THE BEST TIME TO LIST YOUR HOME IN LA
There is a lot of information out there, and unfortunately what that means is that there is a lot of misinformation as well. I’ve heard both agents, family, and friends suggest all sorts of things when it comes to selling a home, saying things like more plants will help curb appeal, to even suggesting leaving the home completely un-renovated because being the best house on the block is never a good thing. Most of what you have probably heard is speculation, and the only thing that can help us really break through the noise and get down to the facts is by taking a look at the data.
In a recent study noted that the national average for the best time to list a home, is between May 1st through May 15th. When it comes to specific major markets however, such as New York, Los Angeles, Miami, and Chicago, the optimum time to sell ultimately varies. Each city has a timeline of it’s own, just as each city has a culture of it’s own. And while you may have heard that spring is known to be the busiest season for real estate, the Los Angeles market deviates from the national average.
WHEN IS THE BEST TIME TO SELL A HOME IN LA?
According to the data, it looks like the absolute best time to sell in LA is from April 16 - April 30th. In the same study, Zillow notes that April as a whole is the best month to sell in LA, as within this window, and the months just following, homes appear to sell for more money, and in less time. None of this data is to say that homes don’t perform well before or after April, actually quite the contrary. Home sale figures are still very strong in May, but the data suggests that all of these figures peak in the second half of April.
WHAT MAKES APRIL SO SIGNIFICANT?
When listing a home there are many factors that an experienced agent will take into consideration - things such as weather, curb appeal, local events happening that day and the list goes on. What about April then makes it such an amazing time to list a home in LA? The first reason has to do with the local school year. Purchasing a home in April is common for families with children those who want to be moved in before the new school year. There are multiple advantages here as families tend to want to move in the spring so that they (1) have time to get settled before school time comes around, (2) so that they have time to vacation in the following summer months and, (3) they have time to work on any renovations they have planned before the kids return to school in September. We’ve noticed that this phenomenon is especially common in neighborhoods surrounding larger universities like Brentwood and Beverly Hills (UCLA), South Los Angeles (USC), and Malibu (Pepperdine).
A second reason why homes sell faster in LA in April can be attributed to the amazing weather. Purchasing a home in LA is very different from much of the rest of the country in that emotions and perception weigh a bit heavier on buyers making a purchase decision. When the sun is out shining, and the grass is green and lush, buyers are not only drawn in by the beauty of the homes and the idea of owning, but by the surrounding areas as well. An experienced agent will also try to avoid showing a home in heavy downpour and sweltering heat, as it’s not an enjoyable experience.
Weather also affects buyers moving from other parts of the country. Imagine having to move all of your possessions in the midst of a thunder storm, or a blizzard. Regardless of how much precaution you took in packing your items, there is a very slim chance things will go smoothly.
REASONS WHY YOU SHOULD BUY / SELL IN SPRING 2017?
In early 2017, the Federal Reserve decided to raise the national interest rates. While rates are still historically low, buying sooner than later is one of the best decisions you can make for you and your family. We are expecting to see rates inching towards the 4.5% mark towards the end of 2017/early 2018. The difference of even 0.1% interest can mean the difference of hundreds or even thousands in mortgage payments. This could be money that a buyers family could use the pay down their mortgage even further to build equity, or money that could be used for things like education, vacations, and the day to day.
Another why selling this Spring is a great idea has to do with the current healthy state of the economy. Since the market has been and looks like it is going to continue riding an upswing from 2008’s recession, many home buyers are looking to get into the market before it begins to move even faster. Getting in early, being quick on your feet, and knowing the market trends are going to be the primary factors that will determine who is able to gain an advantage in LA’s real estate game in the coming years.
WALK AWAY A WINNER IN THIS REAL ESTATE MARKET
Have you thought about selling your home? To make more money in less time, message me at Devon@DevonNorjean.com to schedule a free consultation!