Seller Tip | Toering and Team - Palos Verdes Homes for Sale

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
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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.

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35 Offers? How Long Can This Last?

March 20, 2013 in An Agent's Life, Buyer Tip, Front Page, Income Property, Real Estate News, Seller Tip

The rush to buy golden investment properties is on!

Yes, Norma Toering & Team’s most recent offer was one of 35 offers on a fourplex in Redondo Beach–one happy buyer and 34 disappointed and still searching for inventory that is simply not there.

What’s a buyer to do? Expand your search area and lower your expectations a notch or two. It’s tough love advice that may be hard to heed but the reward will come later. That smoking deal and steal you’re hoping to find will most likely remain elusive as long as current market conditions prevail.

The 180 degree turn from a buyer’s to seller’s market in Southern California caught many people off-guard. Although lack of inventory (low supply and high demand) favors sellers, low interest rates still favor buyers. These conditions translate to buyers paying a higher price, often over list price, but leveraging the property with historically low financing. Thereby adding a dose of balance to the market.

This market favors the cash buyer, the quick close and “buy and hold” investors with an eye on future values. If you have a solid 10 to 15 year investment plan it’s a great time to go “all in” and add select properties to your multifamily investment portfolio.

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Buyers Unleashed

March 8, 2013 in An Agent's Life, Buyer Tip, Front Page, Income Property, Seller Tip

Low housing inventory is becoming old but persistent news. Today, we will snake along the Southern California coastal cities and show property from Palos Verdes to Manhattan Beach. Last night we disappointed clients by informing them the house they were scheduled to see today sold. Three days on the market and it’s in escrow. The husband was traveling or we would have looked at it day one. Timing is crucial in a tight market, and as he was boarding a plane the listing was hitting the Multiple Listing Service.

Price are edging upward and inventory levels continue to fall. Buyers are getting frustrated and agents are getting nervous. The market turned with the speed and determination of a Black Mamba, catching buyers by surprise. This strong seller’s market sailed into town unannounced, and once again buyers are sidelined, not because the market is falling but because there are so few homes to purchase.

Who is thriving in this market? Sellers, of course, and after years of falling or stagnant values the return of lost equity is long-awaited. Although many are still hesitant to rush to market unless life circumstances dictate they must. From their point of view, if a stagnant or falling asset begins to increase in value why not hold it a bit longer? I have several clients holding fast to this approach.

Although the majority of the local housing market is enjoying a seller’s market there are always pockets of opportunity for buyers. In my opinion, the luxury market still offers some excellent opportunities. Inventory of luxury homes is much higher, and the demand is lower, than in the lower price points. These buyers can be assured of a plentiful pool of buyer for their current home, and luxury home sellers will still consider accepting an offer contingent upon the sale of the buyer’s current residence. I see continued strong opportunities in the luxury market.

I recommended purchasing income property in my January 2012 letter to current and past clients. Last year was a great year to invest in multifamily units and 2013 will continue to offer opportunities with prices still lower than at the height of the market, coupled with low interest rates allowing income properties to show positive cash flow at a lower break even point.

“When will we catch a break?” One frustrated buyer lamented when his offer was rejected for one a hundred thousand dollars over asking price. It’s a question that deserves an answer, but one that can only be answered by the holders of the inventory. Sellers, it is up to you.

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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

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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.

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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.

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Top Way to Find Best Agent to Sell Your Hermosa Beach Luxury Home

February 3, 2013 in Beach Cities, Front Page, Hermosa Beach Luxury Homes, Lifestyle in the Beach Cities, Sand Section, Seller Tip

Hermosa Beach Luxury Home Listed by Norma Toering Team

It is not hard to find a real estate agent. We post signs all over the neighborhood when we hold an open house. Our offices are scattered all over the planet, and whether you walk in or phone in, there is usually an agent on call to answer your questions. If you’re hoping for more than potluck, my suggestion is to ask trusted friends and family for recommendations. Especially if they recently completed a real estate sale or purchase.

Once you have a name or two, it’s time to do a little online shopping. Do a Google search on each agent of interest. Check out their website and online presence. Remember, if you are a seller, the buyer of your home will most likely begin her/his search on the Internet. Today’s agents need to use a mix of local and global marketing to reach buyers whether those buyers are next door, the next county or another country.

Selling your Hermosa Beach home is a big decision and involves much time and effort. Agent choice will play a large role in your satisfaction or frustration level during the selling process. Take the time to ask for referrals, research online and interview your top choices. It will be time well spent.

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Home Improvement Tip: 10% or $1,000 Whichever Is Less

February 2, 2013 in An Agent's Life, Beach Cities, Buyer Tip, Front Page, Seller Tip

CA law limits the down payment amount for home improvements.

As I drive around the Palos Verdes Peninsula and through the coastal beach cities of Manhattan, Hermosa and Redondo I am seeing lots of home improvement trucks parked along the streets. It appears the spring sprucing up season arrived early! From major construction to landscaping and painting the home improvement movement is alive and well in the South Bay of Los Angeles.

A word of caution before you sign on the dotted line and make a deposit on work to be completed. In California it is illegal for a contractor to ask for or accept a down payment of more than 10 percent of the total home improvement contract price or $1,000, whichever is less. Never pay for materials before they are delivered to the property. In addition, make sure the written contract contains a progress payment schedule that outlines project phases with all costs and estimated completion dates.

Information from California Association of Realtors per The Contractors State License Board (CSLB). More helpful tips on hiring contractors can be found on the CSLB website: cslb.cal.gov.

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Want to Know What’s Selling in Your Neighborhood?

January 31, 2013 in An Agent's Life, Beach Cities, Buyer Tip, Favorite Photos - Palos Verdes, Front Page, Hermosa Beach, Hermosa Beach Luxury Homes, Manhattan Beach, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Palos Verdes View Homes, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, Seller Tip

Palos Verdes Drive West in Ranch Palos Verdes

The Bluffs of Palos Verdes

Whether you live in Palos Verdes or one of the Beach Cities more than likely Norma Toering & Team blogs about sales in your neighborhood. Each month we publish a snapshot of sales for 30 South Bay neighborhoods. It is a wonderful way to track real estate activity in your neighborhood if you are a seller. If you are a buyer it gives you a glimpse of what’s happening in neighborhoods where you desire to reside.

The neighborhoods are listed on the right-hand sidebar. Find the neighborhood of interest and click to see the most recent sales from the comfort of your home. No need to wait for a printed update, the information is here waiting for you when you need it.

For more information on any neighborhood or a particular sale contact Norma Toering & Team.

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Top Way to Find the Best Agent to Sell Your Palos Verdes Home

January 28, 2013 in An Agent's Life, Front Page, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Palos Verdes View Homes, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Seller Tip

It is not hard to find a real estate agent. We post signs all over the neighborhood when we hold an open house. Our offices are scattered all over the Palos Verdes Peninsula, and whether you walk in or phone in, there is usually an agent on call to answer your questions. If you’re hoping for more than potluck, my suggestion is to ask trusted friends and family for recommendations. Especially if they recently completed a real estate sale or purchase.

Selling your Palos Verdes home is a big decision and involves much time and effort. Agent choice will play a large role in your satisfaction or frustration level during the selling process. Take the time to ask for referrals, research online and interview your top choices. It will be time well spent.