Should I Downsize my Los Angeles Home?

Originally posted on December 30, 2013

You know the story. The kids are gone. You have more space than you could ever use. The maintenance of the home is becoming more than you can handle and you are thinking, “should I downsize my Los Angeles home?”

You have decided that you are ready and are wondering how to proceed:Downsizing your Los Angeles Home, Buying on the Wilshire Corridor, Buying a Century City Condo

Should I wait to sell my Los Angeles home?

The good news is that any time you are thinking of selling your Los Angeles home is the right time, and now is a great time. Los Angeles is primarily in a sellers’ market. Of course you will also be buying in a sellers’ market, but first things first.

Should I sell before I buy?

This would be the best course of action. Buying a home contingent on the sale of your own property will not work in this market..   You can always rent before you have found a new home. Renting is a great way to find out if you are going to be happy in a particular situation. For example, if you are moving from a large house to a significantly smaller condo you are going to have to adjust.

Where will I move?

One option is to move to a full service condominium building like those on the Wilshire Corridor or in Century City.  These buildings provide you with security, every amenity you can think of and views to die for.  The homeowners dues are pretty hefty, but you will never have to carry your shopping in again. This may make up for the space you are giving up. But remember, you are downsizing.

In this sellers’ market you will find that your home, if priced correctly, is going to sell quickly. You will need to prepare mentally and be ready to move fairly quickly, maybe before you are totally ready.

So think it through. It is tough to let go of a home you have lived in for so long, in which your family grew up, but it may be time to look at your next living opportunity.  A home that takes care of you, rather than the other way around.

Homes for Sale in Los Angeles

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(4) Comments

  1. Jane – I can’t recall the last time one of my clients wrote an offer contigent on the sale of their current home. Excellent information for Los Angeles home owners who are thinking about selling.

  2. So glad I found this page, I was in a similar situation with a seller recently (Mind you, not one from LA… I’m over in Australia.) – I know this is a few years old, but it was really helpful, so I just wanted to say Thanks Jane!!

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