Palos Verdes Real Estate

March 2020 Newsletter

Dear Neighbor:

Out here in the real estate world, interest rates are still holding in the mid to high 3%’s for a 30-year fixed rate conventional loan.  You can get the high 2%’s for one that is fixed rate for 5 to 7 years, but it then goes to adjustable.  To me this doesn’t make sense unless you just can’t qualify at the 3.75% 30 year fixed.  Interest rates are so low these days and it makes sense to lock them in for as long as possible because who knows that the environment will be 7-10 years down the road when your loan converts to adjustable.  The only alternatives then would be paying it off or re-financing at the then-higher rates.

I often hear discussion about what the best time is to put your house on the market, the common wisdom being Spring or Summer.  I think this originates from people sitting at their desk analyzing data. While it is true that the most sales occur during those periods, that doesn’t mean that’s the best time for YOU to sell (or buy, for that matter).  You have to look at it from the point of view of the individual seller:  while Spring and Summer normally have the most sales, those seasons also have the most houses for sale and/or buyers looking.  In Palos Verdes this is exaggerated even more by the desire of parents to get their kids into the PV Schools . . . of which my father was one of the founders, but I digress.  So you are going to have significantly more competition selling or buying during those times.

Generally speaking, the best time to sell is when there are relatively few other houses in your area and price range for sale.  This can be at any time of year, including over the Christmas holidays, when many sellers pull their houses off the market or wait till after the new year to put them up for sale.  There are still plenty of buyers out there at that time of year – maybe their house is in escrow and they’ll be on the street in 30 days, or they have a job transfer.  Actually right now is one of those times – there is relatively little for sale; but this isn’t going to last because right around the corner is Spring, which other sellers think is the time to go on the market.  Get the jump on them – call me at 310 613-1076 and we’ll be closing escrow about the time they are having their first broker’s open house.

I have written many articles about real estate on my website www.DanaGraham.com, the accrual of 35 years of knowledge about this business.  These are all written by me and not copied from others as most agents seem to do.  They generally have to do with everything from picking an agent thru the close of escrow.  I have included a print of one of them, entitled “The Buyer Won’t Take a Shower in Your House”, in which I give general advice on what kind of house preparations make sense and which don’t when getting ready to go on the market.  I find that many sellers spend money on things that aren’t going to net them any more at closing.  I look at such expenditures as if it were my house I was selling – would I spend that money on that or not.  You will find many more such articles on my website, including the history of Palos Verdes beginning with the Late Cretacious Era (we had just moved here) thru the present.

Thanks again for your continued support, and I look forward to hearing from you.

This entry was posted on Thursday, March 5th, 2020 at 7:57 am and is filed under Buyers, Everything I've Written, Newsletters, Real Estate General Info, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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