selling a home in los angeles: The Value of Comps in a Low Inventory Market
- 02/07/16 02:38 AM
Whether you are thinking of buying or selling a home in Los Angeles with its extremely low inventory, you will need to pay attention to the value of comps, or how the list price of a home is calculated. I am sure you have heard the term "comps" bandied about. Comps are comparison properties, and basically they are an indicator of fair market value.
Buyers and sellers are going to look at home prices differently. Obviously the seller is going to want to net as much as possible, the buyer is going to want a deal, and there is often a dance that happens during negotiations before a meeting … (49 comments)
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selling a home in los angeles: Communication is Key When Buying or Selling a Home
- 10/07/15 06:59 AM
Whether you are buying or selling a home in Los Angeles you are going to be part of a team, and the process consists of many moving parts. A key factor in keeping everything moving forward smoothly is Communication.
How many times do we assume everyone is on the same page only to find out that they are all going in different directions. Everyone needs to make themselves clear and be sure that they understand what needs to be done and how to accomplish it. Of course the agent is ultimately
responsible for educating their clients, but sometimes things can clip through the cracks.
Buyers
If … (11 comments)
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selling a home in los angeles: When Selling Your Home Be Safe. Disclose Everything!
- 03/26/15 07:06 AM
When a Buyer makes an offer on a home in Los Angeles they will be filling out a contract called the “California
Residential Purchase Agreement and Joint Escrow Instructions”. This contract and any counter offers or
amendments associated with it will govern the transaction through escrow to its conclusion.
There are standard disclosures requested from the Seller which must be adhered to within a specific timeline,
usually 7 days from contract acceptance. The Seller must disclose every known material fact which may affect
the buyer’s decision to purchase the property. There are exemptions to this if the Seller did not live in the property.
If the property is … (10 comments)
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selling a home in los angeles: How Do I Improve the Value of my Home?
- 01/14/15 06:23 AM
Buyers generally seek the least expensive home in the best neighborhood within their price range. Upgrading your home to stand out on the block is not necessarily going to add value.
For example if neighbors are all 3 bedrooms, 2 baths and 2,000 square feet additions that make your home into a 4 bedroom 3 bath, 3,000 square foot house is going to price you out of the market.
Improvements should make it show well and fit well in the neighborhood. You don’t want to put good money into your home to find out you can’t get it back.
You are much better off … (13 comments)
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selling a home in los angeles: How Should You Price Your Home When Selling?
- 01/06/15 07:16 AM
This video provides and overview of points to think about when selling your home in Los Angeles. Bottom line your goal is to get the best price AND terms based on the market at the time you are selling.
Market conditions interest rates and competition will all affect the amount at which you will want to list. The price you want, and the price a buyer is willing to pay are going to depend on a series of conditions So pricing is somewhat of an art.
Other factors include:
How your home compares to other homes for the same buyers The inventory of homes and the level of buyer demand … (8 comments)
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selling a home in los angeles: Avoid These 6 Mistakes When Selling Your Home
- 12/25/14 07:01 AM
You are getting ready to sell your Los Angeles home. Here are some mistakes to avoid – take some notes from the video!
1. Don’t Sell Before The House Is Ready.
If it doesn’t present well, it won’t sell well.
2. Don’t Over-Improve
People buy houses in neighborhoods. If yours is so “improved” that it sticks out you’re hurting your chances at selling.
3. Hire Wrong
Make your agent choice for business reasons. Personal relationships matter, but experience and expertise will determine financial success in your sale.
4. Don’t Hide Anything
Covering up or ‘failing to mention’ real problems doesn’t work.
State disclosure laws are strict and … (10 comments)
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selling a home in los angeles: What is My Home Worth? Ask the Buyer.
- 10/28/14 09:28 AM
You may be thinking of refinancing or selling your Los Angeles home. Are you wondering what it is worth these days?
Well, for refinancing an appraiser is the one who will determine the value, but if you are thinking of selling your home then it is only going to be worth what a buyer is willing to pay.
The first step in pricing your home for a listing is for your real estate agent to present you with a comparable market analysis (CMA), sales of comparable homes in the immediate area, or if none are available then as close as possible to your … (16 comments)
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selling a home in los angeles: Low Inventory Doesn't Mean You Can Overprice your L.A. Home
- 06/21/14 09:20 AM
Just because the Los Angeles real estate market is low in inventory does not mean that you can go ahead and overprice your home.
Here are some examples of why:
For single family homes, in an area which covers Westwood and West Los Angeles:
There were 73 sales over the past six months, 11 of which had a price reduction during the course of the listing.
The sold price vs list of the 62 which did not have a price reduction was 102.54% with an average of 34 days on the market.
The sold price vs list of the 11 which … (6 comments)
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selling a home in los angeles: To Sell, to Buy, to Rent. Is Your Head Spinning Yet?
- 06/05/14 03:37 AM
It's a strange phase in the Los Angeles real estate cycle right now, and as in any economic cycle there are winners and losers. So who are the biggest winners right now?
Landlords/Investors After the recession homeowners who were forced to sell are still unable to get back into the housing market, either because of credit issues or because they are being priced out of the market by the competition. There is a shortage of inventory, and there are many cash buyers with deep pockets swooping in, especially in the single family housing market. Investors make up a large portion of … (41 comments)
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selling a home in los angeles: Selling Your Los Angeles Home? What is an Exclusive Listing Agreement?
- 08/18/13 10:12 AM
You are getting ready to sell your Los Angeles Home with the help of your Los Angeles Realtor®. So what is involved in order to start the process?
The first thing you will do is sign the Listing Agreement, which will be an Exclusive Listing Agreement. What does this mean? A sample of such an agreement is below:
California Residential Listing Agreement
Item 1: ”Listing Period”. This is generally six months. The period is negotiable and in a sellers’ market your home is going to be sold very quickly, but six months is usually the standard period for a listing. Don’t … (6 comments)
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selling a home in los angeles: How to Handle Those Multiple Offers When Selling Your Los Angeles Home
- 08/10/13 05:33 AM
Thinking of selling your Los Angeles home? Unless you have been under a rock you will know that now is a strong sellers’ market. Chances are if you put your home up for sale it is going to get offers almost immediately, more than one. Of course you still need to list the property at or close to market price. If you overprice it then it is still going to sit and you will end up getting less in the end.
It should be a simple process to pick the successful buyer right? Just choose the one who offers you the … (31 comments)
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selling a home in los angeles: What Does a Los Angeles Realtor® Do?
- 05/11/13 02:54 AM
Whether you are buying or selling Los Angeles real estate you will want to use the services of a Los Angeles Realtor®. Why? Because it will save you a lot of time and aggravation in the long run and will make for a positive experience.
Sellers:
Sellers who try and go it alone by selling FSBO (For Sale by Owner) with the thought that they are going to save money should know that they would probably have received the same amount, if not more, and saved the frustration and dangers of handling the process and paperwork, if they had used the services … (17 comments)
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selling a home in los angeles: It is a Tough Market for L.A. Home Buyers. What's a Buyer to Do?
- 01/14/13 04:56 AM
It is a very tough market right now for Los Angeles home buyers and you need to be on top of your game if you hope to get ahead of all the other buyers out there. Even then you may not get the home of your dreams, but you do stand a better chance.
So, how can you stand out from the crowd in this home buying market? In general, if a cash buyer is in the mix it is going to be a little more difficult to compete, but that is not always the case.
Be pro-active. Your Los Angeles Realtor® will … (13 comments)
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selling a home in los angeles: What Exactly is a Buyers' or a Sellers' Market in Real Estate
- 03/29/12 05:03 AM
When buying or selling real estate in Los Angeles we often talk about the market as being a buyers’ or a sellers’ market, based on the absorption rate.
The absorption rate is the number of months it will take to sell the existing inventory based on prior months’ sales. 6 months is a balanced market, under six months a sellers’ market, and over six months a buyers’ market.
However the market is neither a buyers’ or sellers’ market if no one is buying or selling, and ultimately we rely on sellers putting new homes on the market to spur the buyers out there who … (30 comments)
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selling a home in los angeles: Los Angeles Real Estate. Is it a Sellers' Market
- 03/24/12 08:00 AM
You are thinking of selling a Los Angeles home and are interested in finding out if your area is a seller’s or buyers’ market.
Regardless of whether or not you are in a sellers’ market look at the comps and price your home accordingly.
As a Los Angeles home seller your Realtor® will check out the comps in your area and let you know where to price your home. No matter whether a sellers’ or a buyers’ market you will need to price your home at or very near the market price. If your home is good value then you will end up with multiple offers, … (12 comments)
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selling a home in los angeles: Los Angeles Communities - About Bel Air
- 11/08/11 10:28 AM
Bel Air is an upscale community on the Westside of Los Angeles. It sits north of Westwood, east of Brentwood and west of Beverly Hills Post Office and is home to the Bel Air Country Club and the recently remodeled Hotel Bel Air.
This exclusive gated community boasts some of the most expensive real estate in the city, with spectacular views, and is home to many stars. There are also more affordable custom-built homes closer to Mulholland Drive.
Schools in Bel Air Bel Air schools are in the Los Angeles Unified School District.
Roscomare Road Elementary School K-5
Kenter Canyon Elementary K-5
… (16 comments)
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selling a home in los angeles: You Do Not Need an Attorney When Buying or Selling Los Angeles Real Estate
- 10/10/11 05:12 PM
California is an escrow state but escrow procedures differ between Northern and Southern California and from county to county. For the purposes of this post I will address the reason you do not need an attorney for real estate transactions in Southern California.
What is Escrow? Escrow is a neutral party which provides protection to both the buyer and seller during the real estate transaction. Examples of the function of escrow are:
Receives and holds the good faith deposit from buyer to seller Interprets the purchase contract and sets the timelines Orders required reports, including preliminary title, natural hazard, city report … (30 comments)
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selling a home in los angeles: If You are Short Selling Your Los Angeles Home Will You Have to Pay Taxes on the Debt Forgiveness?
- 08/15/11 01:10 PM
What is a short sale? If you are having a hard time paying your mortgage and owe more than the property is worth, then you may consider short selling your Los Angeles home. What this means is that you would list the house at market price and work with prospective buyers until your come to an agreement. Your listing agent would then approach the lender and work with them on an acceptance of the buyer’s offer.
This is a long and involved process during which you would have to prove hardship, and there is no guarantee the lender will agree to the … (25 comments)
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selling a home in los angeles: I Agree to Disagree - Accompanied Showings CAN AND DO Sell Homes
- 04/27/10 04:45 PM
I just read with interest Bill Gasset's post - Accompanied Showings in Real Estate To Not Sell Homes, and I absolutely could not disagree more. I was going to address this in his comment section, but it really is the subject of a separate, conflicting point of opinion post. I was actually surprised to see not one dissenter, unless I missed them. I am going to generalize here, but a large part of the City of Los Angeles, plus incorporated cities such as Beverly Hills, Santa Monica, Culver City, etc. do not use lock boxes. There has always been a "battle" … (36 comments)
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Whether you are thinking of buying or selling a home in Los Angeles with its extremely low inventory, you will need to pay attention to the value of comps, or how the list price of a home is calculated. I am sure you have heard the term "comps" bandied about. Comps are comparison properties, and basically they are an indicator of fair market value.
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