As the DTLA and the U.S. begin to see a plateau in the real estate market, the less-motivated buyers are disappearing. With a low inventory of homes for sale, today’s economy requires new thinking in order to take advantage of our changing situation at the end of 2018. #dtla #loft #realestate
As the number of investors begins to dwindle, the few buyers in the market today are the those who really want or need to move. In Downtown, that is condo sellers who want to move to a single family home or they just want to live in a cleaner, safer neighborhood. Downtown L.A. is still attracting large numbers of new residents. Most are planning to rent for relatively short-term value and enjoyment (1-3 years), while a limited number prefer to own as they focus on long-term gain in value, equity and net worth.
Buyers want houses. Seller want buyers. In urban areas like Downtown Los Angeles, there are no houses, so buyers usually want lofts or other condos with character, walkable to shopping, dining, entertainment and transportation. #hacks
Saving time and money: While historic affordability is quite good, today many feel that home prices are relatively high, and inventory of available homes for sale is quite low. Today, hardly anyone wants to move unless they can get the right deal. This post is about how the most sophisticated and strategic buyers and sellers obtain the right deal in any market, any month, any year, by using little-known strategies and techniques that are more efficient — real estate hacks.
Buyer Hacks
California real estate is competitive — very competitive. Buyers and seller must compete with many other on an open market, driving up prices for buyers, and reducing sale amounts to sellers when there are enough comparable properties on the market for sale. Strategies to give an edge over the competition involve beating or trying to limit the competition. For buyers, this can be done the following ways:
Placing an offer on the first day of a listing – Since most buyers need to think for a while, faster-acting buyers can snap up the best deals before other buyers drive up the price with competing offers. Many are unaware that California buyers are under no obligation to complete the transaction until weeks later after they sign off on all contingencies. Placing an offer on the first day of a new listing gives the winning buyer the advantage, while still giving several weeks to ensure they made the right decision thanks to the standard contingencies that protect the buyer’s deposit. | JUST LISTED
Pocket Listings – Even better than placing an early offer on a new listing, grabbing a property before it is listed for sale allows prepared buyers to get the best deals before other buyers even know about the home. Some sellers allow buyers to place offers on properties before they are listed on the MLS. These off-market or unlisted homes present an excellent way to avoid competing with other buyers, and can offer great place to find a better deal on an amazing home. | DETAILS
Escalation Clause – Helps buyer to keep price lower by raising the price automatically only if other buyers offer more. This automatic negotiation is sometimes embedded in the buyer’s offer.
Sellers want to use little known techniques to attract more buyers to help drive up the price. Sellers want to get top dollar, quickly with the least amount of hassle. This is best accomplished by lining up in advance thousands of potential buyers in waiting, while also maximizing the marketing to ensure that all potential buyers know about the property before and during the time when it is listed. #tipsandtricks
Seller Tricks:
Buyers in Waiting attracts thousands of buyers in advance by offering valuable free information
Staging – Sellers use unique interior design, decor and psychological decluttering make the property look more valuable and tempting
24-Hour Talking Ads – A toll-free number with free recorded information attracts buyers to call for info without being bothered by an agent.
Talking House Technology – Home buyers hear recorded property information on their smartphone.
Exclusive City-wide Buyer Agents Network – Closer real estate proressional relationships bring in more qualified buyers faster
Expanded syndication – For sale listing feeds to more than 550 real estate websites.
Photography – captures more of the home with a special lens, enhanced lighting as well as digital enhancement of the brightness, contrast and color.
Every Day Open House – Attracts more buyers because they feel more comfort and convenience.
Reverse Offer – Rather than waiting for an offer that may or may not come, the seller sends formal offers to the most qualified buyers who have inquired about the home.
Guaranteed Sale – The seller does not need to wonder or worry about whether the home will sell for the desired amount. The sale, amount and timing are guaranteed in writing. The buyer may place an offer that is not contingent on a loan. | DETAILS
Timing and pricing – Homes sell for the highest price within the first ten days on the market. The most successful sellers make sure that the asking price is perfectly optimized to take advantage of that.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.