Due to seasonal fluctuations in demand, timing the sale of your home can be a major factor in terms of profit and selling speed. The number of people willing to buy a home at a given time depends on a lot of critical local factors. From economy to weather - everything has an effect.
Home sales generally spike during late spring to summer. However, this information is very broad. Depending on the city or the state, there are far shorter and accurate time periods that you can zero in on.
The best way to do this is to hire an experienced local real estate agent who knows all about the area, its real estate market, and the fluctuations it is subjected to.
However, it’s always good to do some basic research of your own. In this article, we reveal the best time to sell your home in Los Angeles, California.
Best Time to Sell Your in Los Angeles:
According to regional housing market data, on average, Los Angeles homes sell for around $700,000. This high average is likely due to the lucrative job market and great weather. The average value of housing has steadily increased by over 4.5% in the past year and is projected to grow 3% by 2020.
Los Angeles homes, being in California, have a huge demand right now. California has not built enough housing for its large population. This has caused a great off-balance in the supply-demand chain, causing housing prices to skyrocket in value.
So, if maximum profits are what you’re after, list your home in June. Keep in mind that the average selling time of a home is less than 2 months. Selling your home in July or August gives at least a 5% greater return when compared to the average selling prices.
For those who want to sell their home the quickest, list your home in April. Months March through October all have a lower selling time. Be sure to avoid selling your home in the winter, as you could experience up to a ten-day longer listing period.
You may be wondering why homes sell better in the late spring to summer period. Market data from 2018 suggests a shortage of available homes to buy. There are two primary reasons for this.
One, there aren’t enough homes and quite a lot of people end up being on the hunt for a long time. Second, most people want to finish the home buying process within the year and end up paying quite a lot for homes as the year draws to an end.
Key Factors That Make Los Angeles Homes Sell Faster
Now that you know when to sell your home, it is important to understand what will make your home sell faster.
It’s a Seller’s Market
Real estate in Los Angeles is a seller’s market. The supply is nowhere near the demand. So, selling shouldn’t be that great an issue. However, if you want to sell for the best price possible, make sure that your home stands out from the competition to your potential buyers.
There are several factors that make a home particularly attractive to buyers. For example, a great number of incoming home buyers are workers. The closer your home is to a business district or local coffee shop, the better.
LA homes are expensive. Prospects don’t want to be spending extra money on the interior. It’s always a good idea to get a fresh coat of paint on the walls. For extra buyer-interest, go ahead and redo the flooring.
LA buyers are extremely influenced by what they see. If you don’t have a nice decor to your home, consider staging it. Staging isn’t easy or cheap, but if you are willing to spend some money and time on this, the returns are excellent.
Tips For Maximizing Profits When Selling Your Home in Los Angeles
Consider Your Specific Market
Certain factors affect how well your home will sell. For LA specifically, professional listing photos make the difference between selling your home and selling your home for a large profit.
The real estate listed photo is the first thing potential buyers will see, so making sure they are nice gives a better chance of viewing the property in person.
It is also important to get an accurate valuation (CMA) of your home from a source other than yourself. Be sure to have your realtor conduct competitive market analysis. Comparing your listing to previous and current listings in your area provides a good idea of how much your home is worth.
Make Impactful Repairs and Renovations
Completing needed repairs and renovations make your home much more attractive to prospective buyers. Would you buy a car with a broken engine?
One of the easiest ways to add value to your home is through neat landscaping. It may not seem like much, but a nice front yard adds quite a lot to a home’s value.
If you have an older home, be sure to repair any broken windows or doors. While it may seem like a buyer won’t notice, they open windows and doors to test the quality of the home.
A few cracked windows are enough to convince a buyer that your home will need far more expensive repairs. Now, this might not be true. But, perceptions do matter a lot.
That being said, remember that the goal of repairing your home is to make money. Repairs should add more value to your home than the repair itself actually worth.
Getting repairs done also speeds up the closing process. You’ll get the clearance from inspectors quicker.
Find a Great Real Estate Agent
Yes, Los Angeles is a seller’s market and if you just sit tight, a deal will probably come your way. However, there’s a very real opportunity to get amazing profits here. Find the ideal client and you can charge much more than you could to a normal buyer.
The best way to get great buyers is by hiring an experienced local real estate agent. Not only do they know when the prices will go up, but they also know who’s willing to pay top dollar for your property.
One assured way of hiring a top real estate agent is to get in touch with a Clever Partner Agent. They are full-service agents who will help you throughout the process. Paperwork to negotiations, Clever Partner Agents do all the work for you.
Clever only partners with the very best real estate agents in any given area. This way, you know that you are getting the best realtors in the market. What’s more, Clever Partner Agents work for a flat fee of $3000 or 1% if your home sells for more than $350,000.