How much is my Manhattan Beach Home Really Worth?

With the rapid price acceleration we've seen over the last 18 months in Manhattan Beach CA 90266, this is the question that many homeowners are asking themselves. Many properties are selling at or above their previous market highs and there doesn't seem to be any end in sight. At least anytime soon. 

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But no one rings a bell when we are at market highs - or lows for that matter, and my advice is that if you are just thinking of selling because prices are high, that's probably not the best reason. On the other hand, if your plans are such that you anticipate a change and will be selling sometime in the next 18 months, you might want to consider doing that sooner rather than later. Here's why.

First, as prices continue to go up more homes will be up for sale and many of those will be at inflated prices as sellers "test the market". That in and of itself has two unintended consequences. The first is that even more people list their homes for sale and the second is that buyers become discouraged leading the real sellers to lower their prices. Not a good environment. Currently we are in a seller's market.

Second, and yes I know you've heard this one before, interest rates are poised to go up. While the high end of the luxury market is less rate sensitive this still puts a crimp in things considering the average or median home price in Manhattan Beach is now in the mid - high $2 millions.