Summer is here and the Malibu Real Estate market is really heating up!
Despite the issues with financing at the moment many deals are going cash as buyers are taking advantage of the current market conditions. Sales are increasing nationwide and in Malibu the increase in activity has industry professionals optimistic that the market is well and truly on the turn.
According to MLS/CLAW (Combined Los Angeles Westside Multiple Listing Service) figures, 69 single-family residences sold between Jan. 1 and July 31. Last year 62 homes sold, including at Heathercliff and Paradise Cove mobile home parks, and 18 condos sold so far this year, compared to 15 last year at this time.
Also if you are looking for a beachfront property, now is the time - on the beach there are over 50 homes for sale, where three or four years ago there were maybe less than 20 homes for sale. With some agents reporting cash sales making up around 80% of their deals it is not surprising that financing worries are on everyones mind. Interest rates are fantastic at the moment, however qualifying can be a pain, even if you have money and good credit.
Well priced properties by realistic and patient sellers are seeing rewards for their hard work. Sure home sales are picking up but the process may be a little bit slower than previous due to financing issues. The moral of the story is to be patient and work with your agent.
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
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[...] to the Los Angeles Times we are told, along with many other sources, that sales and pending sales are on the rise at a rapid rate, however they have also released news that the demand for inventory has become so great in some [...]