Yes, we have exceeded the previous highs before the housing market collapse and foreclosure crisis and many Redondo Beach homes are now selling at the highest prices ever recorded. Really.
This is due to the perfect storm of 3 coincidental trends:
- RENTS are at an all time high.
- INVENTORY is at an all time low.
- INTEREST RATES remain close to or at historic lows.
Let's look at these factors a little closer.
Even though the FED has raised their benchmark rate, with the pounding the stock market has recently taken the 10 year bond has remained low as there has been a flight to safety and therefore mortgage rates are still low. General rule of thumb at around 4% it will cost you about $475 for every $100K you borrow plus property taxes and insurance. (Please verify with your lender and accountant.)
Rents have continued to increase and that probably doesn't require any further explanation. That puts a lot of potential Buyers in the market. Don't believe me" Just go to any Open House the first week the listing is on the market. Last four I did had over 100 visitors per day with a traffic jam at the doorway!
And inventory remains low, as in all time lows. Why is that? Very simple. Many current homeowners bought at the bottom or refinanced at the bottom and are now paying less to "own" than it would cost to rent their home. So basically they are not going anywhere.
Curious as to how much your home is worth in today's market? Visit
and get an instant on line automated valuation and then contact me directly to fine tune it.
Here's some broad generalities.
Three on a lot Townhomes: newer than 1998 or so and in good condition, $750K plus with some properties selling easily into the $800's and new construction listed over $1M.
Two on a Townhomes: detached 1998+ $900K-$1.2m with new construction $1.3M and higher.
Golden Hills: Tall & Skinny 1998+ reverse floorplan 1888 SqFt $950K with larger or with views over $1M. New construction $1.4M+.
Contact me directly for the best strategy to sell your home for top dollar.