Preserving Your Equity

This is an obvious concern in any market. Once you have decided to sell your house, do you really want to waste time in getting it sold. Countless open house Sunday’s, showings during the week, and keeping your home in ’show home’ condition gets old very fast. There is no benefit in putting your home on the market if it’s overpriced. Buyers devalue a home that languishes on the market. In a slower market, it is vital to price your home competitively, and ahead of the pricing trend in your neighborhood. So price it right, and perserve your equity! Contact me for more information.

To Stage Or Not To Stage

This is one of the top 5 questions sellers ask.  This is an important element to consider if you are thinking of  selling your home.  A home that is staged tends to sell more quickly than a home that is not.  That is not to say every home needs to be staged.  But staging does bring out the beauty, and highlights the character and charm in ones home.  Staging doesn’t necessarily have to be all new furniture brought in.  It could be rearranging the placement of existing furniture.  All of this helps the buyer envision themselves in a new home.  De-personalizing your home can be a very difficult, and certainly an overwhelming thing to do.  Every house is different, and there is no cookie cutter method for selling a home.  Feel free to contact me for more information.

A Low Ball Offer

A client recently stated: “I really like this house, I want to make a really low offer”.  Given all that we are hearing about the economy I understood where my client was coming from.  A lot of buyers feel that in a slower market you can purchase a home for a rock bottom price.  The truth of matter is the real estate market is very localized…a micro-market.  What is happening in your neighborhood doesn’t necessarily reflect what is happening throughout the city, the state, or the nation.  As a whole the market is slow, but on the Westside, sales have not plunged, and have not come down nearly as much as the people think.  If  you are considering making an offer on a home that you really like, you definitely want to make an offer that the seller will accept, or counter to.  You want the seller to respond.  Enlist a seasoned realtor who will help guide you through the process, and help you determine what is a reasonable offer.  There are many factors to consider when making an offer.  More on this topic if you want to askportiapark.com.

From my July newsletter…

Perhaps the most challenging time in our real estate market is to separate fact from fiction. A realistic view of our micro-market here on the Westside gives one a discerning eye from all the scary headlines to the realities of our marketplace. It is without question that our marketplace is slower, and that we witness many price reductions. Sellers for the most part are not selling because of an inability to pay their mortgages, therefore, some sellers test the market. When the realities of the market sets in it dictates very quickly to the seller a price adjustment is in order, and the price is adjusted to hopefully where it needs to be. Buyers beware, the percentage point of how much a property comes down in price may be surprising given all the media hype. Homes are not coming down in price nearly as much as one has been lead to believe. True sellers are selling their properties (i.e., job relocation, retirement, divorce, marriage, upgrading, and downsizing) just as true buyers are taking advantages of a slower market. First quarter year over year median sales price rose in nearly every Westside community. Cheviot Hills rose 15.64% Pacific Palisades rose 17.08% Brentwood rose 69.71% Santa Monica rose 46.89% West Los Angeles rose 18.81% Westwood rose 7.04% For more information about the realities in your marketplace, please don’t hesitate to call me at (310) 961-0660 or send  an email to portiapark@telesproperties.com. –Portia

Got a real estate question? Ask Portia Park!

Welcome to Ask Portia Park – the only place on the internet you can go to get direct answers to your burning real estate questions from a seasoned Realtor and Certified Negotiator serving Pacific Palisades, Mar Vista, Santa Monica, Westwood, Cheviot Hills, Rancho Park, Beverly Hills and Brentwood communities.

Why ask Portia?

Portia Park has 20 years experience in this industry, both as a Realtor and as one who has made her own real estate investments. In this Q & A platform, you’ll get no-strings-attached answers.

How does it work?

Submit a question to Ask Portia by sending an email to portiapark@telesproperties.com with a subject line of “Ask Portia.” Portia will answer 1 to 2 questions per week.

Who is Portia Park?

Find out more about Portia Park here, or visit her website. You may feel free to submit questions there or at the email address noted above.