The South Bay has gone from laid-back beach communities to thriving seaside cities over the last decade and a half. In fact, it’s become a hotbed for families to raise kids due in part to the great schools. Likewise, the communities have flourishing villages filled with restaurants, bars, and entertainment to draw in young adults, and with big business moving in all around, the South Bay has much to offer practically anyone.
Along with all the growth, the property values have continued to climb rapidly year after year. While this growth is fantastic for sellers, it can be a challenge for buyers. This leaves many wondering… if prices are so high, will there be a crash? Or, will prices continue to climb?
In an exclusive interview, realtor Lynn Kim of Vista Sotheby’s International Realty, she shares her expertise on the market climate, housing prices, and how to approach buying and selling in 2019.
-The words ‘housing-bubble’ and ‘real estate market crash’ have been on everyone’s lips since the Housing Bellwether Barometer skyrocketed in 2017 as it did in 2004 and 2005 previous to the 2008 crash. Are we, in fact, approaching a market crash nationally, and if so, will the South Bay be affected?
Lynn Kim: “No, I don’t think we are in for a crash. Prices are steady here as long as you price correctly.”
-Some say that while the rest of the country may be affected by a bubble, the South Bay namely Manhattan Beach, Hermosa Beach, Redondo Beach, and the Palos Verdes Peninsula will continue to increase in value, and prices will continue to rise. Do you expect this is true?
Lynn Kim: “The benefit of our market is the combination of great schools and close proximity to the beach. So, property values will continue to rise, just at a bit slower rate.”
-Do you have any concerns about the real estate market in Palos Verdes or in the beach cities?
Lynn Kim: “My only concern is our lack of inventory, this, of course, drives up prices when demand can’t be met.”
-What is your prediction on how pricing will fluctuate over the course of 2019?
Lynn Kim: “We expect prices to continue to increase 2-3% this year.”
-What is your advice to those who have considered buying ‘one-day’; would you advise them to buy now, or to wait it out in case prices drop?
Lynn Kim: “There’s no sense in waiting for a crash to make a move here. Property values may fluctuate over time, but as previously mentioned, with our winning combination of great school and proximity to the beach, property values will continue to increase.”
Have questions like these on your mind, or need real estate advice on your property’s true value? Give Lynn a call at 310-741-2642. She’ll be happy to help.