Jim and Elizabeth Stein

Multiple Offers - How Do I make sure my offer is accepted?

The market is picking up for the time being.. Another Pacific Palisades new listing has come to market, priced particularly well and seems to be going in multiple offers. The fact that we have multiple offers at all coupled with the fact that we have an opportunity in this market to go much higher than listing price is proof positive that buyers are out there and ready to buy. Further evidence of this positive buyer sentiment is the fact that in the past month we have seen multiple offers on Via De La Paz, Donaire, Monument, Mount Holyoke, Livorno, Palmera and Hartzell.

So how do we navigate now that we are dealing with multiples once again? It seems that nothing can assist the agent and buyer as much as good thorough communication with the listing agent and the seller. Find out what the seller wants as well as what the seller's agent wants. Give them what they want. Be creative, where you cannot accomodate them, do your absolute best creative work to attempt to offer them the same outcome that they described to you as wanting. Keep your contingencies short - sellers want to be sure about you and your offer. Keep your close of escrow short if that accomodates the sellers needs. Offer the highest price that you can stomach and offer a high percentage of cash vs. loan. Present to the agent in person if they will allow that. If none of those ideas work, offer to release funds into escrow after contingency removal.

Do what it is that you need to do to make your offer stand apart from the rest in terms of it being exactly what the seller is looking to achieve. These are just a few ideas that we employ when in multiples. There are many more strategies that we employ for many different types of situations. With home prices substantially lower than the past few years, with rates lower than they have been in 40 years and with a significantly greater number of homes on the market to chose from, the time appears to be now to consider buying. Go in to win if you are in multiples!

Elizabeth and Jim

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Home Sales in Pacific Palisades are picking up!

just have a look at some very quick results from the past month and past few weeks.

In the past month, 16 homes have sold in Pacific Palisades and 11 of those homes have sold in the past two weeks.

In terms of new escrows opened, there have been 10 homes that have opened escrow in the past two weeks in Pacific Palisades. Two of those homes were new construction in the $2mm's and $3mm's price ranges.

So, in total it looks as if in terms of pure numbers of homes closing and opening escrow, the activity is picking up. Buyers take note!

To be sure, we need a few months of continued activity before we can claim that this market is in recovery mode.

As for this moment, there are incredible buys still out there. Just look at 601 Erskine! This is by far the best value in the market right now! There are many others that are fantastic deals as well. Just look at 700 Ocampo at $1,095,000, 1885 Michael Lane at $1,659,000 and 826 Alma Real at $1,939,000. Those are by far the three best deals in all of the market right now and they are the best deals by a LONG SHOT! These are the deals that should be selling in multiple offers right now.

Give us a call if you would like more information on these homes. We are happy to share our thoughts and be of help.

Buyers Beware! This Market Won't Last Forever!

As some buyers are out contemplating whether the market is at the bottom or not, we offer this sentiment and here is our reason why -- we are at a serious market low that offers incredible values. Warren Buffet says it best, if he buys within 20% of the lows and sells within 20% of the market high, then he is happy. He has given up the illusion that he will time it perfectly at absolute lows and highs each time he buys and sells.

What do we see in this market? Buyers who are out there somewhat stifled by how many great values there are now. Instead of jumping on some of these opportunities, they are more cautious than when the market was higher.

So here we are in a market where the unbelievable values abound. HERE is the interesting point from a very local perspective -- there is seemingly a ton of cash out there. In the recent past, if a home were priced in the $1.5 million or under range, people would buy them up as quickly as possible and often in multiple offers while the $2 million and above price range took a little longer to sell. In this market, the exact opposite is true: homes priced under $1.5 million are slower to move because often these buyers need financing and that is very tough for people to secure still. The over $2 million market is thriving because the investors who have been waiting on the sidelines are jumping in and they are jumping in with all cash. They see properties on the market for a while and they jump at the opportunity to purchase at that said price. When they jump, they go in with all cash and they are getting what they want!

So, the question is, if the investors are coming with all cash and they are feeling that the time is right to invest, then why is the buying public still waiting it out? Are they waiting for all of the risk to be deleted from the market? If this is the case, then we know from past markets that once all risk is removed, the market will have already corrected with higher prices and then they will have to deal with higher prices.

We truly believe that purchases made now will only be treasured later. We believe that the market in West Los Angeles destinations including Pacific Palisades, Brentwood, Santa Monica and Malibu may hover at its current levels however it will go back up and it will do so mightily. The people who do not buy now will find themselves regretting the fact that they let this market slip away.

The values are out there now! Just go out on a Sunday and see for yourself! And if you agree or disagree, please contact us, we would love to hear your thoughts!

Jim and Elizabeth Stein

310-902-4436 Elizabeth

310-991-4260 Jim

Buying A Home in Pacific Palisades, Brentwood, Malibu and Santa Monica

Posted by Elizabeth Stein under For Buyers, For Sellers, General Information

Buying a home in Pacific Palisades, Brentwood, Malibu and Santa Monica - it is not as easy as it sounds! It is definitely something that, even in this buyer's market, it is competitive out there and the really great homes go fast!

To buy a home in West Pacific Palisades, Brentwood, Malibu and Santa Monica, you must be thinking about these ten items:

1. Have a general idea of where you want to be. Do you need to be a great school disctrict, or a more private area, or in walking distance to the village, or does an ocean view suit you best? Explore areas and get a sense of what is right for you.

2. Meet with a couple of agents and interview them. Ask them why you should work with them. They should have a clear answer to this and you should select who meets your needs best.

3. Ask you Realtor to do an instant email and/or private website for you so that you are aware by email of new listings when they come to market.

4. Comb the papers and open houses for listings that might not be in the MLS. These would be FSBO's (For Sale By Owner) or even pocket listings that are not on the market yet. Your agent should obviously bring these to you however not all agents are informed about FSBO's and pocket listings and you don't want to miss on something because your agent is not informed.

5. Talk with your friends to see if they know of anyone selling a home in the area you desire.

6. Ask your agent to knock on doors in the area you desire so they can determine if there are homes for sale that might meet your needs.

7. Ask your agent who they will be calling each week (agents and possible sellers alike) to find a home for you.

8. Ask your agent if their website has a seller capture page to get early information on potential sellers visiting their site and their type of home to sell.

9. Ask your agent if they have Search Engine Optimization in place to move their rankings to the top of the search engines (ie: Yahoo) that people use when searching for an agent to sell (or buy) their home.

10. Ask your agent what their Social Media strategy is and how that will optimize your results in finding a home.

You see, buying a home in Brentwood, Santa Monica, Pacific Palisades and Malibu is not easy. Reason? The really beautiful homes that are priced very well go very fast and generally to the best informed clients. They are pocket listings, MLS listings, brand new listings, or listings that have been reduced to rock bottom prices. These are the values. They are wonderful when they show up so be ready! Have your pre-approval in place and be ready to make an offer and get an answer fast.

Questions or comments, please call, email or visit us on Facebook, Twitter or Linked In. We look forward to hearing from you!

Should I buy a home first or sell a home first...In this real estate market many individuals are at a crossroad concerning the buy and sell process. What should be your first step? Should buy your new home first or sell your existing home first?

The correct answer depends on a few factors. The most important factor being, how hot the real estate market is. When the market is hot, like it was in recent years, it was very tough getting an offer accepted that had a home sale contingency. In a slower market, you could end up selling your home and then find it impossible to locate the perfect home for you.

It is also important to remember that every real estate transaction involves the needs of both the buyer and the seller in every type of market. With that in mind, you can sell your home with a contingency that allows you to rent it back for a specific period of time after the sale closes so that you can buy and move into your next home. Another avenue is to sell your home with a contingency to locate your next home. Or, if you find your next home and need to close on your existing home before you close on your new home you can arrange contingencies that extend beyond those of your buyer. It's all about protecting your position as a buyer until the point at which you know your existing home sale is solid.

When closing, work with the buyer of your home in a way that will work for both you and them. Don't look at your buyer as an adversary, but as simply people with the good sense to want your home. The process starts by working with good real estate professionals, who can get you to your home buying / selling goals.