Los Angeles isn’t a city; it’s a megalopolis. Every day, people flock to the City of Angels in droves, hoping to enjoy the beautiful weather, beautiful people and beautiful job opportunities to be had. And something that all those people need - regardless of who they are or what they do for a living - is a place to live.
Because of L.A.’s high population and demand for housing, the market has long belonged to sellers. Though there are signs that L.A.’s housing market might be starting to cool, sellers can easily make their homes attractive to buyers and close deals within 90 days. Here’s how.
Pay Attention to Pricing
The pricing of properties in the area are by far the best indication that it’s a good time to sell. Generally, real estate agents and their buyer clients are looking at comparable home prices when determining if a property is worth investment. If a seller wants to get $2 million for their property, for example, they should wait until similar properties in their neighborhood reach roughly that amount if they want to sell fast. If the speed of a sale is more important than the amount gained, sellers can always undercut their comparables with a lower price, say $1.8 million, which will attract buyers. Otherwise, pricing a home at $2 million when comparable homes are sitting at $750,000 is like asking to sit on the market for an extended period of time.
Take the Time to Make It Turnkey
Unlike buyers in other markets, buyers in L.A. don’t want to waste time or money renovating a run-down property. In most cases, L.A. buyers are first-timers who have just scraped together enough cash for a meager down payment, and they can hardly imagine saving up more to invest in necessary repairs. Thus, it is worthwhile for owners of fixer-uppers to invest in repairs and renovations before they try to sell. That way, they are more likely to merit a higher price, and they can make a sale in a matter of weeks. Some of the simplest ways to make a home look turnkey is to:
- Paint rooms in a neutral beige.
- Remove carpeting and add laminate or tile.
- Fix any leaking or running plumbing.
- Replace hardware and fixtures with more modern styles.
Make a Move, First
Sellers want to help buyers envision living in the space, which means sellers should relocate all their personal items before they put the property on the market. This gives real estate agents a clean canvas, with which they can stage a neutral but attractive home. Though moving can be an ordeal, hiring L.A. movers ensures that possessions are safely packed and transported around the city - which can’t be guaranteed when sellers try to move themselves.
Save Enough for Staging
Speaking of staging, the service usually isn’t free. Real estate agents hire staging experts, who tend to have keen eyes for design as well as access to outstanding furniture and decorative elements that will fit perfectly in sellers’ old spaces. These experts charge a hefty monthly fee, about $600 per room depending on the size and scope of the stage. That means a 2,000-square-foot home (average for L.A.) will likely cost between $2,000 and $2,400 per month. Some stagers have a minimum length for their contracts, and agents as well as sellers should pay attention to this to avoid overpaying for a service when swift sales are expected.
Fund a Good Photographer
Though buyers still use real estate agents to gain access to properties, uncover information, negotiate pricing and more, often buyers will peruse listings on their leisure, relying heavily on pictures presented of the homes online. Unfortunately, too many sellers shortchange their properties by endeavoring to photograph rooms and spaces themselves. This results in low-quality images that don’t entice buyers.
Professional real estate photographers have the equipment and expertise to make any property look tempting. They can find angles that expand the size of rooms, enhance the quality of finishes and do more to improve the look and feel of a home. Sellers can connect with professional photographers through their selling agent or through an online search.
L.A. continues to grow, even if the real estate market is shrinking ever-so-slightly. Thus, sellers shouldn’t give up hope that their properties will find buyers fast - especially if they use the above tips to their advantage.
