3 of the Most Important Trends for Sellers to Know Before Putting Their Los Angeles Home on the Market
Housing prices in the Greater Los Angeles area are in the midst of rising to record breaking highs. This means that residents of the Greater Los Angeles area now might just be the right time to consider seriously selling your home. While it might be the right time, there are a few things that need to be done and understood for your home to sell for top dollar. With so much competition out there, it is important that you take a minute to learn about what’s going on in the market so you’ll have a solid understanding of the Los Angeles real estate market and of what needs to be done to sell for the best price possible.
Here is a look at some of the most significant trends for sellers to know before putting their homes on the market.
Alternative neighborhoods are Many of the New “Hot Spots.”
As housing prices continue to climb, buyers are turning their attention to communities that they might not have considered a couple of years ago. This is because the constant increase in real estate has made the traditionally in demand neighborhoods even more exclusive, causing many to turn to other areas of the Greater Los Angeles area that they might not have considered before.
The Market is Strong Right Now
Houses that are being listed are not staying on the market for nearly as long as they were just a few short years ago. That said, this is not the time for sellers to start increasing their list prices to unrealistic heights. Buyers will fight for a home that they love when the price is right, and in situations like this, where there is not a significant number of houses on the market, many will make offers above list price. Pricing your home at a fair price will allow you to potentially make more money through offers of this nature, but will also garner more interest because of the reasonable list price.
Renovated Homes Don’t Stay on the Market for Long
While there is a definite market for fixer-uppers, the vast majority of buyers are looking for homes that are a move in ready. This is commonly the case, and for some reasons:
- Unless you know a contractor that you are comfortable working with and fully trust, you run the risk of letting the horror stories of “renovations gone wrong” negatively impact your perspective of working with professionals.
- There can be quite a hefty price tag attached to renovating a home, especially once you start breaking down walls and ripping up flooring.
- There are new home benefits such as warranties and insurance discounts when you purchase a home that is less than ten years old.
- The timeline: It takes time for a home to be renovated, and while this might not be a problem for some, it has proven to be a point of real stress for others.