As the agents at OMNI Homes will tell you, in the ever-evolving and competitive Los Angeles real estate market, selling a luxury home requires more than just a "For Sale" sign. The right approach can significantly impact the sale's success, from understanding market dynamics to presenting your home in its best light. This comprehensive guide by your friends at OMNI Homes offers essential tips for those preparing to sell a home in Los Angeles.
Understanding the Los Angeles market
With over 17 years of experience in real estate, Sergio Flores has plenty of insight into what drives home sales in Greater Los Angeles. Read on for a summary of the latest market conditions in LA.
Market research
Your successful sale starts with a detailed understanding of the current trends in the Los Angeles real estate market. This includes analyzing the pricing, the average time homes stay on the market, and buyer demographics.
As of September 2023, the Los Angeles real estate market remains resilient despite challenges posed by high interest rates. The median sold price for existing single-family homes in Los Angeles County was $914,640, reflecting a 3.7% month-to-month increase and a 2.6% rise from the previous year. However, there was a 4.5% month-to-month decrease and an 18.3% year-to-year drop in sales. The Southern California region reported a median sold price of $820,000 for the same period, with a 1.2% month-to-month decrease and a 4.7% year-over-year surge, though sales experienced significant declines​​.
The latest data from OMNI Homes suggests that Los Angeles County is a seller’s market with 2.7 months of supply available — much better than zero but still short of what is needed for a balanced market. This limited inventory continues to exert upward pressure on home prices​​. The market is projected to maintain its upward trajectory in terms of costs, influenced by factors like economic stability and government policies. Buyers should be prepared for potential bidding wars, while sellers are advised to price their properties competitively​​.
In August 2023, the median listing home price in Los Angeles County was $987.5K, a significant 11.2% year-over-year increase, and the median home sold price was $860K, highlighting a strong pricing trend​​. Homes sold for approximately 100.05% of the asking price on average, indicating a market favorable to sellers​​.
In summary, the market for Los Angeles real estate is poised for growth, and the forecast indicates an upward trend in home values, presenting a favorable outlook for prospective sellers and a competitive market for buyers​​.
As of September 2023, the Los Angeles real estate market remains resilient despite challenges posed by high interest rates. The median sold price for existing single-family homes in Los Angeles County was $914,640, reflecting a 3.7% month-to-month increase and a 2.6% rise from the previous year. However, there was a 4.5% month-to-month decrease and an 18.3% year-to-year drop in sales. The Southern California region reported a median sold price of $820,000 for the same period, with a 1.2% month-to-month decrease and a 4.7% year-over-year surge, though sales experienced significant declines​​.
The latest data from OMNI Homes suggests that Los Angeles County is a seller’s market with 2.7 months of supply available — much better than zero but still short of what is needed for a balanced market. This limited inventory continues to exert upward pressure on home prices​​. The market is projected to maintain its upward trajectory in terms of costs, influenced by factors like economic stability and government policies. Buyers should be prepared for potential bidding wars, while sellers are advised to price their properties competitively​​.
In August 2023, the median listing home price in Los Angeles County was $987.5K, a significant 11.2% year-over-year increase, and the median home sold price was $860K, highlighting a strong pricing trend​​. Homes sold for approximately 100.05% of the asking price on average, indicating a market favorable to sellers​​.
In summary, the market for Los Angeles real estate is poised for growth, and the forecast indicates an upward trend in home values, presenting a favorable outlook for prospective sellers and a competitive market for buyers​​.
Know your audience
Luxury homes in Los Angeles appeal to diverse buyers, from entertainment industry professionals to international investors. Tailoring your selling strategy to attract the right audience is crucial.
Preparing your home for sale
By working closely with clients, agent Mattew Alimena of OMNI Homes knows there are many components of luxury home sales, each as pressing as the last. For example, here is how OMNI Homes stages a house before putting it on the market.
Professional home staging
Professional home staging is critical in selling your home, especially in markets like Los Angeles. This process involves strategically arranging furniture, decor, and accessories to showcase a property’s best features and potential. Here’s why professional staging is essential and how it can impact the sale of your home:
- Creating an emotional connection: Staging helps potential buyers visualize themselves living in the space. By creating a warm and inviting atmosphere, staging can evoke an emotional response that can influence a buyer’s decision.
- Highlighting key features: A professional stager can accentuate the best aspects of your home, whether it’s a spacious living room, a cozy fireplace, or natural light. By drawing attention to these features, staging can help set your property apart from others in the Los Angeles market.
- Neutralizing the space: Stagers often use neutral colors and décor to create a broad appeal. This neutrality helps buyers focus on the property rather than being distracted by personal items or specific design choices.
- Improving online presentation: Since most homebuyers start searching online, photos of a staged home can stand out in listings. Staged homes often photograph better, offering a more attractive and professional appearance in online listings.
- Addressing flaws: Professional staging can also help minimize the impact of any flaws in the property. For example, the right furniture placement can draw attention away from an awkward layout or small spaces.
- Boosting sale potential: Studies have shown that staged homes sell faster and command higher prices. This edge can make a significant difference in a competitive market like Los Angeles.
- High-quality photography and videography: Invest in professional photography and videography to showcase your home's best features. This is especially important in the digital age, where most buyers begin their search online.
Pricing your home
OMNI Homes will set a competitive price for your home based on market research and comparative analysis. In our experience, overpricing can lead to a longer time on the market. Additionally, you should be prepared for negotiations. Flexibility can be vital to closing a deal in the Los Angeles market.
Marketing your home
In today’s digital world, an effective online presence is crucial. This includes listing your home on popular real estate websites and social media platforms. OMNI Homes employs targeted marketing strategies to reach potential buyers. This can include direct mail campaigns, exclusive open house events, and advertising in relevant publications. As our client, you also stand to benefit from your agent’s network, whether working with Sergio Flores, Matthew Alimena, or Emmanuel Santiago.
The role of a real estate agent
Partner with a real estate agent with expertise in selling luxury homes in Los Angeles. Their experience and local market knowledge are crucial for a successful sale. Discuss and agree on a comprehensive marketing plan with your agent. This should cover all aspects of selling your home, from staging to closing.
Legal and financial considerations
With OMNI Homes, you will be apprised of all the legal requirements for selling a home in Los Angeles, including disclosure obligations and tax implications. It will be more straightforward to estimate the financial aspects of selling your home, including the costs of selling, tax implications, and your next home purchase.
Closing the sale
Good negotiation skills are essential for a real estate agent who can ensure you get the best possible deal. Finally, familiarize yourself with the closing process. This includes understanding the timeline, required documentation, and closing costs.
Post-sale considerations
Selling a home in Los Angeles, especially in the luxury segment, requires a strategic approach, attention to detail, and a deep understanding of the market. By following these tips (courtesy of OMNI Homes), sellers can enhance their chances of a successful and profitable home sale.
For those seeking to sell their luxury home in Los Angeles, Sergio Flores, Matthew Alimena, and Emmanuel Santiago at OMNI Homes offer unmatched expertise and personalized service. With a deep understanding of the Los Angeles luxury market and a commitment to achieving the best outcomes for their clients, OMNI Homes is the ideal partner for your real estate journey.
Reach out to OMNI Homes for professional guidance and support in successfully selling your Los Angeles home or exploring surrounding areas, such as Los Feliz real estate or Silver Lake condos.
For those seeking to sell their luxury home in Los Angeles, Sergio Flores, Matthew Alimena, and Emmanuel Santiago at OMNI Homes offer unmatched expertise and personalized service. With a deep understanding of the Los Angeles luxury market and a commitment to achieving the best outcomes for their clients, OMNI Homes is the ideal partner for your real estate journey.
Reach out to OMNI Homes for professional guidance and support in successfully selling your Los Angeles home or exploring surrounding areas, such as Los Feliz real estate or Silver Lake condos.
