Want to sell your home in 2019 but now sure when is the best time? Actually, now is the best time and here is why:
• On average, more properties come on the market during April-June. If you can, avoid listing your property during these months because when selling your home, competition is not your friend. The more choices buyers have, the more they will negotiate to lower your price and/or get you to make more costly repairs on your house. Buyers are also more willing to walk away from negotiations if they don’t get their desired price because they know there are other properties to choose from.
• Right now there are buyers eager to become homeowners before interest rates go up and they projected to go up incrementally each quarter of 2019. Since inventory is still somewhat low right now, buyers are less willing to walk away from a transaction.
• If you are going to wait to sell your property at the end of the year to make more money, if you buy another property after the sale of your home, that future home is going to cost more at the end of the year than it would cost now.
• Since interest are predicted to go up, there will be fewer buyers able to purchase your home as the year progresses. The fewer buyers for your home, the less likely buyers will compete against each other to buy your home for top dollar.
If you’re thinking of making a move, call me today to start a conversation…
1) What are the local pet laws? Check state laws for breed restrictions and limits in the number of animals allowed in the home. Check the homeowners association if there are any pet weight limits.
2) Does the house have pet friendly floors? Carpets are bound to be destroyed by claws and dirt. Distressed hardwood floors would be the best bet.
3) Can your pet handle the stairs? Old or pets may have trouble getting up and down stairs.
4) Is the neighborhood safe for pets to roam. Check if the home is close to parks and trails. Check if there are coyote sightings. (Source: Realtor.com)
# Mortgage rates will continue to rise in 2019. Every time interest rates go up, buyers lose a little purchasing power, but the barrier maybe more psychological than financial. Buyers are starting to push back, they are saying “enough”.
# Homebuyers will have more negotiating power and sellers will need to make more compromises. Expect bidding wars to become less competitive, and price reductions to become more common.
# As price gains slow, home values will still appreciate at 2-3% depending on neighborhood
# Upscale neighborhoods will soften while demand for entry level housing remains high (source: forbes.com)
Thinking of selling your home? Let’s talk! 323-717-2262
# Los Angeles home sales declined by 24 percent year over year in September, with all local communities except the Eastside showing a decline in the third quarter, bringing 2018 housing market activity to 11 percent below last year.
# Following a strong start for higher-priced sales at the beginning of 2018, sales activity slowed in all price ranges in the third quarter, and sales of homes priced higher than $1 million are now trending with 2017 activity.
# Inventory is also 10 percent below last year’s levels, suggesting about 1,100 fewer homes on the market. South L.A. posted the largest inventory drop, down by 34 percent, followed by a 27 percent decline in Downtown L.A. and a 24 percent decrease in Foothill Communities.
# Despite slowing annual price growth of 2 percent, almost half of Los Angeles communities posted appreciation of more than 10 percent — particularly in Northeast L.A., Foothill Communities, Eastern Cities, and Beverly Hills.
# Price reductions rose by 3 percentage points, from 21 percent last September to 24 percent now. More reductions were seen in greater Malibu, Foothill Communities, the Eastside, the West Valley, and the South Bay.
# The rebalancing between buyers and sellers is being driven by affordability constraints and buyer fatigue.
Existing home sales slump to a near three year low as some home buyers back out. Home prices are still growing faster than wages, but the pace of price increases is decelerating steadily. Recent sluggishness seems increasingly driven by softer demand from would be home buyers in the face of two emerging trends: falling rents and rising mortgage rates.
There is still a lot of energy left in the housing market, but the rapid rise of the past few years has clearly begun to level off. On average, homes are taking longer to sell and are receiving fewer offers than before. (Source: marketwatch.com)
Buying a first home is scary, overwhelming and exciting. The largest hurdle is where and how to start. Most buyers do not know that realtor’s services are free to the buyer. So they are fearful to hire an agent. A realtor has fiduciary responsibilities to protect buyers. They assist buyers with everything from financing and finding that dream home to negotiating the best price, and a smooth close. Time to buy a home? Call today 323-717-2262
Zillow reports that the best time to sell a house to get the highest price and minimize time on the market is in the spring — specifically, during the first half of May. But that doesn’t tell the whole story. Though homes listed for sale during this window sell nearly two weeks faster than average, and for an extra $2,500 to boot, a big part of that has to do with weather-related factors.
In parts of the country where all four seasons exist, spring has the advantage of attracting potential buyers who are done hibernating and are ready to do the legwork of visiting homes in person. Houses also tend to have more curb appeal in the spring, when flowers are blooming and grass is vibrant and green. But in some parts of the country, seasonal weather doesn’t come into play nearly as much
Here is a list of 5 most common requests that home buyers make to sellers to close the deal
#1 “lower the sale price”
#2 “make minor repairs”
#3 “pay for some/all buyer’s closing costs”
#4 “change the closing date, extend or shorten escrow period”
#5 “give money to buyers instead of making repairs to home”
(source: consumer housing trends report 2017)
Attention Home Sellers: an experienced Realtor can help you mitigate these requests in your favor