Pricing Your L.A. Home
HOW MUCH IS MY LOS ANGELES HOME WORTH?
The best way to approach your home’s overall value in the Los Angeles real estate market is to look at your property through the eyes of the potential buyer. Of course, buyers won’t pay for the sentimental value you place on your home. But special features such as hardwood floors, a newly renovated kitchen or a beautiful backyard pool can affect how quickly a property sells and for what price. Buyers are ultimately the people who determine your home’s value. A buyer is going to consider five factors when they are examining the value of your home:
Physical Location (where your home is located)
Features & Amenities (fireplace, type of flooring, size of the yard, etc.)
The Floor Plan (number of bedrooms, bathrooms, how large it is, etc.)
The asking price of your home
The condition of your home
You can’t control where your property is located, and it is often not cost-effective to modify your home’s floor plan or to add features, like a fireplace or a pool. Instead, focus on what you can control, which is the home’s condition and price.
COMPARITIVE MARKET ANALYSIS
Los Angeles real estate is unique because no two properties are exactly the same. This can make pricing your home challenging. Jack Bremen understands all of the factors that go into setting a realistic asking price, and ensuring it is just right for the marketplace and your financial goals. Jack provides his clients a complimentary Comparative Market Analysis (CMA) report.
This CMA report will give you a better understanding of competing properties, market trends, and recent sales in your neighborhood. By taking into account certain aspects of a home that may affect its value and marketability, including market conditions, property location, and the home's amenities and overall condition, we are able to better assist you in determining the realistic and reasonable value range of your home.
HOW TO PRICE YOUR LA HOME TO SELL
Not only does pricing your home right affect your sale price, but it also can determine how fast your home sells. The best possible chance to sell your Los Angeles home is within the first two to four weeks of it being on the market. When you price your home at fair market value from the start, it will attract the highest number of interested and qualified buyers.
When buyers are considering homes, they often look within a price range suitable to them. If your home is listed above its fair market value, the number of potential buyers decreases quickly, because they typically search at or below their price range. The longer your home remains on the market, the more likely its perceived value decreases, and the more likely the home will eventually sell at a lower price.
FINAL THOUGHTS ON L.A. REAL ESTATE PRICING
Los Angeles real estate values may also be influenced by supply and demand and other external factors. A low supply of homes and high buyer demand leads to increasing home prices, and a high supply of homes and low buyer demand leads to decreasing prices. External factors such as unemployment, interest rates or the overall economic health and stability of our country may affect the final sales price of homes on the market.
Rest assured, when you work with Jack Bremen, he will use his knowledge, expertise and negotiating skills to help secure you the highest price possible with the best terms for your individual situation.
