Characterized by its many cultural attractions, a plethora of dining and shopping avenues, and a sense of community, Hancock Park is a highly sought-after neighborhood in Los Angeles’s Wilshire area. It provides its residents with a distinct mix of suburban and urban living. It's the ideal location for home buyers looking for all that Los Angeles offers right at their doorstep.
The retail districts in Hancock Park are close, and you'll find anything from high-end designer shops to boutiques all over the area. Enjoy the scenery and lush grassy areas of Harold A. Henry Park on your morning stroll, or check out the free, permanent exhibition galleries in the California Science Center. The many interesting places to visit give home sellers a considerable advantage when selling a home in Hancock Park.
Preparing your Hancock Park home to sell
While most sellers want to sell their home quickly and receive a good-sized profit from it, there's more to the process than luck. It involves carefully planning out every detail and knowing how to professionally prepare your home that convinces home buyers to pull their checkbooks out.
1. Interview real estate agents
There are many complex steps involved in selling a home in Hancock Park. Having a professional real estate agent by your side throughout the process is in your best interest. In 2022 alone, 86% of home sellers
partnered with a realtor to list and sell their homes. However, with over three million licensed real estate agents in the United States, how do you decide which real estate agent is best for you?
Some qualities you should look for in a professional real estate agent include:
- Competency: An expert in the Hancock Park market.
- Communication: Replies clearly and quickly.
- Experience: Negotiates with wisdom and skill.
- Current history of transactions: Sold homes within the last year.
- Secure and legal transactions: Well-versed and educated on updated legal documents.
- Tech savvy: Up to date on the best marketing practices.
The sale of your home in Hancock Park will be one of the most significant financial transactions you make. This is why it's important to partner with a skilled real estate agent, like those with Barrentine Group, to ensure the process goes as smoothly as possible.
2. Determine the value of your Hancock Park home
Whether this is the first or third home you're selling, it's a smart move financially to know the worth of your home. This can help you list it at an accurate price and potentially help you sell it quickly. Assessing your home's value
is another area where seeking the help of a knowledgeable and qualified real estate agent is recommended.
Your realtor will do a comparative market analysis to determine the best composite of your home's value.
3. Improve the value of your home with upgrades
Renovating and remodeling your home will not only help increase the comfort and enjoyment you experience but also improve its value if done properly. A few upgrades
that can help improve the value include a minor bathroom remodel (has an average 102% return at resale), landscaping improvements (have an average 100% return at resale), and a minor kitchen remodel (has an average 98.5% return at resale).
4. Best times to sell your home
Timing the sale of your Hancock Park home can be a factor in how quickly it sells and its profit because of seasonal fluctuations in demand. Many critical local factors, including the weather and the economy, can determine the number of individuals willing to purchase a home — everything has an effect.
When it comes to Los Angeles real estate, it's a seller's market. The supply isn't even close to the demand. So, listing and selling your home shouldn't be too much of a problem. But, if you're looking to get the best price possible, you'll want to ensure you make your home stand out to potential buyers from the rest of the competition.
5. Professional photos and home staging
Staging helps you minimize the negatives of a home and bring out the positives to make the best impression. 82% of home buyers' real estate agents
said staging enabled their clients to visualize properties as their own.
Staging showcases an alluring, move-in-ready home. It helps the buyer experience an emotional connection. Invite style and sophistication, and create a memorable impression with updated, on-trend décor, focusing on the living rooms, kitchens, primary bedrooms, and dining areas.
Selling your Hancock Park home
After preparing your home and getting it ready to list for sale, there are necessary steps to help sell it quicker. There are various components to this selling stage in Hancock Park.
1. Multiple listing service (MLS) listing and digital marketing
Since more home buyers (95%
) are going online to view listings, you need a solid digital marketing strategy to stay competitive. You'll want to optimize your MLS listings with relevant keywords to push them up in the Google search results for virtual tours and open houses.
A detailed property description and high-quality photos are the foundation of any exceptional MLS listing. Gorgeous, high-resolution photos have a good chance of catching online browsers' attention. Use rich media, such as interactive and downloadable virtual tours and floor plans to make your listings stand out.
2. Tips for negotiating cash offers
As a seller, the final decision is yours on which offers you'll accept for your home in Hancock Park. But when they start coming in, you'll want to ensure the offers you receive are strong. You may be tempted to look at the dollar amount of the offers, but there are other things you should be looking at that go into a solid cash offer, including:
- No contingencies.
- A legitimate buyer (the buyer needs to show they have the funds available).
- A closing date that works for you.
- Close to your asking price.
The great thing about cash offers vs. traditional mortgage loan offers is that you get quicker closings. A cash offer allows you to close within a few weeks or less, as opposed to mortgage loan offers that can take a minimum of one to two months. Even so, you'll want to ensure that the accepted offer is worthwhile.
3. The appraisal
A home appraisal is meant to serve the home buyer's lender the most. If a prospective buyer requires a loan to buy your home, the buyer's lender will require an appraisal toward the end of the loan application process to ensure the home is worth its claimed value.
4. Setting up escrow
An escrow account will hold the earnest money during a real estate transaction. This is a portion of the buyer's down payment for the home to show they're serious about buying the property.
5. Paying closing costs
As a home seller, you can typically expect to pay significant closing costs, such as transfer taxes and fees and real estate agent commissions. Closing costs for sellers are around 6% to 10% of the home's sale price
. The closing costs are generally deducted from the proceeds from the house sale unless you have minimal equity.
Frequently asked questions about selling your Hancock Park home
Some common questions home sellers ask include:
How can I get the most money selling my Hancock Park home?
To make the most profit from selling your home, you should understand the total cost, the local trends in your particular market, and the best strategy to achieve your goals.
Is staging my home worth it?
Staging a home before listing helps it stand out during in-person showings and virtual tours and secure a competitive offer faster. The Real Estate Staging Association has data showing that staged homes sell for about $40,000 over the listed price
Can I sell my Hancock Park home without a realtor?
Yes, while you're not legally required to hire a realtor to sell your home in Hancock Park, a professional real estate agent can offer you valuable expertise and resources
to help you save money and time.
What if my home isn't paid off yet?
Having a current mortgage on a home won't keep you from being able to sell it as long as there's sufficient equity to pay it off when you close.
Hire Barrentine Group to sell your Hancock Park home
There are several steps in selling a home in Hancock Park, and it can become a little intimidating to navigate the process on your own. Having a professional real estate team like Barrentine Group
on your side will help streamline the entire process and get your home sold faster. Contact us today to learn more.