Selling a LA home in the LA streets don’t have a bad time as there are some factors that benefit the buyer. The weather conditions are great, has amazing tourist spots to hang around in, and a nice community aspect to admire. The only downside, of course, is that the pricing of the LA housing market is little too hefty at the end of all things, but for the mindset of a seller, it means they can sell at any given time during the year.
Since the housing inventory in LA is at an all-time low, there is such high demand when it comes to wanting to buy a house in the area. With this in mind, it is best to sell a house well above its original market value.
In fact, the pricing of the LA houses isn’t cheap either. After the event of the 2008 stock market crash, there has been some recovery in the market, but no means of being slowed down. The average pricing for an LA home ranges around the 570,00$ range, which has increased by 10% from 2016’s average price range. Around 38% total of LA houses in the market have been sold with an average of 14,000$ increase in their original market value. Make sure to also keep this in mind when Selling a LA Home in the LA region and to have a few tips that can make the process at a quick and steady pace.
Population and the understanding of that term is one that should bear in mind when selling a house. Who is the buyer and what do they want in a home are two crucial questions that need to ask as well. A good example of this is the increasing Millennial generations that are making their way through these vast markets as first-time buyers.
According to the California Association of Realtors, there has been a 34% of homebuyers that were buying their home for the first time to be from the Millennial generation. This is partly due to how they are getting older and are willing to settle down, also allowing for an investment to occur while they stay in areas such as LA. Due to this, the neighborhoods have been decreasing in property value, becoming all the more popular in the market. However, this also means that several areas in LA won’t be affordable for many, such as Western LA.
Todd Jones from Rodeo Realty has also noticed this trend appearing in the market, and is shocked by it. He claims this trend has occurred in areas such as Highland Park and El Sereno that have increased their home market values due to the affordability in those areas. This also led to many having to move in other areas such as Los Villas or Studio City as well.
Jones also states that for many young people that are looking to buy in the areas, they don’t ask much about the price but more so on how to pay for the home itself. For many, they prefer to have a standard monthly payment instead of renting the place as it appears much cheaper. Plus they would want to own the property than to rent it overall.
Because of this “alternative” market, it leads many to buy places in affordable areas and can lead to an increase in sales activity. As of last year, the percentage reached up to 89%.
Tips To Sell Your LA Home(Selling A LA Home Fast)
Making sure that you have the means and ability to sell a house in the LA housing market is crucial as the pricing has to be for high values. With this in mind, here are a few tips that make the house in stop-shape and ready to house demands and buying. After all, when it comes down to selling an LA home, it needs to be top-dollar and in best conditions yet.
Pricing is important when selling an LA house in the market. There should be a consistent consideration for the housing inventory as well as the area of the house and the average price range in the area. For many, they tend to look for more of a deal on the house, and it is best to market the house around or below the original market price value. It leads to buying consideration and possibly the urgency to buy the house.
Of course, as Jones explains, sometimes the buyers are afraid of making the purchase as they don’t want to lose money if anything goes wrong in the deal or negotiations for an even better one. Jones says this is a bad selling mentality and that one should never underprice the house.
There can be times where the majority of the first-time buyers are those that were given borrowed money from their family members or those that saved up their money for a large period of time. Whichever the case may be, this indicates for many sellers that they’re not entirely interested in spending money on repairs or renovations on the house.
Meaning you’ll be the one who needs to do that hard work.
The reason for this partially due to how buyers are willing to buy houses that present more of a “character” to them once they enter the home. With this idea in mind, it would make sense for them to lean towards a turnkey home than a fixer-upper because of that reason alone and due to how turnkey homes don’t need additional money thrown into them.
For the LA homeowner, there are at least three things to consider when doing the cosmetics of the house:
Apply fresher paint to the walls or refurbish them
Redo the floor plan if necessary
For a house, the presentation of it, both interior and exterior are important when selling. As it provides more an appeal to the buyer’s eye, the more inclined they will have towards purchasing the home. The house, of course, needs to have appropriate aesthetics and repairs to ensure this potentiality. Plus, it leaves for a more competitive market and buyers who are interested in the house overall.
Staging the house is also important as it gives the buyers the sort of atmosphere they are looking for. With that in mind, the house should always look presentable, allowing for the buyer to move in and out as swiftly as he can and to have that clean feeling upon entering, even attracting the buyer.
Personal belongings should also be removed upon staging the house. Making sure there are no personal attachments to the house helps to attract the customers and to continue with that clean atmosphere. After all, the buyer is looking for his personal take on the house as well.
The color scheme of the furniture and walls should also be complementary. The buyer is looking for harmonious delicacy and seeing that the colors don’t match up well can discourage the buyer and could make the house appear distasteful to the buyer’s eyes. Making sure to buy the right colors and to arrange them to provide that neat and clean space is all the more important when staging the house.
The next important step when it comes to presenting the house is listing the house on the market with photos that are updated. That way the buyers already have a fresh take and view on the house when navigating through various real estate websites. Make sure to have professional photos that can be listed with the house to the market, otherwise, it leads to discouraging buyers and lack of professional towards you, the seller.
With that in mind, here are a few recommended photo agencies that can help toward attracting the buyers’ eyes and to make the house all the more attractive:
Beverly Hills Aerials
They handle the aerial shots of the house are considered the number one in the real estate photography business. They utilize drones to do the aerial view shots and make sure that the house is viewed in the most beautiful way possible in order to be listed in the market.
Brad Zangwill Photography
They make sure to handle not only weddings but the still life of the house in general. They are rated just as well as Beverly Hills Aerial and can make the living space as grandiose and exciting as anything else in the market.
ProProperty not only provides photos, but they also provide virtual tours of the house. The reason being is so that there can be a more “real” sense of how the house appears on both the outside and inside before they plan to visit it in person.
Hiring a Real Estate Agent
The final step to selling a house is too obviously have a real estate agent guide you through finalization and to make the selling of the house as easy and fast as possible(Selling a LA home fast). They will be in charge of ensuring legal protection of the house, negotiating deals, and to make sure the house buying process is as secure and smooth.
The real estate agent should also be the best at what they do and in the area, they are familiar with. For many, having an experienced real estate agent as opposed to a regular one is that they understand the market values and how to approach them in the best way. They also make sure to sell the house as fast as possible without any restraints. They can also make negotiating deals seem like a breeze and give you the best deal, especially in hot market areas like Los Angeles.
With that in mind, the best way to sell a house is to have the most experienced people out there, and it wouldn’t hurt investing a few more dollars into the top agent to ensure you that spot on the market and to sell that house in general.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367
Selling your house