By Mallory Quiroa
Haven’t you ever wondered what the true value of your home is? You deserve to receive a professional estimate of your home’s value. Homeowners in Los Angeles are seemingly comfortable in their newly remodeled homes, but could they be sitting on unearned equity? Our five-star broker let us in on real estate valuation and the top five reasons you should sell today.
1. Utilize the last 6 months’ comparables for higher value
Comparables are one of the most effective tools in figuring out your home’s value. With comparables, your home is being compared to the most similar homes within one mile of your own. This helps to determine the worth of your home in real time. Receiving a recent Comparable Market Analysis (CMA) from your agent or broker will generate a fresh perspective for you. You will gain priceless insight that will help you clearly see your individualized next step in home ownership. Dollar signs, anyone?
2. Capitalize on today’s rates before they increase even more.
The right time is now. It’s true that the real estate market is cyclical and for every valley there is a peak. However, you have to think in terms of being the dot on the graph that is on its way up to the peak–in other words, the seller’s market isn’t binary (high vs. low). Capitalizing on your assets in today’s market is your best bet when you’re working with an agent or broker who can close your deal quickly. Rates fluctuate, meaning it’s important for a homeowner to be decisive, yet adaptable.
3. Don’t risk losing your hard-earned equity.
If you’ve lived in your home for a while now, then you can probably guess that you’ve earned a good amount of equity. Recent buyers can also have a significant amount of equity in their home purchase. Building equity isn’t solely dependent upon timing and rising home prices. In fact, mortgage specialists can help you build home equity by constructing an effective mortgage payment plan. There are also things you can do as the homeowner. Have you ever wondered why the most expensive neighborhoods and the most beautiful neighborhoods are always one-in-the-same? Well, your inquisitive logic serves you. Maintenance and curb appeal go a long way when it comes to building up home equity. When you’re ready to sell, you’ll have less to do to make the property more enticing. More importantly, you’ll have most likely created more equity in the home and as a result, can up the asking price.
So you know that you can build up your equity, but that still leaves a lingering question…. What if the market crashes? The prepared homebuyer is the successful homeseller. As mentioned earlier, the market is cyclical, which indicates fluidity. Why not sell your home at its prime to capitalize on the home equity you’ve created? It’s a good idea to pounce on your opportunities rather than to impatiently await them.
4. Trade or exchange into a better location with less market activity for value sustainability.
Sustaining value seems nearly impossible when you get into the nitty-gritty of real estate investing. But we assure you, it’s possible. You’ve heard it before: location, location, location! There is a lot of truth to that phrase. While various factors are reflected in a professional real estate CMA, location and market activity are the most notable.
5. Take an advantage now, while supply is low and demand is high.
We attribute this rule to the basics of economics. Haven’t you ever felt like you just needed to buy that limited edition Starbucks mug, that holiday-scented candle, or even just visited the latest designer pop-up shop? Well there’s a reason you feel so compelled to make these purchases. It’s because there is a limitation on these products (low supply, time-frame, etc.), therefore, the majority of people want to get their hands on them as soon as possible. This is the psychology of the consumer, and buying real estate is no exception.
We’re positively welcoming 2017 with informed minds and fine-tuned intuition. So go ahead, trust your gut and let that ‘for sale’ sign do all the talking.