June 16, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Tips for the home buyer & home seller

With steady gains in employment predicted through 2016 by the highly esteemed UCLA Anderson School of Management as well as lower oil prices and higher wages, more consumers are expected to be enticed to become home buyers. The fact that rents have soared and become less affordable provides further support for more robust real estate transactions between buyers and sellers in the coming year.

So when it comes to listing your home for sale, how do you achieve top dollar?  The single best strategy is to price your property correctly. This typically means pricing your home no more than 15 percent to 20 percent above its current market value. The result is likely a bidding war with the property being bid up above what it is worth.

Of course, a seller must do his or her homework. Educating yourself on recent sales with the guidance of a knowledgeable local broker is the best way to assure the pricing is right. It takes courage to do this, but substantially overpricing a property is a sure fire way to drive potential buyers away and encourage low ball offers.

Major quick fix upgrades in preparation for selling should be avoided. Most buyers have their own personal tastes when it comes to remodeling and decorating.

Upgrades should be limited to those that will enhance your ability to get top dollar. For example, a fresh coat of paint in a light neutral shade is effective as well as minor repairs like closet doors that are difficult to open.

Storage spaces are important so closets should not be packed to the brim. People never have enough storage so creating tidy organized closets with some empty space will be a positive.

Buyers like good light. Trim landscaping and clean windows to allow in natural light.   Whatever you can do to brighten up your home, including increasing the wattage of light bulbs, will help make a home more saleable.

Clutter in a home, including too many personal items detracts from buyers being able to visualize themselves  living there. A professional stager can eliminate clutter, rearrange furniture to maximize space and create the best first impression. An inviting entry with fresh flowers creates a pleasant, welcome feeling. A few tricks of the trade can help make you some extra dollars.

For the home buyer, being informed about recent closed sales is critical. Especially in markets where prices are appreciating quickly, if you lose out to a competing offer, you may not have the opportunity to get a comparable home at as good a price. Extremely low ball negotiations also tend to taint negotiations and can result in a seller refusing to budge.
Generally, the less said directly between a buyer and seller the better.  Keep the negotiations unemotional and professional.

Be sure to include personal items that you want in writing, like washers and dryers.  These are not assumed to be included in the sale price. Making sure that the drapes the buyer loves, but the seller intends to remove are clearly included in the sale can avoid disputes at closing time. It is always best to close with a happy buyer and seller.

For a free courtesy consultation, contact Bess Hochman, a top Westside Real Estate Broker for more than 20 years. Bess is also distinguished by holding a law degree. This article expresses the opinion of the author. You are advised to consult attorneys and others experts specializing in the issues referenced in this article. Contact Bess by phone at 310.291.4111 or email Bess.CenturyCityNews@yahoo.com.

“Bess is a master negotiator!” says Michael Donaldson, attorney and author of “Negotiating For Dummies.”

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