NELA is an increasingly popular area for Angelinos and people moving to SoCal from elsewhere. It’s a good time to sell but homeowners should study the process.
If you have a home to sell in Northeast LA there are certainly buyers who want it. The smoothest and most productive sales team – the seller and his or her Realtor – will get all the steps right in the process:
1) Select a Realtor – “For Sale By Owner” is an option, but rarely chosen because the marketing and legal requirements of selling a home are significant. Ideally, your Realtor will know the area you are in – for example, a NELA Realtor will know places likes Eagle Rock, Highland Park, Glassell Park and Mt. Washington inside and out – and will have experience in your type of home (single family vs. multi-unit condo buildings). A Pasadena real estate agent is going to be more effective helping you buy or sell in Pasadena than a Realtor who specializes in homes for sale in Burbank.
2) Adhere to your Realtor’s advice on home improvements – This cannot be overstated. Most buyers want a home that is in move-in condition; only a few want to renovate, and they will expect a lower price that will allow them to do that. Improvements might simply to rid the home of clutter, to paint, and perhaps to landscape for curb appeal.
3) Know the basic legal requirements – While a good Realtor will walk you through this process, there are procedures and disclosures required by state law in California. Ask about the Transfer Disclosure Statement, the Preliminary Title Report (from a title company you select, typically paid for by the seller if in Southern California), establishing an escrow agent, and the transfer tax (0.45% in Los Angeles as of late 2015).
4) Agree on an offering price – This is a tricky equation. Your Realtor should study the comparable prices of homes sold recently in your area – i.e., if you live in Garvanza or Hermon, look at similar properties within your school district. But if the goal is to sell in a timely manner, it’s a poor strategy to price it high and expect to negotiate downward. If the house is on the market for more than 30 days it can have the effect of souring its appeal. It’s critical to approach this strategically and realistically – and to create the best valuation for your home with repairs, decluttering and staging.
5) Show it – For the owner, the key responsibility is to keep things clean, send the pets on a vacation, and be available to leave the premises when the Realtor has a prospective buyer. The buyers are shopping online first, so be sure your selling agent is adept with photography and use of the many tools (social media) and websites (Zillow, Trulia, Realtor.com) that are now-standard means for finding buyers.
6) Negotiate/accept an offer – Again, your professional can guide you through this process. Just know that it’s not just about the price but also earnest money, the buyer’s ability to get a mortgage, requests for repairs and the desired closing date.
7) Close and move – In Southern California, once the grant deed is recorded with the county the escrow is officially "closed". With luck your former clutter is already out so moving will be less onerous a task.
Finding a Realtor might seem simple, but you really should research what several have to offer. Tracy King has deep experience in NELA and consequently can guide sellers in what works best in the market with younger and older buyers.
With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, or planning her next trip to Paris. If you are looking to buy or sell a home in Northeast Los Angeles, contact the Tracy King Team at 323.243.1234 or firstname.lastname@example.org.