Back in January, I read an article in The Los Angeles Times about a man who owned some vacant buildings in South LA. He couldn’t get anybody interested in his properties, including one that was listed at $4 million for 17,000 square feet, and so he received no offers. As the buildings continued to stand vacant, he thought about lowering the price to entice someone into making him an offer.
Then one day he started getting phone calls. A lot of phone calls.
All of a sudden, six people wanted to buy his $4 million building and as of this writing, it’s clearly going to sell for much more than that.
So what changed?
Well, that was the week the NFL announced that the St. Louis Rams would be moving back to Los Angeles. Investors immediately jumped into action and started buying up property in the area.
This means that a lot of South LA homeowners are now living in houses that are worth much more than they were just last year. If you have a house that’s close to the future stadium, you might feel like you have a winning lotto ticket – but there are some things you have to know.
Your house may not be able to compete on the market – If you want top dollar for your home, you need to act now. There are currently more than 500 homes for sale in South Los Angeles, and that means it’s almost impossible to stand out in the crowd – especially if your home needs costly repairs and updating. Most families looking for homes in this area are seeking “turnkey” homes – homes that are ready to live in the moment they’re sold. These buyers seek modern kitchens, open floor plans, energy efficient appliances, and more. If your house would be in need of significant upgrades to meet these standards, you might find that your house is out of the running unless you spend significant time and money to enact repairs and other changes. And the last thing you want to do at this point is sink more money into a home only to find that you’ve missed the wave of sales altogether.
Listing your home with an agent can be costly – If you list your home with a real estate agent, some of the money will go to them. In California, about 6% of you sales price goes to the seller’s agent and to the buyer’s agent to split. So if you sell your home for $370,000 – the average sales price in South LA – expect to lose about $22,000 of that right away.
Listing your home with an agent doesn’t guarantee a quick sale – Even if you do choose to list your home with an agent, it might still be on the market for weeks, and in some cases, even months, or possibly years. Just because you have your house listed, and even with the stadium coming in, you may not get any offers. Buyers will have a lot of places to choose from and if another house is newer, bigger, or needs fewer renovations, yours will never get sold.
Selling a house on your own can be risky – If you think you can go it alone, think again. A buyer’s agent will do everything in their power to get their client a good deal, and if you’re not used to market trends in your area, it’s unlikely you’ll know how to negotiate effectively.
It’s also unlikely that a buyer would find your home to begin with. Most people find homes through the Multiple Listing Service, a real estate database that only licensed real estate agents have access to. And if you’re attempting a FSBO (For Sale By Owner), your home won’t be listed on the MLS. Sadly, the days when you could just put a sign in your yard and pull a buyer are long gone.
All Hope Is Not Lost!
Thankfully, you have a friend in Sell Your House Direct.
We purchase homes as-is and we pay cash. Plus, we can close in a matter of days, which is a whole lot faster than standard real estate transactions, which can take upwards of a month… and that’s even AFTER contracts have been signed! Loans from the banks fall through, inspections turn up problems, and buyers sometimes just walk away.
Not with us. We’ll make you a good offer and we’ll have you on to your next place before you know it. Give us a call to see what your house is worth and take advantage of the Rams coming back to town. Pretty soon the market will slow and you will have missed your opportunity to make top dollar – so don’t wait.Views: 7