How To Avoid 7 Costly Mistakes When Selling Your HomeWhen you’re getting ready to put your home on the market, there are a number of things to think about, to prepare for, and to
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Housing Outlook for the Rest of 2020
The average home price in Los Angeles County for the first 5 months in 2020 was $472,565 which is an increase of 13.5% percent compared to the average home price for the first 5 months in 2019. On average, sellers are getting 94.4% of the listing price, indicating that demand is high and many sellers are likely getting multiple offers on their homes.
Days on market is defined as the number of days from the time the home is placed on the market until the day the home is placed in the pending status (seller has accepted an offer). The average days on market in the first 5 months of 2020 was only 49 days, indicating homes are selling very quickly in L.A. area.
The months of inventory is defined as the number of months it would take to sell the current inventory if the number of homes sold continued. A lower number means the market is tight and homes are selling fast. 6 months of inventory is considered a balanced market and anything less than 3 months of inventory is considered a strong seller’s market. The May 2020 snapshot indicated there was only a 2 month supply of housing inventory indicating a strong seller’s market.
When Is the Best Time to Sell My home
The best time to sell your home is when the time is right for you. With such high buyer demand all year around, there is no bad time to sell. If we see home prices start to soften, indicated by longer days on market and lower sales price to list price percentages, then you may want to sell your home sooner rather than later. This can indicate the market is slowing down. If we continue to see low days on the market and sellers getting close to or above their list price, this indicates that the market is still strong for sellers. For a market analysis of your home’s value, contact me for a FREE market update and a list of money making fix-ups that can improve the value of your home.