No matter the market, there are just a few steps to take that will ensure that you sell your Los Angeles home successfully.
What do I mean by successfully?
Whether it is a buyers’ or sellers’ market the process is the same.
Right now Los Angeles real estate is still mostly a sellers’ market. This is good news for sellers, especially as prices are continuing to rise, partly because of the low inventory and high demand. But this will not last forever According to the Los Angeles Times the Southern California median home price rose 6.2% over the same month in 2015, and has been increasing every month for the past four years. However sales were down over last year, and it is estimated that around only 30% of buyers can afford to purchase a home in California.
So, if you do it right, the path to selling your home should be a breeze. How will you accomplish that?
- Step back and look at your home from a buyer’s point of view. How can you make your home show better?
- Could the home do with a coat of paint? How about the landscaping? The outside of the home is the first thing your buyers are going to see, and you want them to get out of their cars.
- Should you make any upgrades? Probably not. The price should reflect the condition of the home. Any upgrades you choose to do may not be to a buyer’s taste. Just make sure your home is as uncluttered and neutral as possible. Maybe minimize the personal stuff that makes the home uniquely yours – photos, kids toys, pets, etc. The buyer needs to see themselves in your home.
- Having a home inspection is a good investment. Your prospective buyers are going to have one. Why not head them off at the pass before they hit you with a repair list a mile long. These are the main issues of contention after a home inspection by the buyer. You will know if there are any major problems so there will be no surprises.
- Is the sewer line blocked with root intrusion?
- Is the roof on its last legs?
- What about the condition of the plumbing and electrical system?
- How is the foundation?
- Pricing. Even in this low inventory market most buyers are not willing to overpay.
- Comparable properties which have sold recently – like for like, in the same or similar area – will be looked at by your prospective buyers and also, if they are getting a loan, by their lender. And the lender is not going to provide the buyer with a loan for a penny more than the appraised price. So if your home appraises for less than the contracted price, someone is going to have to come up with the difference or the buyer may cancel the contract.
- Pricing is key. In general homes that sold within 30 days of going on the market are selling at asking or slightly above. The longer they stay on the market the less the seller is netting. A home that is priced right tends to attract multiple buyers, sell quickly, and sell for over asking price.
- Disclosures. Make sure you disclose everything you know about the home. The last thing you want is when escrow has closed and the buyer has moved in they find out that you did not mention that the people next door are noisy party animals.
- Make your home easy to show. If buyers cannot see your home they cannot buy it.
If you are truly motivated to sell your home and listen to your Realtor® who will guide you through every step of the process you will end up with a successful and trouble-free outcome.
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