It’s May in LA: We’re in the heart of buying season

Spring is in full swing, the days are getting longer and this is the best time of year to sell a house! May is statistically is the best month of the year to sell and continues into June. A report just came out in Inman News that in May sellers receive offers that are 5-9% higher than their estimated market value. Higher than any other month of the year!

There are more buyers out this time of year, wanting to be in their new home by the summer and often to get kids settled before starting school in August.  And, there is still low inventory so there are lots of buyers circling, and many homes receiving multiple offers. In case you were wondering: Prices are still going up!

To take advantage of this, sellers should prepare their house to look the best it possibly can to optimize the highest selling price. Buyers will pay more for a done move in ready house.

What do buyers want?

Inside/outside living

As we move into summer the outside spaces are particularly important, especially in southern California, everyone is getting ready to spend time outside. Buyers want seamless indoor /outdoor living–both dining and living areas.

“This year it’s really about making your outdoor space function like an interior space for all things fun, lounging, and entertaining,” says San Diego interior designer Gretchen Kennelly.

Create the perfect outside areas

Use outdoor rugs to anchor the furniture and create the sensation of a room, use mildew and water resistant throw pillows for comfort and warmth. Tall planters of low maintenance grasses or plants can be used to divide spaces, and if there is space a large day bed covered by an umbrella creates luxury and a the feeling of being in a resort!

Whether selling or not, who doesn’t want to have a back yard like that?

Of course if you are remodeling consider installing large Fleetwood sliding glass doors, the home then opens up to the outside and it truly is seamless. Even in the winter when they are closed there is an abundance of light and the view of your new lovely garden area. It not only adds value, but will also make your house sell a lot faster.

Buyers in May: what do you do?

It can be challenging in this market at this time of year. It seems every house has so many buyers clamoring.

Buyers you need to be prepared to make decisions fast as there is a lot of competition.

You really need to know what your priorities are, and what you are prepared to compromise on. Have these clear ideas, and fast decisions will be easier to make.

Price is often the deciding factor on who wins the multiple offer bid, so know your maximum price limit. However terms are also very important, find out what is important to the seller and be flexible to their needs. There are other terms you can offer to make your offer more appealing than other offers ask you agent on ways to do this!

Good luck, it’s getting hot out there!

Caroline Fleck

Caroline Fleck Real Estate Agent

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