much.  You have to understand that buyers make offers on the house that is the best value at the asking price while meeting their criteria.  Too much “negotiating room” and you won’t have the chance to negotiate.

All agents are the same:  Nope.  You will find out how good your agent is once you get offers, if not before.  There are countless things a good agent can do for you, including the ability to negotiate a solid contract, avoid or solve problems and post-escrow issues that comes only with experience.  For example, I tell prospective sellers when they’re interviewing me that I will treat their sale as if it were my own.  Talk is cheap, and some are skeptical.  The seller of the enclosed property at 4004 Via Cardelina was nice enough to write me a note after escrow closed:  “Thank you so much for delivering on your promise to act as if it were your home that you were selling.  You did an awesome job”.

Fix everything in the house before you go on the market:  not a smart strategy if you’re the seller.  The aim is to maximize the dollars in your pocket at close of escrow, and this probably won’t do it.  There isn’t space to get into it here, so I would refer you to the article I wrote on my website www.DanaGraham.com entitled “The Buyer Won’t Take a Shower in Your House”.

A bedroom needs a closet to qualify:  no, it does not.

A termite clearance is required by law in any sale:  while it is a strong custom for the seller to provide a termite clearance, there is no law that requires it.

Thank you as always for your continued support, and feel free to call me any time – 310 613-1076.  I may be on a client’s roof, under his house, or handling some issue at escrow, but I will call you back.

Sincerely,

Dana H Graham                                                                                                                                                                                                                DRE #00877973

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