If you intend to put your house on the market, then you had better contact your Los Angeles Real Estate Attorney first. The housing prices in the prominent district of Los Angeles are now reaching historic highs and it is no longer surprising why house flipping and house selling has stirred the interests of many. However, if you intend to sell a piece of real estate property quickly, you may want to discuss certain trends with your Los Angeles Real Estate Attorney to know what is currently happening in the real estate market. This would allow you to make the right move, and ultimately get the best gains. Go and check the different trends that you may want to discuss further with your Los Angeles Real Estate Attorney:
Trend #01: The Los Angeles Real Estate Market is Currently Strong
Since 2012, the Los Angeles Real Estate Market has experienced a strong and steady market appreciation. Alongside the real estate market appreciation comes a declining inventory. This serves as a massive advantage for those who intend to sell their homes this year and in the next couple of years. Any top Los Angeles Real Estate Attorney would advise that if you put a good price on a property you wish to sell, chances are, you will be receiving multiple offers.
Offers on real estate properties along the coastal communities and the central city of Los Angeles are expected to come in as short as 10 days from listing period. Owners may experience such momentum if the property is effectively priced. While the market is looking good at the moment, note that you should not get greedy about it. If you put a massive price on a property, you may end up waiting for about four months to finally get offers. Consulting a legitimate agent and a Los Angeles Real Estate Attorney is highly recommended to know how you can put a reasonable price on a property.
Trend #02: Many Are Now Looking at Alternative Neighborhoods
Here’s another trend that you need to consider. In the last 5 years, many buyers started to turning their eyes on neighborhoods they never thought they would even consider in the past. Since real estate properties on the Westside section of Los Angeles (e.g. Inglewood and Marina Del Rey) have skyrocketed in terms of price, alternative neighborhoods are becoming more in demand now.
The key is, if your home is somewhere in the Southside or Eastside neighborhoods, know that it is now the best time to put them on the market. It is highly recommended that you consult your Los Angeles Real Estate Attorney as to how you can put your property on the market easily and what measures to take in order to gain a healthy profit. One example of a good neighborhood to check is Silver Lake in the East Side section. A Los Angeles Real Estate Attorney can also help you determine the lucrative areas.
Trend #3: The Turnkey Properties are at their Peak
Getting a fixer-upper is no longer a priority among buyers in Los Angeles these days. They are likely to place a big premium on a turnkey property. The spike in the real estate prices has also become a factor as to why buyers are now searching for new homes that are new and move-in ready. Many buyers are now searching for homes that have already been upgraded from floor to finishes. Of course, the legal requirements on purchasing a new home differ from purchasing an older home. Therefore, getting a top Los Angeles Real Estate Attorney involved in the process is highly recommended.
At present, new construction is also becoming immensely popular in Los Angeles. This is according to a top Los Angeles Real Estate Attorney. The change in buyers’ preference has also influenced these new constructions. They are now in search of properties that have an eclectic and intelligent vibe, instead of a modernist and boxed type of homes. Turnkey properties that evoke a combination of old and new character are hot sellers at present. It is immensely important to ensure that these turnkey properties are free from legal problems, so consulting a Los Angeles Real Estate Attorney is paramount.
Trend #04: The High-End Real Estate Market is Currently Slowing Down
For properties that cost higher than $50 million, it may take longer for them to sell. At present, people are becoming more nervous when it comes to investing in a multi-million dollar market. The best option is to put your home on the market if the price does not exceed the said amount. This is especially true if your intention is to sell your property in the shortest time possible.
As per the advice from a Los Angeles Real Estate Attorney, the slowdown in the high-end real estate market has been a trend during election years. You will find a markedly different behavior in trends if you would compare the real estate conditions during the election years. You may either list your property a year in advance or wait until the election is over. Learn more about the effects of elections and other events on your real estate-related decisions by consulting a top Los Angeles Real Estate Attorney.
Trend #05: Angelenos are Searching for Neighborhoods or Communities to Live in.
According to top real estate experts, people are now keen on finding good neighborhoods for the family. A community where there are restaurants, coffee shops, sidewalk, and nearby parks is of primary importance to home buyers. To find a property where there is a great sense of community is one of the fundamental goals these days. If your real estate property happens to belong in such communities, then you have higher chances of selling in the shortest time possible.
A top Los Angeles Real Estate Attorney would be able to help you see the legal requirements on selling properties from these areas. Walkable downtown areas, densely-packed communities closer to urban centers are also among the top sellers on the real estate market. Another key to enticing buyers in checking your property is by describing to them what they can do within a short distance walk.
Another trend that you can expect is the competition among foreign buyers. The number of these foreign buyers is also a driver of the price on the real estate market. For instance, the influx of Chinese buyers and investors can still be expected in the next three years. This would mean that there could be more potential buyers to your properties. If you happen to have a foreign buyer to your property, it is wise to check with a top Los Angeles Real Estate Attorney how to transact with a buyer from a foreign country.
So, you know the trends – now, what’s next?
If you have decided to put a piece of real estate on the market, you should now start searching for the best Los Angeles Real Estate Attorney to help you throughout the process. While your agent is going to be busy finding prospective buyers, you should take the chance to seek the help of the top Los Angeles Real Estate Attorney to prepare the legal documents to need to sell the property. Firstly, you will need to avail the help of a reliable Los Angeles Real Estate Attorney in preparing the terms and condition in the real estate contract.
Furthermore, an experienced and reputable Los Angeles Real Estate Attorney can also help you in ensuring that your title is clear of any problems including possible claims of other parties, outstanding mortgages, unpaid taxes, and defective deeds that may be associated with it. The Los Angeles real estate attorney can also verify the authenticity of all the public records you need to disclose during the process of selling.
Knowing the trends can give you the upper hand on how to maximize potential profits from selling your real estate property. You can easily determine the best time to list your property. You will also know whether to hold the property longer before finally listing it or know what is the right price to put on it. Moreover, finding the right Los Angeles Real Estate Attorney can also offer you the biggest advantages in ensuring smooth real estate transactions.