Ranking comfortably among the most affluent neighborhoods in LA’s Westside is Pacific Palisades. With its stunning ocean views, rolling hills, and charming streets, this neighborhood is highly sought-after by those who are looking for more than a touch of luxury, safety, and near-seclusion from the watching world. Thus, Pacific Palisades is a preferred enclave by the rich and famous.
With its reputation, one would assume that property prices here would match its reputation. Indeed, luxury properties in Pacific Palisades range from a low of $1.6 million and to a high of $50 million. There are smaller properties (think 450 square feet or so) priced at just under $500,000.
Still a seller’s market
Despite these prices, however, the Pacific Palisades real estate market is booming and the demand for houses is high. In fact, the Pacific Palisades real estate market is a seller’s market as of July 2022, which means that inventory is low, and there are more potential buyers than there are available properties for sale. This situation is expected to continue for a few more months. Currently, more than 100 homes are available, and trends indicate that properties are on the market for only about 30 days.
So what does this mean for you as a potential buyer? It means it’s time for you to gear up to go against other buyers in your price range in this neighborhood. And that means you should be prepared to make your best offer for a property. You can make this easier for you by looking at properties that are lower than your budget so you can bid up comfortably.
How to get the home you want in Pacific Palisades, CA
Remember that counter-offers are practically out of the question in this situation. Sellers have to choose from a multitude of offers, and they would most definitely go with offers that are closer to their asking price, or even higher. You should also indicate that you’re serious about your purchase by offering earnest money – ideally an amount greater than what the seller is requesting.
You should also be prepared with a backup property because the bidding war in Pacific Palisades can get intense, and you should be ready for the possibility that you might not land the home you’re initially eyeing.
Entrust your needs to a real estate agent
The best move you can still make when buying a home in a seller’s market is to find a real estate agent you can trust and who has your best interests and needs in mind.
When your real estate agent understands what type of property you’re looking for and the budget you’re working with, they’re better able to tailor a selection of properties for you and help you strategize for the inevitable bidding war. They can also give you some tips on how to buy a house in a seller’s market.
Ideally, the real estate agent you’ll be working with has plenty of experience in luxury properties and knows the ins and outs of the Pacific Palisades real estate scene, which means they could also give you a look at some off-market listings. Their knowledge will prove invaluable in helping you secure the home of your dreams in this posh neighborhood.
If you’re looking to buy or rent a home in Pacific Palisades, CA, trust the award-winning DeSanti White Group to find the property that suits your needs. Call 480.242.8797 or contact us here to get started.