What do real estate agents really know about how the Palos Verdes Real Estate Market is? When you’ve asked this question of an agent, did you get OBJECTIVE information? Or did you get a generic “Oh the market is great” or something similar to that type of answer.
Coming from an economic background (UCLA BA Economics, BA Psychology, Class of ’79), I can’t get away from the numbers and when I came across the INDEPENDENT real estate research firm, I knew I had to invest money into buying their services for my clients.
The “Market Action Index” is this company’s proprietary market index to measure market strength. Generally a number of 30 is a market trending in favor of sellers and below 30 in favor of buyers.
Compare the Palos Verdes Real Estate Market vs the Beach Cities
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Just as important as the static number is for any given week (the chart below updates automatically each Monday around 3:00am) to measure how is the Palos Verdes real estate market, so to are the trends.
- are there higher highs and higher lows
- are there lower highs and lower lows
- has the trend been flat for a while and then a break out in one direction or another
These are important questions to answer. Look, no real estate agent, I don’t care how smart they are, can tell you “exactly” what your home is worth or what a home will sell for. We’re certainly not dealing with a commodity like an ounce of gold which can be duplicated perfectly; in other words the ounce of gold in Los Angeles is the same ounce of gold in London. Gold is gold. Moreover, with thousands of sales of ounces of gold each day, we know to the penny what an ounce of gold is worth. Not so for residential real estate. Not only is each home different but there aren’t thousands of that particular home selling in any given day.
So the best a real estate agent do is give a buyer or seller a range. Knowing how is the palos verdes real estate market by virtue of having objective information, helps you immensely if you’re a seller so that you don’t overprice or underprice your home. If you’re a buyer, having these trends available, help you more strategically position your offer.
How Is The Palos Verdes Real Estate Market
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