According to a recent study from Zillow, the national average for the best time to list is between May 1st through 5th. However, when it comes to specific coastal markets, such as New York, Miami, and Los Angeles, the optimum time to sell varies. Though springtime is known to be the busy season for real estate, L.A.’s market deviates from the national average.
The Best Month to Sell Real Estate in Los Angeles Is…
In that same study, Zillow reports that April is the best month to sell real estate in Los Angeles–more specifically from April 16th to April 30th. Homes in April and the following spring months tend to sell faster and for more money. However, that’s not to say that L.A. homes do not perform well before or after April. Home sales in Los Angeles are still high in May, but they peak in the latter half of April.
Why Is April So Different?
A few factors contribute to an active market in April. The first reason has to do with the school year. Buying homes in April is common for those who want to be moved in before the new year. This is especially common in neighborhoods surrounding larger universities like UCLA’s Brentwood and Beverly Hills and USC’s South Los Angeles. Families tend to move in the spring so that they can vacation during July and August and return in September—just in time for the school year.
Another reason homes sell faster in April is because of the clear weather. This is especially true for buyers who are moving to L.A. from other parts of the country. There isn’t anything more frustrating than trying to move all of your possessions in the midst of a thunderstorm or snowstorm. No matter how neatly and protectively you’ve packed your items, poor weather can delay moving and make it an absolute nightmare. When the weather is clearer, home buyers lower their risk of damaging their possessions during the moving process. Transportation during the spring is also safer, as the roads and highways are free from sleet or rain water.
Weather also affects the L.A. market for the sheer fact that homes look better during the spring. The picturesque weather, fully blooming gardens, and sunlight make homes appear more appealing to buyers. Showing a home when it rains or in the sweltering heat will reflect poorly on a home and detract from its desirability.
Reasons to Sell in Spring 2017
With the federal reserve’s recent decision to raise interest rates, buying sooner rather than later is wise. Although interest rates are still at a historic low compared to previous years, it is best for sellers to take advantage of lower interest rates earlier in the year before the predicted hikes later in 2017.
Another reason to sell this spring is because of the economy’s burgeoning health. Since the market is steadily riding an upswing from 2008’s recession, many are looking to gain a foothold in the market before it begins to move even faster. Gauging the perfect time to buy and moving with swift momentum are going to be the keys to gaining advantage in L.A.’s real estate in the coming years.