Palos Verdes Peninsula | Toering and Team - Palos Verdes Homes for Sale

Palos Verdes Horse Property with an Ocean View

May 19, 2013 in Front Page, Horse Property, Lifestyle in Palos Verdes, Palos Verdes Peninsula, Rolling Hills, Rolling Hills Estates

blog horse with girl riding

It’s okay to want it all. Later today, I’ll be meeting with a buyer new to Palos Verdes but already in love with this hilly peninsula that juts skyward from the ocean’s edge. After a recent stay at Terranea Resort, this first-time visitor to PV must have thought she landed in a horse lover’s paradise. Actually, Palos Verdes is certainly “horse friendly” but it is equally appealing to those seeking a view property, or simply a more relaxed pace of life.

We will be shopping for a second home and it can be either a small horse property with easy access to the miles and miles of riding trails that lace the hills and canyons, or it can be a nice little bungalow close to the ocean and not too far away from boarding stables and riding trails. It’s a gorgeous Southern California day and eight homes are on the show list. Maybe we will find it all–a Palos Verdes horse property with an ocean view.

It’s okay to want it all, and we will certainly be trying to find it!

No Comments »

The Market Changed. Have You?

May 1, 2013 in Beach Cities, Buyer Tip, Front Page, Hermosa Beach, Manhattan Beach, Palos Verdes, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Real Estate News, Redondo Beach, Rolling Hills, Seller Tip

The Housing Market Came Roaring Back

Real estate is back in the news with leading stories to whet a viewer’s appetite for more details, and this time it’s not falling prices, foreclosures or strategic defaults. What began as a whisper last fall turned into a raging roar with the arrival of 2013. Last night a national news story flashed a map showing a one-year increase in prices of 14% from February 2012 to February 2013 for the greater Los Angeles housing market.

Indeed, the housing market has changed. Have you and your plans? If you were waiting for the bottom, you missed it. If you were waiting for the market to improve before selling, it has. Are there still good buys? Yes, but the definition of “good buy” is very fluid these days. Prices have not yet reached the dizzying heights of 2007 but predictions are prices will continue to rise throughout the year.

In my observations of the housing market behavior, the decline can be slow and painful and occur over several years, but there is a big bounce off the bottom giving the market a momentum to reclaim lost ground with astonishing speed. Yesterday, as I toured new listings, I noted properties sporting price tags higher than my expectations, and realized, I too, must adjust the value calculator in my head to the new market conditions.

If you are a buyer in this market you will most likely need to lower your expectations of what your budget will buy. It may be time to expand your search area and your “must have” criteria. If you are a seller and your life was on hold during the housing crash, it’s time to dust off your delayed plans and move forward with selling your property.

In a perfect world, the market ascent would be slow and predictable. The only thing I can promise is I can’t predict when the current climb will stall or when the market will take another fall. There is undoubtedly enough pent-up demand to drive the market for some time. An increase in interest rates will slow an over-heated market. The addition of inventory will slow the market and reduce the frenzy of bidding wars and multiple offers.

I dream of working in a balanced market, but if I’ve learned one thing in over 20 years in the business, a balanced market comes and goes in the blink of an eye. It is never here to stay.

Tags: Tips for Buying a Home
No Comments »

Little Luxuries of the Palos Verdes Lifestyle

March 27, 2013 in Buyer Tip, Favorite Photos - Palos Verdes, Front Page, Lifestyle in Palos Verdes, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Palos Verdes View Homes, Rancho Palos Verdes, Rolling Hills

170 Lighthouse distant

Whenever people ask me where I’m from, when traveling outside California, they most often have a quizzical look on their face after my reply. I know what’s coming next. “Palos Verdes? Where’s that?”

Of course, if I want to avoid the long explanation I simply say, “Los Angeles,” and leave it at that. The truth is, the anonymity of the locale is a luxurious aspect of life on the Palos Verdes Peninsula. This is not Hollywood, nor Beverly Hills or even Malibu. The world has heard of those glittering places; not so Palos Verdes.

The majesty and length of our scenic coastline is another luxurious perk of life on the Palos Verdes Peninsula. Eons ago, this land was an island, and as the name implies, it is surrounded on three sides by glorious cliffs meeting the regal Pacific Ocean. The end of land and the beginning of water is a dramatic transition. Palos Verdes is known for its cliffs and hills, not its sandy beaches–those can be found in the adjoining beach cities of Redondo, Hermosa and Manhattan.

There is room to roam (miles and miles of hiking trails) and plenty of open space to stroll and enjoy the geological wonders of the area. It’s easy to leave the urban sprawl of LA in the flatlands below and exhale as you enter the Palos Verdes area. Whether your home is an equestrian estate in Rolling Hills, a villa by the sea in Malaga Cove or an ocean view home high in the hills of Rancho Palos Verdes it does not take long to realize you are a part of something very special.

Those are a few of the quiet little luxuries of life on the Palos Verdes Peninsula.

No Comments »

What’s the Best Tool in a Palos Verdes Listing Agent’s Marketing Toolbox?

March 25, 2013 in An Agent's Life, Front Page, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Rancho Palos Verdes, Rolling Hills Estates, Seller Tip

blog photo boy with globe
Answer: The Multiple Listing Service and the thousands of agents it reaches. It may be Old School but it is effective. Consider it the early predecessor to Facebook. As members of the same big network agents can see what other agents are listing and selling. We are privy to when a property goes under contract or when it fall out of contract. We know when a listing expires or is canceled. We post our open houses, both public and professional on the network. Although it’s been around for decades the MLS still packs a powerful punch in the business model for real estate.

Last week Norma Toering & Team posted two new listings. Within the hour there were two agent in our office with pen in hand and ready to call their clients. A showing ensued before the MLS Hotsheet of new listings cooled. That’s the chain reaction of an effective MLS. Seller, don’t even consider listing your property with an agent that does not belong to the MLS–your property needs to be there to gain full exposure to the market.

Coming in at second position, in my opinion, is the Internet and all the wonderful sub-tools this gigantic global network folds under its wings. As listing agents, our new listings fly through the sky at the speed of light. Our website IDX is waiting stealthily for a new contact request 24/7. If the thought of a new request from some distant shore will not roll you out of bed in the wee hours of the morning I don’t know what will. I confess I’m already a morning person, but I love the thrill of a new inquiry on one of my listings, or any listing, and I’m elated to see it morning, noon, or night. It’s my signal my marketing is working–I’m reaching people all over the world with news of property for sale in my local communities.

Sellers, make sure the agent you select to list you property is connected to Internet marketing in a very strong way. That’s where your buyer will most likely begin his search for a new home. Let Norma Toering & Team help you find your buyer.

No Comments »

How is the Housing Market in Palos Verdes? – February 2013 – Toering & Team

March 15, 2013 in Front Page, Palos Verdes, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates

Palos Verdes

Active listings of homes for sale: There are currently 105 single family homes on the market in all of Palos Verdes priced from $400,000 to $15,900,000. The average price is $3,220,000, but the median price is $1,799,000.

Homes in escrow: There are currently 102 homes in escrow in Palos Verdes priced from $519,000 to $3,950,000. The average price for property in escrow is $1,395,000.

Palos Verdes homes sold in February 2013: 45 Homes sold during the month of February ranging from $690,000 to $4,200,000. The average sale price for February was $1,403,000.

View a list of homes for sale in: Palos Verdes Estates – Rancho Palos Verdes – Rolling Hills – Rolling Hills Estates

No Comments »

Palos Verdes Dr. West Home Sales Report – Jan 2013 – Rancho PV

March 11, 2013 in Front Page, Palos Verdes, Palos Verdes Drive West, Palos Verdes Peninsula, Rancho Palos Verdes

Palos Verdes Coastline

Palos Verdes Drive West neighborhood real estate and home sales report for Rancho Palos Verdes, CA in January 2013.

Homes for sale: 6 Homes are listed for sale priced from $1,099,000 to $15,900,000.
Pending sales: 3 Houses are in escrow priced from $2,799,000 to $3,950,000.
January sales: Three homes sold in January 2013 from $970,000 to $4,500,000.

Homes for sale in the PV Drive West area of Rancho Palos Verdes:

Showing properties 1 - 6 of 6. See more Palos Verdes Dr West Neighborhood Homes for Sale.
(all data current as of 5/21/2013)

$1,599,000 : 30011 Via Victoria, Rancho Palos Verdes

3 beds, 4 full baths

Home size: 2,761 sq ft

Lot size: 10,390 sqft

Year built: 1991

Parking spots: 4

Days on market: 9
$12,500,000 : 3300 Palos Verdes Drive, Rancho Palos Verdes

5 beds, 9 full, 1 part baths

Home size: 11,346 sq ft

Lot size: 1.12 ac

Year built: 1997

Parking spots: 8

Days on market: 86
$3,499,000 : 20 Via Del Cielo, Rancho Palos Verdes

4 beds, 3 full, 3 part baths

Home size: 7,031 sq ft

Lot size: 25,265 sqft

Year built: 2000

Parking spots: 8

Days on market: 93
$11,999,000 : 7 Marguerite Drive, Rancho Palos Verdes

6 beds, 6 full, 2 part baths

Home size: 7,778 sq ft

Lot size: 2.00 ac

Year built: 1999

Parking spots: 6

Days on market: 107
$7,500,000 : 51 Via Del Cielo, Rancho Palos Verdes

5 beds, 5 full, 3 part baths

Home size: 8,547 sq ft

Lot size: 28,954 sqft

Year built: 2008

Parking spots: 6

Days on market: 145
$9,990,000 : 49 Marguerite Drive, Rancho Palos Verdes

7 beds, 6 full, 2 part baths

Home size: 9,998 sq ft

Lot size: 1.06 ac

Year built: 1994

Parking spots: 8

Days on market: 191

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Homes that sold in the last 12 months in the Palos Verdes Dr West area:

No Comments »

Palos Verdes Luxury Homes Sales – February 2013

March 2, 2013 in Favorite Photos - Palos Verdes, Front Page, Lifestyle in Palos Verdes, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Palos Verdes View Homes, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates

Coastal views in Palos Verdes - trails by Oceanfront Estates

Six Palos Verdes luxury (over $2,000,000) homes sold during February 2013. Five of the homes were located in Palos Verdes Estates and one in Rancho Palos Verdes.

A home on Via Rincon sold for $3,825,000 and claims the honor of being the highest priced home to sell on the Palos Verdes Peninsula during February 2013.

Norma Toering & Team either showed or previewed five of the six luxury homes sold during the month. We consider it our duty to our luxury clients to stay well-informed about movement in the high-end market. If you’re in the market to either sell or purchase a luxury home in Palos Verdes we will be honored to help you acquire a luxury home on the Palos Verdes Peninsula.

- Norma (310) 493-8333

Luxury Homes for Sale in Palos Verdes:

Showing properties 1 - 35 of 50. See more Palos Verdes Homes over $2 Million Dollars.
(all data current as of 5/21/2013)

$2,499,000 : 20 Santa Barbara Drive, Rancho Palos Verdes

4 beds, 3 full, 1 part baths

Home size: 3,420 sq ft

Lot size: 14,146 sqft

Year built: 1987

Parking spots: 9

Days on market: 3
$3,400,000 : 6200 Via Canada, Rancho Palos Verdes

4 beds, 5 full, 1 part baths

Home size: 5,630 sq ft

Lot size: 1.98 ac

Year built: 2005

Parking spots: 6

Days on market: 6
$4,995,000 : 13 Buggy Whip Drive, Rolling Hills

5 beds, 5 full baths

Home size: 3,772 sq ft

Lot size: 1.97 ac

Year built: 1963

Parking spots: 8

Days on market: 9
$4,200,000 : 66 Eastfield Drive, Rolling Hills

5 beds, 1 full, 4 part baths

Home size: 5,734 sq ft

Lot size: 1.37 ac

Year built: 1952

Parking spots: 6

Days on market: 14
$2,750,000 : 52 Buckskin Lane, Rolling Hills Estates

6 beds, 4 full baths

Home size: 4,376 sq ft

Lot size: 34,347 sqft

Year built: 2008

Parking spots: 4

Days on market: 15
$4,788,000 : 3807 Crest Road, Rancho Palos Verdes

5 beds, 6 full, 1 part baths

Home size: 8,533 sq ft

Lot size: 20,204 sqft

Year built: 1996

Parking spots: 6

Days on market: 15
$2,249,000 : 632 Via Del Monte, Palos Verdes Estates

4 beds, 2 full, 2 part baths

Home size: 3,308 sq ft

Lot size: 10,026 sqft

Year built: 1930

Parking spots: 4

Days on market: 16
$2,298,000 : 1429 Via Cataluna, Palos Verdes Estates

6 beds, 4 full baths

Home size: 4,387 sq ft

Lot size: 15,899 sqft

Year built: 1967

Parking spots: 6

Days on market: 16
$2,398,000 : 769 Via Del Monte, Palos Verdes Estates

4 beds, 2 full, 2 part baths

Home size: 3,461 sq ft

Lot size: 8,849 sqft

Year built: 1961

Parking spots: 4

Days on market: 16
$3,495,000 : 2740 Palos Verdes Drive, Rolling Hills

7 beds, 3 full, 3 part baths

Home size: 5,452 sq ft

Lot size: 2.36 ac

Year built: 1965

Parking spots: 6

Days on market: 26
$2,195,000 : 745 VIA DEL MONTE, Palos Verdes Estates

4 beds, 2 full, 1 part baths

Home size: 2,750 sq ft

Lot size: 6,724 sqft

Year built: 1966

Parking spots: 2

Days on market: 30
$3,250,000 : 31127 Palos Verdes Drive, Rancho Palos Verdes

4 beds, 3 full baths

Home size: 2,446 sq ft

Lot size: 1.87 ac

Year built: 1969

Parking spots: 6

Days on market: 30
$3,689,000 : 961 Via Rincon, Palos Verdes Estates

6 beds, 7 full baths

Home size: 6,219 sq ft

Lot size: 13,116 sqft

Year built: 1980

Parking spots: 12

Days on market: 30
$2,595,000 : 2 South Middleridge Lane, Rolling Hills

4 beds, 2 full baths

Home size: 2,877 sq ft

Lot size: 2.15 ac

Year built: 1948

Parking spots: 4

Days on market: 37
$3,395,000 : 2809 Via Barri, Palos Verdes Estates

6 beds, 5 full baths

Home size: 5,952 sq ft

Lot size: 19,901 sqft

Year built: 1981

Parking spots: 6

Days on market: 37
$6,350,000 : 2120 Paseo Del Mar, Palos Verdes Estates

4 beds, 3 full, 1 part baths

Home size: 5,467 sq ft

Lot size: 18,881 sqft

Year built: 2007

Parking spots: 4

Days on market: 40
$5,500,000 : 915 Via Panorama, Palos Verdes Estates

6 beds, 5 full baths

Home size: 4,677 sq ft

Lot size: 21,539 sqft

Year built: 1967

Parking spots: 6

Days on market: 43
$2,299,000 : 1525 Via Castilla, Palos Verdes Estates

4 beds, 2 full, 2 part baths

Home size: 3,561 sq ft

Lot size: 15,030 sqft

Year built: 1978

Parking spots: 6

Days on market: 46
$3,000,000 : 1744 Paseo Del Mar, Palos Verdes Estates

4 beds, 1 full, 4 part baths

Home size: 4,526 sq ft

Lot size: 10,540 sqft

Year built: 2001

Parking spots: 4

Days on market: 58
$2,790,000 : 27000 FREEPORT RD, Rancho Palos Verdes

4 beds, 4 full baths

Home size: 4,166 sq ft

Lot size: 13,646 sqft

Year built: 2010

Parking spots: 2

Days on market: 60
$2,999,900 : 45 Santa Cruz, Rolling Hills Estates

4 beds, 5 full baths

Home size: 4,511 sq ft

Lot size: 17,128 sqft

Year built: 2001

Parking spots: 8

Days on market: 62
$7,500,000 : 5500 Palos Verdes Drive, Rancho Palos Verdes

5 beds, 4 full baths

Home size: 5,000 sq ft

Lot size: 1.94 ac

Year built: 1929

Parking spots: 10

Days on market: 72
$2,675,000 : 14 Georgeff Road, Rolling Hills

4 beds, 2 full, 2 part baths

Home size: 4,040 sq ft

Lot size: 1.16 ac

Year built: 1960

Parking spots: 6

Days on market: 79
$2,799,000 : 8 San Miguel, Rolling Hills Estates

5 beds, 5 full, 2 part baths

Home size: 4,260 sq ft

Lot size: 20,909 sqft

Year built: 2001

Parking spots: 8

Days on market: 79
$8,900,000 : 8 Possum Ridge Road, Rolling Hills

5 beds, 6 full, 2 part baths

Home size: 7,928 sq ft

Lot size: 4.77 ac

Year built: 2009

Parking spots: 6

Days on market: 79
$3,895,000 : 14 Portuguese Bend RD, Rolling Hills

5 beds, 4 full, 1 part baths

Home size: 4,545 sq ft

Lot size: 1.60 ac

Year built: 2009

Parking spots: 4

Days on market: 82
$2,995,000 : 4 Thyme Place, Rancho Palos Verdes

3 beds, 3 full baths

Home size: 3,800 sq ft

Lot size: 34,966 sqft

Year built: 2004

Parking spots: 4

Days on market: 84
$12,500,000 : 3300 Palos Verdes Drive, Rancho Palos Verdes

5 beds, 9 full, 1 part baths

Home size: 11,346 sq ft

Lot size: 1.12 ac

Year built: 1997

Parking spots: 8

Days on market: 86
$9,500,000 : 978 Paseo La Cresta, Palos Verdes Estates

5 beds, 5 full, 4 part baths

Home size: 8,000 sq ft

Lot size: 1.05 ac

Year built: 1978

Parking spots: 8

Days on market: 89
$3,499,000 : 20 Via Del Cielo, Rancho Palos Verdes

4 beds, 3 full, 3 part baths

Home size: 7,031 sq ft

Lot size: 25,265 sqft

Year built: 2000

Parking spots: 8

Days on market: 93
$6,250,000 : 5 Sagebrush Lane, Rolling Hills

6 beds, 8 full baths

Home size: 11,996 sq ft

Lot size: 2.62 ac

Year built: 2000

Parking spots: 8

Days on market: 105
$2,199,000 : 2601 Via Olivera, Palos Verdes Estates

4 beds, 2 full, 2 part baths

Home size: 3,596 sq ft

Lot size: 15,005 sqft

Year built: 1975

Parking spots: 4

Days on market: 107
$11,999,000 : 7 Marguerite Drive, Rancho Palos Verdes

6 beds, 6 full, 2 part baths

Home size: 7,778 sq ft

Lot size: 2.00 ac

Year built: 1999

Parking spots: 6

Days on market: 107
$2,695,000 : 916 Via Del Monte, Palos Verdes Estates

4 beds, 3 full, 1 part baths

Home size: 4,443 sq ft

Lot size: 16,988 sqft

Year built: 1973

Parking spots: 6

Days on market: 108
$6,500,000 : 824 Via Del Monte, Palos Verdes Estates

5 beds, 6 full, 1 part baths

Home size: 9,853 sq ft

Lot size: 22,856 sqft

Year built: 1988

Parking spots: 6

Days on market: 108

Listing information deemed reliable but not guaranteed. Read full disclaimer.

No Comments »

Sellers, This Is Your House Speaking to You

February 26, 2013 in An Agent's Life, Front Page, Inspiration, Lifestyle in Palos Verdes, Los Angeles Luxury Homes, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Palos Verdes View Homes, Rancho Palos Verdes, Seller Tip

blog window photo

We’ve had some good times together, but the time has come for us to go our separate ways. You’ll be moving on and I’ll stay behind. Yes, it’s true, you have outgrown me. Before you walk away, here are a few hints to make our parting filled with more sweet than sorrow:

1. Garage sale, Goodwill or Simply Give Stuff Away: I don’t want to look like I’m bursting the seams of every room, closet and drawer. So please help me lighten the load, look sleeker and more spacious by keeping only what fits. Once that excess baggage is gone you’ll be surprised at how roomy I can still look.

2. Cover the Walls (and scuff marks, crayon marks and fingerprints) with a Fresh Coat of Paint: Paint is to walls as Botox is to wrinkles. There’s nothing like fresh paint for an instant lift. Dollar for dollar it is one of the best pre-sale investments you can make. Go neutral but not boring. Think taupe, vanilla or milky white shades of paint. Every room does not have to be stark white. Show off my best architectural features with a shade lighter or darker in the same color family. After the painting is finished scrub, polish and shine the rest of the house. You may be surprised to discover your old house can still turn more than a few heads.

3. Now Don’t Get Emotional, You Want Someone Else to Fall in Love with Me: I know I’m looking so good you are having second thoughts about leaving, but you know in your heart we are no longer right for each other. I appreciate your help in making me as attractive as possible for my next owner, but I know it serves you well too. Your extra efforts will put more cash in your pocket at the closing table. A house with curb appeal and interior pzazz will often sell sooner, and for more money, than a neglected “as is” wallflower. You did the right thing and can leave with your head held high, plus the extra cash will come in handy when it’s time to dress up your new place.

4. Deferred Maintenance Will Get You One Way or Another: Fix it now, or pay later either with a cash credit or repairs prior to the close of escrow. My roof is patched and showing its age and yes, those leaky faucets are still dripping away. I’ll show and sell so much better with those problems gone.

Ok, I see that admiring look in your eyes, you’re pretty pleased with my results aren’t you?

Together we were quite a team, and moving forward will be so much easier with a little effort before the “For Sale” sign goes in the ground. Let’s part on the best of terms.

No Comments »

Buyers on Fire While Sellers Sleep

February 26, 2013 in Front Page, Inspiration, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Palos Verdes View Homes, Rancho Palos Verdes, Real Estate News, Rolling Hills, Rolling Hills Estates, San Pedro, Seller Tip

Ignition of match, with smoke on black

I am one of several hundred real estate agents and brokers engaged in the art (or shall I say war) of selling real estate on the Palos Verdes Peninsula. Add a thousand or so more South Bay and Beach Cities agents and we are all ready to write an offer with a tap on the iPad, seal it with an electronic signature and send it on its merry way to find its place amid a pile of similar offers on the same property. Multiple offers are the norm, not the exception these days.

Yes, it’s a battle zone out there and both buyers and agents are bruised, battered and beleaguered by current market conditions. Meanwhile, sellers are once again sleeping well while visions of new-found equity dance in their heads. I’ve not yet heard Marie Antoinette’s famous line of, “Let them eat cake,” but there is certainly no rush to market to satiate the intense buyer hunger enveloping the nation.

Perhaps the buyer for your home is one of the buyers in my pack of prospective would-be Palos Verdes, or other cities, buyers if only they could find a home. I’ll only mention those from my list that are so hot to buy the flame is visible in their eyes:

1) Family of four living in temporary quarters and scanning new listings daily. What their hearts desire: 4-bedrooms, pool and a yard for kids. Area: Palos Verdes

2) Ocean view property with yard and remodeled for busy executive relocating to Palos Verdes.

3) Beach cottage or townhouse in Manhattan Beach–former chef wants a great kitchen.

4) Cash buyer wants ocean view in Rancho Palos Verdes or South Shores.

5) South Bay income property wanted yesterday by several investors.

6) Oceanfront property, or very close, with open floor plan.

I could go on, but if I have this many “hot” buyers, I’m certain most other active agents have an equal or greater number. Last week Norma Toering & Team added four new qualified and ready to buy customers to our active list. I only wish we had four new listings to show to each of them.

Sellers, maybe it’s time to wake up from the long rest the market took during the recession and open your front door to waiting buyers. More than likely there are multiple buyers waiting to purchase your home too.

No Comments »

3 Secrets to Keeping Your Cool in a Crazy Market

February 14, 2013 in An Agent's Life, Beach Cities, Buyer Tip, Front Page, Inspiration, Palos Verdes, Palos Verdes Peninsula

Running in circles and still can’t find a home?

This week Norma Toering & Team once again found ourselves in a real estate feeding frenzy when a new listing hit the market. The early signs were evident with agents jockeying for parking spaces at the broker open house tour. I arrived with a client in tow and was back later the same day with the rest of the family. Everything about the property was perfect for them except the number of others buyers obviously having the same thoughts dancing in their heads.

Competition is good for the market and reflects capitalism at work. However, when eight buyers write offers on the same property it is obvious the supply and demand is out of balance. When choices are limited the scarcity fear factor rears its head and makes sensible people overbid, remove protective contingencies from the contract and throw budgets and caution to the wind.

Calm down. Gather your wits and patience and remove yourself from the fray unless you are absolutely positive your life will not be worth living unless you win the bidding war at any cost. Sacrifices are sometimes worthwhile if it’s “the one” but if it’s not, know there will be a trickle of new listings added to the inventory each day.

1) Track inventory daily and shop 5% to 10% below your top price. This will leave a comfort zone if the property receives multiple offers and bids over the asking price.

2) Write a clean offer leaving no question unanswered. Loan pre-approval, proof of down payment and sufficient funds to close escrow should accompany your offer. Do not give the seller and his agent a reason to toss your offer in the rejected pile.

3) Expand your options. Do you really need 4 bedrooms or will 3 suffice? Is there another neighborhood, home style or location you can add to your search? Review your criteria and see where you can tweak it to increase the number of homes available.

It takes sellers longer than buyers to react to a change in the market. Buyers can enter the market immediately. Sellers must prepare their property for sale (this can often take weeks if not months), make life decisions about where they will move as well as consider financial ramifications of the sale.

Inhale, exhale. Your future home may be receiving a fresh coat of paint and a landscaping facelift along with being staged for a successful sale. Patience is definitely a virtue in this market.