Are you planning to sell your property in Los Angeles, USA online in 2017? 2017 may not be a bad time to make the move as home prices in the city have been hitting historic highs recently.
So, there’s every chance that you will get a good price for your property for sale in Los Angeles, USA. Read on for more on the top real estate trends in LA in 2017.
Trend #1: The housing market in LA has never been stronger.
LA’s property market has been on the rise since 2012. Estate agents say that if the property is well priced, one can expect to get multiple bids for it. There’s a lot of momentum in the housing market here and this is only expected to get better over time.
But sellers should not get unrealistic. It is important to set a fair price for their property, as if anything is even slightly mispriced, it is likely to stay on the market for 4 to 6 months.
Trend #2: Interest rates will get higher.
The Federal Reserve hiked interest rates by 25 basis points earlier this week. We expect the Fed to raise the interest rates every quarter in 2017. There is a reason for this.
The new President-Elect Donald Trump has been very critical of the Fed for keeping the interest rates low for so long. So, we expect the Fed to take heed. Also, since interest rates have been at their historic lows for a long time, it’s only fair that they should be raised.
This will certainly have an effect on the housing market in LA. Mortgage rates are expected to get higher and home loans will get more expensive. This can dampen some of the excitement in the market, but not by much.
Trend #3: Turnkey properties are in huge demand.
Home prices have risen so high so fast that buyers would rather bid on a turnkey property or move-in ready homes than on older homes. That’s why, as a seller, you should invest in new flooring, have the house repainted and make a few simple renovations before listing your property for sale.
Trend #4: Homes with character are in demand.
People prefer to buy homes that are a little unique and are no longer so interested in the large, spacious, modern white box apartments that were so popular till a few years ago. They want to buy homes that have a distinct character, that are individualistic and special in one way or another. They want their new home to make them feel warm inside, and hate nothing more than the modern concrete apartments that have no originality or style.
Trend #5: Homes in Eastside and Southside are in demand.
Generally, neighbourhoods in the Eastside and Southside were never all that popular with home buyers in Los Angeles. That’s changing, as prices have risen by so much in the Westside that home seekers are forced to look elsewhere. It also helps that there have been a rash of new developments in these areas, with Eastside neighbourhoods such as the Silver Lake getting a lot of attention.