The real estate market in southern California is a difficult one. After dropping dramatically during the financial crisis, it has since swung back up and in some areas has reached new highs not seen before. In other areas it has not made it back to its previous peak, but has certainly come up significantly from the bottom.
So are we in a seller’s market or a buyer’s market? Broadly it would seem to lean towards the sellers. But every property is unique and not all situations are the same. Buyers tend to be going after the newer houses, or those that have been fully renovated and are turnkey. Homes that need a lot of work, or perhaps those not in the hottest neighborhoods will not always get a quick sale. If you need to sell your house, here are some things to keep in mind: Timing The prime selling season is in the summer months. Though southern California does not have seasonal weather extremes the way many other parts of the country do, summer is still the best time in the market. Families who are home shopping often want to do so while school is out so their kids can be ready to start school in their new location. Condition If possible, you will sell a property quicker and get a higher value if your home is in great shape. At the very least being clean and livable without significant deferred maintenance especially in any major system such as the plumbing, electrical HVAC, etc. If it is updated with modern and trendy finishes that is the best possible combination. Flexibility Sellers that are willing to work with buyers in terms of escrow timing and terms of the sale will expose themselves to a wider potential pool of buyers. If you are selling your home and need to use the proceeds to buy a new one - which is common - you need to be able to time everything right to close on both the sale of your home and the purchase of the new one. Having that lack of flexibility may make it a little more difficult to sell your home. If you are able to check all these boxes that’s great - that will give you the best odds of getting the highest selling price. But if not, there may be other alternatives worth considering. Selling your property to a professional home buying service may be one of those alternatives. Because they pay with cash and can purchase in any condition, they provide a viable option for sellers that need to sell their homes quick, for any reason and at any time of year.
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Bright Idea House BuyersWe specialize in solving real estate problems - we are a local family owned business that purchases houses throughout the southern California area. Archives
July 2021
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