The effect of the pandemic on the real estate market started to calm in June of last year. Since then the prices of homes and sales in Southern California have been on the uprising, Los Angeles inclusive. In truth, the record-breaking low interest rates and people’s desire for more space have caused the housing market in Southern California to boom! But as a homeowner, how can I sell my house fast in Los Angeles, especially in a hot market as we have right now?
Contrary to your thought on what “hot” means, it doesn’t always mean fast and easy money for you as a seller. Although a hot real estate market means low inventory in addition to many buyers searching for a new place to call home. As much as a hot market can mean a faster sale at or above the asking price, it has been the undoing of several sellers.
The downfall of these homeowners is because of the certain pitfalls in a hot market that they were not aware of. So, before you watch the money roll in, when inventory is low and eager buyers are driving prices up, how can you best plan for a successful home sale – and avoid pitfalls?
Stage Your Home and Be Ready to Show
Luck as you might count is as one ensures that in a hot market, outdated or quirky homes sell faster than expected. So, if you need to quickly sell a house in Los Angeles, the hot market is definitely a period to look out for. The hot market does not have a designated date in the year; it is solely subject to demand and supply. However, it is predictable when you take a look at real estate data and statistics over the years. Currently, the Los Angeles real estate market has been hot for years.
Because of the increased demand and limited supply in a hot market, buyers become increasingly desperate for a space. As such, they tend to be lenient with stringent property perfection: more willing to overlook cosmetic flaws. In fact, they might be open to accepting pricey fixes such as an old roof or leaky windows. In short, a hot market also allows you to sell your house as-is.
You can sell your house as-is, anytime, all year round to cash buyers. However, in a hot market, when you’re oblivious to cash buyers, you still stand a chance of selling your house as-is without having to make significant repairs and upgrades.
As tempting as the increased demand for your house can be, you must be careful of selling your house under pressure. Thinking, “but I need to sell my house fast in Los Angeles,” would you rather sell fast without maximizing the hot market? The best way to sell your house in a hot market is to ensure you can get top dollar for it. How? Home staging!
Home staging speaks of thoughtfulness. Every buyer who walks into such property thinks of you as one who isn’t under pressure and won’t undervalue the property. Therefore, they come with the best offer possible; as luck would have it, you could be receiving multiple offers leaving you with the chance to choose the highest bid without contingencies.
So, avoid the urge to sell your house in a hurry, no matter how tempting the offers might be. We recommend that you stage your home even in a hot market. It’s pretty simple; there is no better way to make someone fall in love with your house than to stage it. An extra touch of a “wow” factor will distinguish it from the rest of the pack and give you an edge over other properties selling at the same time as yours. Is it possible you cannot afford to stage? Of course! In that case, you can even sell your house for cash to local investors or cash buyers willing to meet your valuation.
Get Paperwork In Order
You can easily lay your fingers on why you need to get every paperwork in order. Since you are not selling your house fast for cash in Los Angeles, you must be prepared to present relevant documentation since things are happening in a flash here. Properties are selling quickly; you will have to meet shorter contract deadlines; every appropriate documentation must be ready to go if you want to cope with the speed of things in a hot market.
You can go as far as getting an inspection done before listing your house. This way, you are painting a perfect picture to buyers as one who’s ready to do a deal. From the get-go, buyers will take you seriously, and if such property suits their needs, you have a serious buyer on your hand even before negotiations and closing.
Have your disclosure documents all prepared and ready to go before the house goes on the market. Suppose you, as the seller, appear wholly prepared to sell; a buyer will feel more confident making a quick-closing offer.
Furthermore, you or your agent might want to line up a title company before putting the home on the market. Although many contracts allow a buyer to designate the title company, having a reputable, efficient title company in place for the buyer hasten the process towards closing. And if they decide against using the title company, which is often not the case, your effort will be appreciated.
Marketing Your House: Don’t Overlook the Experts
The last pitfall we’ll discuss is one that many overlook without second thoughts. Due to the impression of a fast sale the hot market leaves you with, many sellers consider FSBO and skimp on marketing. Although it might be true that there are plenty of buyers, sellers shouldn’t forego the expertise of a professional just yet. If sellers are low, buyers will likely reach out to agents to reduce the time spent looking for a new place. Who best to point to you as a seller if the agent is well aware your house is up for sale? Lastly, for the most exposure for your sale, you still want someone to market your property and maximize the multiple buyers that are out looking.
Cash buyers can get the job done when the need to sell your house fast in Los Angeles arises, and you just cannot find a buyer via the listing. Never think of cash buyers as a last resort; otherwise, you will only reach out when it’s time to sell your house for cash quickly. Avoid putting yourself under undue pressure, work with cash buyers and enjoy ease even in a hot market today.