The South Bay market is continuing at a solid pace in the 2nd half of this year. Average sales prices for all residential properties the South Bay increased in August to $938,639 from $922,754 in July. The median Days On Market remained at 13 days for the third straight month. The average sale price to list price ratio increased slightly from 99.5% in July to 99.6% in August.
In Manhattan Beach, the average sales price went up to $3,304,000 in August from $2,622,000 in July and the median Days On Market increased from 13 days in July to 26 days in August. The average sale price to list price ratio decreased from 98.1% in July to 97% in August.
Water heaters are one item that home inspectors often note issues with since they are easy to see. Below are some common items that most people can spot and correct before the inspection or if they just want to be sure their water heater is in compliance whether or not they are selling.
4 Common Water Heater Installation Defects
- Bonding Wire – Bonding prevents a shock hazard if the pipe gets electrically charged. A copper wire should connect the hot and cold water line above the water heater.
- TPR Valve Drain Pipe – The TPR valve releases pressure and water from the water heater if it overheats and prevents it from blowing up. A drain pipe should be connected to the valve and drain within 6” from the floor and in a location that will not cause more damage to the building.
- Strapping and Blocking – Strapping and blocking around the water heater prevents it from falling over during an earthquake. There should be 2 straps. One around the upper 1/3rd and one around the lower 1/3rd of the tank. The tank should be right up against the wall or against wood blocks so it can’t move.
- Drain pans should be installed under the water heater to prevent water damage if it begins to leak. The pan should also be attached to a drain pipe, if possible, so the pan doesn’t become over filled.
If you are planning to sell in the near future, call me to discuss the home selling process including:
- Overview of timeline and costs
- Repairs and Improvements
- Preparing a Home for Market
- Disclosures & Risks
- Pricing Your Home
- Evaluating & Negotiating Offers