Sandro Dazzan Managing Partner, Malibu
The Agency
sandro@theagencyre.com
Chris Cortazzo
Real Estate Agent
Cortazzo, Inc.
chris@chriscortazzo.com
Pat Heller
Sr. Managing Director, SoCal
Compass
pat.heller@compass.com
Rayni Williams
Founder & Agent
Williams & Williams at The Beverly Hills Estates
rayni@thebeverlyhillsestates.com
Like everything else in our lives, the COVID-19 pandemic has had a significant impact on the Southern California real estate market. Over the past year and a half, asking prices across the board have skyrocketed and reached record highs while inventory has dropped to all-time lows. Add never-before-seen, low interest rates, and you have what can only be described as a boiling point.
Whether you’re a seller or a buyer, there’s plenty of opportunity mixed in with lots of confusion and uncertainty. Should you jump in now or hold off till the market cools down a bit? For some clarity, we asked local real estate experts to shed light on the current market and answer burning questions that many are pondering. Here’s their advice for anyone wanting to dive in.
Q: WHAT FACTORS SHOULD HOME SHOPPERS CONSIDER WHEN ENLISTING THE SERVICES OF A REAL ESTATE AGENT?
A: CORTAZZO
Someone who is intimately familiar with the area and all of its nuances.
A: DAZZAN
They should find a local expert that understands their market. The most important aspect of finding an agent is one who knows the market metrics of the area and can correctly position the pricing of the home.
“Declutter, take the time to box and remove unused items or things that wouldn’t go to the next home. Think ‘picture-perfect.’"
– RAYNI WILLIAMS
A local expert will know all the key components to market the property effectively to the right buyer looking in that area.
A: HELLER
I believe most importantly is their deep knowledge base in the market area, their professionalism and relationships within the real estate community, and also their ability to negotiate with a positive mindset in a very stressful environment. This positive attitude and nature along with extremely strong market and real estate skills make a big difference in not only the price you end up paying but also whether you “get the property.” Most professional brokers want to work with “the best” and like-minded brokers, which makes any transaction run more smoothly.
A: WILLIAMS
The most important is what have they sold, how they market and their reputation.
Q: HOW HAVE TODAY’S ADVANCES IN TECHNOLOGY CHANGED THE WAY PEOPLE BUY AND SELL HOMES?
A: CORTAZZO
Now, buyers have the opportunity to preview homes online.
A: WILLIAMS
Cell phones are the first step to viewing a home so making a lasting impact with professional and beautiful marketing is an absolute must to have themdig deeper. The photos are the calling card to the world.
A: DAZZAN
Everyone is searching for homes on their phones and tablets. Having high-quality video/photo content and a website that is formatted properly for viewing on mobile devices is key. Your first impression with a buyer is the most important and having great content that is easily accessible online will generate phone calls and showings.
A: HELLER
The process is so much more streamlined and user-friendly than before, it takes away much of the guesswork or mystery for the buyer who will do most of their initial "homework" online.
“Having high-quality video/photo content and a website that is formatted properly for viewing on mobile devices is key."
– SANDRO DAZZAN
Buyers pairing with agents working with a company that has all the current “tools” like Compass are more empowered with tremendously deep information about neighborhoods, properties, and the market overall that help them narrow their searches. Likewise, sellers have access to so much more data to inform selling strategies. Sellers working with tech-empowered agents have a competitive advantage and ease of navigating deals.
“One of the most important elements that buyers look for is the kitchen and bathrooms that are current and the appearance of the house; a coat of paint goes a long way."
– CHRIS CORTAZZO
Q: WHAT TRENDS DO YOU ANTICIPATE FOR THE SOUTHERN CALIFORNIA RESIDENTIAL REAL ESTATE MARKET IN 2022?
A: WILLIAMS
It will continue to soar and I believe it will be strong.
A: DAZZAN
The de-urbanization in the residential real estate market that started over a year ago will continue into 2022 and the rural areas surrounding greater Los Angeles, like Malibu, will continue to trend upwards. Inventory levels are still at historical lows and demand is extremely high. People have reevaluated where they want to live and vacation, and Southern California and its beach areas are on the top of the list.
A: CORTAZZO
I think it's going to continue to be very strong. Limited supply and high demand.
Q: WHAT ARE THE MOST IMPORTANT HOME IMPROVEMENTS SELLERS SHOULD MAKE TO GET THEIR HOMES READY FOR MARKET?
A: HELLER
First, having your home feel “staged” has become extremely important in our market; [the home] must feel inviting, refreshing, and ready for move-in. Any inconsistency creates hesitation with buyers unless it is a major fixer where they intend to make a major change. Having private workspaces at home is now very much in demand. Outdoor space is more important than ever, so creating space for outdoor entertaining is critical. Smart homes with all technology updates are also high in demand as people are spending more time at home than ever.
A: CORTAZZO
One of the most important elements that buyers look for is the kitchen and bathrooms that are current and the appearance of the house; a coat of paint goes a long way.
A: DAZZAN
Decluttering and having a clean minimal and professionally staged home are important. Fresh paint, well-manicured landscaping with beautiful outdoor entertaining spaces are key.
“Sellers working with techempowered agents have a competitive advantage and ease of navigating deals."
– PAT HELLER
The kitchen and the primary suite are two of the most important areas of the home. It is worth considering updating to have both these areas looking their best as they will truly help sell the home.
A: WILLIAMS
Paint, paint, paint and landscape. Also, declutter, take the time to box and remove unused items or things that wouldn’t go to the next home.
Think ‘picture-perfect.’
