The real estate market across the country has been tumultuous over the past year and no one can truly predict where it’s headed for LA and the rest of California, in the near and longer future. For the while, it is generally acknowledged that California is a seller’s market with prices reaching record highs. This may make it the prime time for you to sell your home in California.
If you find yourself in the position of wanting to sell your house fast in Culver City, or generally in LA, hold for just a few moments. Let us take you through where the market is at, if now is the best time to sell, and how you could sell in the quickest way for the best price offer.
Table of Contents
- An overview of the market in Culver City
- Important steps before selling
- Staging for success
- Getting the right agent
An overview of the market in Culver City
The median home value in Culver City, CA stands at around $1,107,000, and most of these homes are fairly evenly split between single family homes and apartment complexes. This is much higher than the national average which fluctuates between $250,000 and $300,000. It is also significantly higher than the median for the state; California’s medium home price is a little over $800,000. With houses continually rising in price and the volume of listings low, California real estate, including homes in Culver City, is in demand.
Is the time right for you to sell?
Though Culver City is still a seller’s market, it is true that migration trends within the US are changing. California, and especially LA, have seen a slowing down in people moving into the area. Over the last decade, the number of people leaving California has actually outstripped the people moving in for the first time in recorded history.
The reasons for people migrating away from California are multiple and complex. For some, it simply is the case that they would like to live in another part of the country. However, the pandemic had a massive effect on housing and migration throughout the US. Like no other recent phenomenon, it gave people a different perspective and created a deeper desire in many to move closer to family members and friends.
The downturn in the economy, especially in the entertainment and hospitality industries made it very difficult for certain sections of the populace to continue living in California, which has one of the highest costs of living in the US, with only New York and Hawaii being more costly. However, this levelling out of the population boom in California cannot be completely attributed to Covid. Prices had been rising steeply both in the real estate market and in the cost of living long before the pandemic struck.
Others chose to sell and move simply to take advantage of the property boom as house price offers soared. This trend is set to continue and analysts speculate that houses will continue to appreciate. The California Association of Realtors predict that 2022 will see a rise in house prices above 5% across the state.
This is not to say the California dream has ended. It is just changing; the growth that it enjoyed would have been impossible to maintain indefinitely. What we’re seeing now is a change in the demographics moving to Los Angeles.
Certainly, it is harder now for aspiring actors and musicians to up and move to California than it would have been 20 or even 10 years ago. More likely, there will be more of an influx in young professionals, and those already established in their careers with the capability to purchase homes in this desirable part of the US. They’ll add to the market of buyers of those nearing or already in retirement.
And by all indexes, it is very much clear they are willing to pay the prices needed for an address in LA. Over 60% of properties listed go for over their listed price. How much over varies, but getting 6% or even slightly higher, on top of what the market offers, is possible.
Furthermore, you’ll want to take into account that the economic downturn has passed its peak and recovery should accelerate as normality returns. This will open up many industries and working sectors in LA, such as those involved in entertainment and hospitality. This in turn will have an effect on housing availability and prices.
Since there are so many variables you need to think about when selling your house in Los Angeles, it’s sound advice to
consult professionals. Even before the raft of benefits you get before you get to the process of selling, they can guide you on your specific case.
Important steps before selling
If selling your house in Los Angeles is what’s best for you, then you’ll want to do it fast and obviously, for the best price. This will take a lot of work and know-how, but is necessary for a successful transaction.
Finding and fixing the right price
Not the first thing to do but certainly one of the most important, is getting the price on your home right. Set the price too low and you don’t maximize your profit, something a seller should be doing in the current market. Overvalue your home and you run the risk of having it stall on the market without it generating any interest. And if it should generate interest, your transaction could run into problems when a lending company appraises it.
What will heavily dictate the value of your property is a comparison to similar properties in the same area. This takes in location, type of home, size, number of bedrooms and bathrooms, features, and the condition of the property. While all of these are important, it is arguably the location which carries the greatest weight. Very simply, a house in Culver, will fetch a substantially higher price than a similar house in another less sought after neighborhood or state.
It may be tempting to increase how much you’re asking for with some desirable renovations and upgrades such as smart features or premium furnishing. This needs to be approached with caution. If you’re not selling a luxury home, you may be adding extra cost to your investment without necessarily increasing the appeal to your market. Again, it’s a good idea to consult a real estate professional, who can guide you through what improvements will get you the best return on your investment.
Staging for success
What you should know about staging is that showing your home in its best possible light makes a huge difference to your success when selling. Over 60% of agents find it much easier and faster to sell a home that has been staged. The Real Estate Staging Association found data that shows that a 1% investment of the total cost of a home can yield up to 5 to 15 percent return. The lower end of this figure has also been found by the National Association of Realtors.
When done right, staging will not only allow buyers to imagine themselves living in your home but will also get them dreaming about how good it will be.
Tidy and clean
You could simply shove all your mess into a cupboard, do a bit of cleaning and think you’d done enough to stage your property. It’s nowhere near enough. Not only will you not be able to show off the space that cabinet holds, (imagine a buyer opening it to have a look), you’re also then more likely to cut corners in other parts of staging. Frankly put, everything in the house should ideally be in its rightful place. After all, you are creating the best image of your home.
For the best staging results:
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You need to declutter.
The less a buyer sees of your personal quirks and preferences, the more able they are to mold in their imagination what the home could be for them. Also, obviously, clutter can be very unappealing to a broad section of your buyers. -
You need to clean or have the house cleaned professionally.
Here’s where professional cleaning really does make a huge difference to how clean the house is. The right people will make the house sparkle, eliminate stains and flaws, and lift any odors you may have gotten used to. They may not even be unpleasant odors but a neutral or slightly fragrant air is best when staging. Most of us could declutter our homes fairly well, but we couldn’t clean our houses the way professionals could. -
Make simple repairs.
If a faucet is leaky or a bulb needs changing, or even if some bathroom plaster needs a little retouching, make sure to get it done. These are small details and though you may think it wouldn’t jeopardize a sale, it certainly wouldn’t help either. This also has the benefit of helping you get a better appraisal. -
Add curb appeal.
First impressions matter and a lot can be done to improve the curb appeal of your property. Nobody likes a drab, uninviting entry, so add some colour with a select choice of plants or greenery. Make sure the front door is in good condition. A front door is not only an entry, it’s also a security. A strong sturdy door that’s in good condition and looks good is both welcoming and conveys a sense of safety. Clean your driveway, easier and more effectively done with a power washer.
Here’s a host of other improvements to you could make to increase your curb appeal. What you choose or are able to do depends on your budget and any restrictions you may have in your neighborhood. However, most of the suggestions here are straightforward and don’t cost the earth, and as mentioned earlier, they often more than pay for themselves in return on investment.
One thing that can be tricky about staging is that you’ll often see it said that you should depersonalize the home; remove anything that might strongly reinforce that it is your home, not potentially the home of the buyers. Yet you wouldn’t want the home to look sterile. A little warmth and sense of the place actually being a home could work in your favor. Striking the balance between inviting and sterile is a tricky task, and once again, somewhere where professionals can help.
Getting the right agent
From helping you set a price and getting the right offer, to helping you with all aspects of staging, a good agent will prove their worth. As well as all that was mentioned above, there are numerous other tasks, requirements, and considerations that need to be addressed if you want to sell your house fast in Los Angeles.
Apart from the above, an agent will list your home on any Multiple Listing Services (MLS) to which they belong. This puts your property front and center of a huge market audience, and one that’s eager to buy.
They’ll also take care of the negotiating that will likely happen when an offer is put in for your property. The better an agent is at negotiation, the more you’re likely to get for your house. Here’s where experience goes a long way. Someone who has closed many deals, knows what they can get without blowing the deal or souring relations.
An agent will also take care of your requirements during the closing, which can be a particularly anxious time for sellers. They’ll guide you through and make sure all that needs to be done to get you across the finish line.
But what makes up the right real estate professional?
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Experience
An agent has to be experienced. This will not only give them the knowledge and understanding of their locality; it will also give them the time and opportunity to build relationships with professionals involved in the housing market and industry. Experienced real estate agents have a network of contacts. They’ll know other agents, lawyers, and people in construction and landscaping, just to name a few. All of these contacts are used for your advantage when you go with an agent. -
A good track record in sales
Experience would suggest success, after all, if an agent weren’t successful, they wouldn’t really be in business for long. Looking at someone’s track record as well as their experience gives a great indication of how well that agent will do for you. A search through an agent’s website should show you their credentials in this regard. No agent would hide a stellar record. -
How good are they with their clients?
While you’re at their site, read through their testimonials and look at what former or current clients have to say about them. While on-site testimonials are not independently curated – what’s on the site is controlled by the agent – it’s still a way to get good information. Another thing to try is to go onto their social media sites such as Facebook, where they have less control over reviews. Even better, look through a site that gives reviews specifically on agents.
There is the option to go through the For Sale By Owner (FSBO) route and initially, this looks appealing, as there’s the prospect of possibly saving some money. However, this often proves a false economy.
Not only is it very difficult and stressful selling a home, especially if it’s your first time, it’s also likely that the sale will take longer and will not go for as much as it could have.
For a start, you won’t have access to MLS that an agent will, nor are you likely to have the contacts that agents have spent years building.
Add to this all the work, and stress inherently involved in selling a home fast in Los Angeles , and it’s not hard to see how good agents more often than not, pay for themselves.
If you’re thinking about selling your home in Culver, Los Angeles,
contact me, Martin Feinberg. With over 32 years experience in the property business, I’ve overseen over 1,500 sales and know about as much as anyone in the business.
As a Realtor, I hold myself to the highest standards in the industry but more than that,
I take very special care of my clients. What drives me is the desire to give them the best, most professional service possible, and results to match.
To start your house selling journey in Culver City, call me at 310.729.6573 or reach out to me by email at martin(at)martinfeinberg(dotted)com. I look forward to hearing from you.