Dear Friends and Colleagues, The LA market continues to be on Fire! In this months newsletter, we learn that the city’s median home sales price rose 7.3% year over year last month with sales volume dropping by 1.5%. Demand continues to outweigh supply which is the driving force behind the continued price appreciation. Inventory is starting to pick up as we approach the busier spring and summer months. We have some great Buying Opportunities in our Featured Listings section you definitely don't want to miss. Please continue sending us topics of interest so we can cover them in future newsletters. Thank you for reading!
Market is HOT right now! Inventory is still a huge issue giving sellers a lot of leverage. With the high demand and limited supply, you can command a higher price but be careful not to overprice. Interest rates have stayed pretty steady lately but are above the lows we saw last year.
Make sure to price correctly - if you’re priced too high, your property will sit. If you want to leave some space to negotiate, don’t be higher than 5% above what market value is. There is nothing better for a buyer than a property that is stale. Don’t put yourself in that position.
Have a strong showing presentation. There is a huge difference between opening the door and letting buyers through on their own, versus having someone give them a custom home presentation that outlines all the great features of the property. This alone coupled with strong negotiation can net you 5-10% more at closing.
Internet is King! Make sure your home looks amazing on the internet. It all starts online so if you don’t have a strong web presence, you are leaving money on the table.
Connect with us to learn more about how to price your property correctly and create the best internet presence and sales presentation. 310.573.8670
Advice for BUYERS:
Every offer we’ve written on this year year for clients for properties that have been on the market have gone into multiple offers. The limited inventory with the high demand of buyers keeps pushing the market up. We have had a lot of luck recently finding deals off market for our buyers. It takes a lot more effort than just looking on the MLS but it’s necessary to make the difference. Inventory will start to pick up in the coming weeks so don’t settle. Interest rates have gone up and most believe they will continue to go up but rates are still low, historically speaking so take advantage of that while you can.
Check expireds and rentals for off market opportunities. Door knock neighborhoods you are interested in and send mailers with custom letters to sellers. This really works!!! We are doing it now for our clients. Sellers love the idea of selling off market because it limits the inconvenience of open houses and random showings. It’s a win-win for both the seller and buyer!
Re-Explore properties that have been sitting on the market for 60 + days.
Make sure you have your money ready to go! Don’t wait until you find a property to get your pre-approval letter. If the property you find is hot, you may not be able to get a pre-approval in time to show you’re qualified. If you’re a business owner (non-W2), there is a lot of paperwork that needs to be submitted. Don’t procrastinate, do it now and get it out of the way.
Connect with us to help you find off market properties through our proven strategies. I also have a great list of lenders that can get you pre-approved quickly with very competitive rates. 310.573.8670
