Currently, the Los Angeles real estate market is very active, but that doesn’t mean that your home will sell within a few days. Many different factors affect the speed of sale, and every property will be different. If you’re having trouble selling your piece of real estate, there are several things you can try to resolve the situation. Most importantly, you should hire a reputable agent who has experience in the local market.
Such a professional can help you to identify the reasons why you are having problems and then work with you to resolve them. For example, they might tell you to sell at a different time of year, wait a few years and rent out your property, lower the price slightly, or present your home in a different way. Today, let’s look at what you can do to sell your house or condo more easily.
Having Trouble Selling Your Piece of Los Angeles Real Estate? 5 Things to Do
1. Hire a Competent and Highly Experienced Agent
If you’ve listed your home in Los Angeles and you’re having trouble finding a suitable buyer, the most likely reason is that you are not getting the right people to view the property. At the moment, the local real estate market is advantageous for sellers because there are so many people looking for high-quality homes. However, you need to reach those buyers before you can make a good sale. The best way to do so is to hire an excellent real estate agent.
Someone who has years of experience in the area will be able to make your listing as appealing as possible by taking great photos and writing a description that attracts buyers. They can also let you know why you’ve been having trouble, so you have a chance to fix the issue. For example, a simple repair or upgrade could increase the price of your property drastically. Once your home is ready, your agent will then promote it in a variety of networks, so you have the greatest chance of finding someone who is happy to purchase it at or even above market value.
2. Wait for the Right Season
Although people are always selling and buying homes in the local area, there are definite ups and downs in the market. You might have chosen a bad time of year to sell, in which case it could pay off to wait for a few months until conditions are better. In Los Angeles, homes generally fetch a much better price, up to 5% more, when they are sold in July or August. Because it’s likely to take 1-2 months to sell, you should list your house in June.
Homeowners who are in a rush but aren’t as concerned about the price should list in April. You’ll normally have to wait for a shorter amount of time when you sell your home in the spring and summer months. No matter what your priorities are, the best thing you can do is speak to your real estate agent because your neighborhood might be different from the general Los Angeles area. An agent can speak to you about the most favorable season to sell and where to list your property so that it gets maximum exposure.
3. Lower the List Price
Lowering the price of your home might not be the ideal solution, but it can help you to sell the property more quickly. If nothing else is working and you’re sure that you would like to sell, a slight reduction could make all the difference. People love a bargain, so they might be more compelled to buy if they believe that the sale price is advantageous or even below market value.
Selling a home is in part a psychological venture, as you are trying to present your property in a way that will compel others to purchase it. When you work with an experienced real estate agent, they can share all the most important selling tips. For example, they might advise you to initially set the price slightly higher than what you’re aiming to achieve. If the market is extremely busy, you might get a buyer at a high price, but if not, you can then discount the property. You will have achieved your target price, and the buyer will feel happy about their purchase since the property was discounted.
4. Rent Out the Property
Not all areas are popular at the same time, and you might have trouble selling your home if your neighborhood is currently out of favor. Fortunately, these trends tend to reverse over time, and you might find that there are plenty of buyers in a year or two years’ time. In such a situation, it makes sense to hold on to your home and wait for a more advantageous market, since you don’t want to sell your property at a loss. If you don’t want to keep living in your home, you can rent it out in the meantime.
Your Los Angeles real estate agent can let you know whether this would be a feasible option, and they’ll also have an idea of where the market is headed in the next years. Before deciding to rent out your home, get in touch with a professional. They can help you to find all the information you need about being a landlord, set a fair price, and once the property market has heated up in your area, they can tell you that the time to sell has come.
5. Get Your Property in Optimal Condition
Sometimes, the reason why your house isn’t selling is that it isn’t in great condition, or it isn’t being presented in the best light. Although you might believe that cleanliness or minor repairs don’t matter, potential buyers aren’t solely driven by rational thought but also by their emotions. If your property looks messy, it’s much less likely to have that “wow factor” that many people are looking for. That’s why making sure that your home looks great should be a priority.
To begin with, your estate agent is likely to tell you to tidy up the place, storing away your items in shelves and drawers so that the space is tidy. You should also do a deep clean to make sure that the space is dust-free. Then, continue by doing all the DIY jobs that you’ve been putting off, such as painting the walls or repairing small issues. Also, pay attention to any outside spaces and tidy up your garden. If it’s overgrown or you don’t have the time to do this yourself, you could hire a professional gardener to spend a few hours bringing it up to scratch. For extra curb appeal, you could even remove your vehicles from the driveway during viewings. That way, the space will look more open and appealing.
Selling Los Angeles real estate at the best price possible can be complicated, so it’s usually advisable to consult a professional. Even if you’re struggling to sell initially, your agent can help you to present your property in the best light, tell you about the seasonal changes in the market, and advise you on the best asking price.
One of the most competent agents in the Los Angeles area is Teresa Mack. With over 15 years of experience in the urban luxury market, she’s sure to provide you with the best service possible. Get in touch with her today at Teresa Mack and book your first consultation.