Los Angeles, the city of Angels and movie stars. It’s also a port city and manufacturing center, a major financial hub, and the largest retail market in the United States. Each year, many people move to L.A. to pursue their acting dreams, or to join one of the many growing companies in the city and surrounding areas.
With the city’s growth, locals may want to sell and move further out to get some quiet. Or, you may have reasons to downsize or want a shorter commute. The key to getting your asking price is to sell your house quickly. By following our tips, selling your home fast in Los Angeles will be a lot easier than breaking into Hollywood.
Los Angeles Housing Market Forecast for 2019 — and Beyond
With people coming and going from L.A. all the time, the housing market remains hot. Median home values rose 4.5% in 2018 and are expected to rise by 2.0% in 2019. Houses sold for a median home price of $655,700 in 2018. It is not a cheap market, which is probably why home ownership in L.A. is among the lowest in the country.
Unemployment in L.A. is above the national average, at 4.9%. Keep in mind that the somewhat transient nature of wannabe actors and dock workers do impact the number of renters and unemployed people in the city. Los Angeles real median household income is $54,532, which is close to 5% growth year over year.
The economic outlook for L.A. over the next year is strong, with expected GDP growth of 2.2% and an additional 34,300 jobs added to the county.
Given how expensive the Los Angeles market has become, and the relatively low wages, if you own a home already, you’re in an enviable position. It has likely gained a lot of value since you bought it, and those who can afford to buy in L.A. are looking for properties.
3 Key Factors That Help Los Angeles Homes Sell Faster
The L.A. real estate market is unlike any other. With the uber-wealthy driving up home prices, and an income gap that is seventh largest in the world, selling a home in L.A. is remarkably easy if you pay attention to these three tips.
1. Cash In if Your Neighborhood is a Low-Value Area. First-time homebuyers can’t afford Western L.A. They’re driving up the prices in what used to be less-desirable neighborhoods. If that’s your house, think about staging and presenting it for a young family.
2. Turn-Key Homes Sell Faster. Buyers in L.A. don’t want to deal with fixer-uppers, particularly in an area that gets earthquakes. Spruce up the place a bit before putting it on the market and it should sell fast.
3. Invest in Good Photography. L.A. is an image-driven town, and with so many photographers and artists in the area, it’s not hard to find someone to photograph your home. Don’t cheap out here, first impressions are everything.
Beware of “We Buy Houses for Cash” Companies
Given the demand in L.A., there is absolutely no reason to sell your home to a “We Buy Houses for Cash” company. These companies exist for one purpose: to take advantage of desperate sellers, buy low, flip and sell high. They aren’t doing you a favor, in fact, they could cost you up to 50% of your home’s equity
These companies don’t just underpay for your home, they also charge high percentage commissions and fees, often higher than a seller’s agent usually charges. Those offers which they claim are fair value typically have discounts built into them so they can maximize their return on investment.
While legal, iBuyers often work as dual agents, representing both the buyer and seller and since they’re the buyer they won’t be looking out for you. Local options in the L.A. market that you might have seen advertised are “Sell Any House” and “Dr. Cash Home Buyers.” All you have to do is input your name, email, and property address and they’ll send you an offer.
If it sounds too good to be true, it is. These are not charities, they aren’t making offers out of the goodness of their hearts. Particularly in a market which has seen so much appreciation. Before you talk to them, talk to a Partner Agent at Clever to get an up-to-date market analysis and estimate of your home’s worth.
Benefits of Partnering with a Local Los Angeleno Real Estate Agent
The Los Angeles housing market has changed a lot over the years, and neighborhood demographics have shifted. It’s best to work with an experienced, local agent when selling your home.
A local agent will know who is buying in your area now, and how to stage your home to appeal to them. They’ll guide you to land on the right listing price, a key component of moving a home quickly.
When you work with a Clever Partner Agent, you’re working with a top agent from a nationwide brokerage such as Century21. Clever recruits from your market’s top agents, agents whose sales and commission numbers are proof that they are experts at selling homes quickly for top dollar. These agents work with us, agreeing to only charge our customers a flat fee or a discount because we take the legwork out of finding sellers.
The benefit to you is that you’ll save money on commissions and fees but still get full service. Partner Agents charge flat fees of $3,000 per house, or 1% of the selling price if your home is worth more than $350,000. Ready to sell your Los Angeles home quickly? Reach out and we’ll put you in touch with a Clever Partner Agent today. They’ll help you sell your L.A. home fast.