It’s easy to think that any time is a good time to sell your home in warm, sunny Los Angeles. But the fact is, there’s a best time to sell your house in LA, when you can sell your home faster and for the most money.
That “sweet spot” on the calendar is in spring; so if you’re planning to sell in 2018, the best time to dive into the heated pool of LA real estate is now. The month you list should depend on whether you want to prioritize the profit or the speed of the sale.
Selling Your Home for the Most Money
As with many popular urban areas, inventory is low and prices are up in LA. In fact, about 38% of homeowners are selling for above-market value. If you wish to join their ranks, the best time to sell your house in LA is June or July. Statistics show that home sales close in those months for the most money.
HomeLight’s sales data reveals that listing in May and closing in July got sellers 8.52% above the average home price in 2017. The combined data for the last three summers shows June as the leading month, with 11.37%, and May and July not far behind at 10.67% and 10.22% above the average, respectively. So, it’s clear that listing in the spring is a winning financial decision.
Don’t overprice when you list. In the hot LA market, buyers are looking for good deals. List just at market value, or even slightly below if your agent advises it, and you will generate the interest that sparks competitive bidding.
Selling Your Home Fast
If you want to sell your Los Angeles house fast, you should aim to close in June or July. According to the data from 2017, homes spent the least amount of time on the market in these months, selling in four days below average.
This means listing in April or May, but these statistics have been volatile in the last three years. June won for fastest sales in 2016, and April in 2014. The best thing to do is to ask an experienced agent who knows the market trends and can advise you on timing your spring listing.
How to Help Your Home Sell
Although the spring market will energize your home sale, you can also help by being a savvy seller. For example, well over 30% of current home buyers are millennials, but they often don’t have unlimited, debt-free buying power. So, they’ve been snapping up homes in traditionally lower-property-value areas, compared with the city’s prime locations. It’s generated an active “alternative market” in areas such as El Sereno, Silver Lake-Echo Park, and Downtown Los Angeles.
A turnkey-ready house listed at market value is a prize, considering these first-time buyers often don’t have the funds to renovate a “fixer-upper.” Fresh paint, redone floors, super deep-cleaning, and bright, attractive staging will make your house even more desirable. Show it off through professional listing photos and with the help of a great agent, and you could have a SOLD sign placed in front of your home this spring.
This post written by the team at homelight.com.