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Winter Home Sellers More Likely to Find Serious Buyers

When it comes to the best season for home sales, winter home sellers are more likely to find serious buyers. Most people commonly believe spring is the most ideal season for home sales. As a result, sellers often wait until spring arrives to consider listing their home for sale.

Home sales during summer and fall lead to a reduction in market inventory. Sellers who wait for spring to place their home on the market further reduce the number of homes for sale in the winter months. As a result, winter home sellers gain a clear advantage. Less homes on the market allows their home to have greater visibility among serious buyers.

5 Specific Advantages for Winter Home Sellers

Beyond less competition from other homes, there are 5 specific advantages for winter home sellers:

1. Buyers in winter are serious buyers

Many people enjoy winter for its snow-filled beauty and wide range of outdoor sports such as ice skating, skiing, and sledding. However the season is also known for several major holidays, unpredictable and sometimes caution-producing weather, travel, and year-end work commitments. Only serious buyers would be looking for a home during this season. Buyers who make an appointment to see your home are not window shopping for homes as spring buyers often do. Rather, they are specifically interested in your home and its amenities. Winter home sellers can be assured that buyers truly want to purchase in the near term. Many times these serious buyers are relocating to take a new job or transferring to a new location with their current company.

2. Days on the market are less of a concern to serious buyers

Some home buyers use the number of days a home is on the market as an indicator. This indicator could mean any of several things, such as:

  • Condition of the home and property is not comparable
  • Location of the home is not desirable
  • Pricing compared to other homes on the market is not consistent
  • Seller does not have motivation to sell or is hard to work with

However, days on market is less concerning to serious buyers in winter. For example, winter home sellers whose home has been on the market since fall may benefit from buyer’s interest in working with sellers who are fully intending to sell.

3. Realistic decisions on pricing are easier to make during winter

Winter home sellers have an advantage when listing their home. Comparable homes on the market since the summer and fall seasons provide an excellent guide for realistic pricing. These home sellers often have adjusted their pricing to be consistent with or slightly below recent sales. This in turn will help them attract the right buyers looking for homes like theirs. Realistic pricing decisions for winter home sellers are easy to make by reviewing comparable homes.

4. Sellers who need to buy face less competition as they search for their new home

While buyers are searching for homes, winter home sellers gain from having less inventory for their home to compete with. At the same time, if those sellers need to buy a home, they also benefit from having less buyers to compete with. Sellers who must also buy have an advantage since winter holds down excess competition from other buyers. If they are the only ones looking at a specific home, chances are good that their offer will be taken seriously.

5. Spring season is just around the corner, just in case more buyers are needed

Some winter home sellers may not sell their home before spring arrives. The arrival of spring usually brings many more buyers into the market, including more families with children who want to plan moves during the summer. More buyers coming into the market means there will be more views of the home listing and perhaps more visits to the home. Winter home sellers may be seen as especially motivated to sell. As a result, homes should be freshened for the new season, and pricing should be reviewed to determine if it is still comparable or if adjustments must be made.

What Should Winter Home Sellers do?

Winter home sellers should consider placing their home on the market. Those who are able to do so benefit from serious buyers, less competition, and the ability to have their home ready to sell early in spring if they have not yet sold. Something to keep in mind is that a few markets exhibit stronger buying patterns during the winter season. Scottsdale, Arizona winter home sellers often experience the best home sale outcome by listing their home for sale in January.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients and their transferees with real estate needs when it comes to relocation. We can help your company understand how to obtain the best advantage for home sales and purchases, whether selling a home during winter as part of a relocation by leveraging the GMS Buyer Value Option (BVO) program, or buying from winter home sellers in a new location.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Learn best practices for winter home sellers from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

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Categories
Buy a Home Home Purchase

Los Angeles Housing Options for Relocating Employees: Part 1, Condominiums

Many of Global Mobility Solutions’ clients want to know about the Los Angeles housing options for their relocating employees. Los Angeles is a top destination for relocations. The city is also large in size as well as population, so knowing Los Angeles housing options is a priority for transferees and their families.

Los Angeles Facts

  • City limits consist of 469 square miles
  • Population is approximately 4 million residents
  • Density of population is around 8,500 people per square mile
  • Los Angeles Metropolitan Area population is approximately 13 million residents
  • The city is part of the “Southland” region with an estimated population of 18 million residents

Highlights of Los Angeles

Economy

Los Angeles is one of the most substantial economic engines within the US, with a diverse economy in a broad range of professional and cultural fields. A global city, it has been ranked 6th in the Global Cities Index and 9th in the Global Economic Power Index. The Los Angeles combined statistical area also has a gross domestic product of $881 billion (as of 2017).

Film and Television Industry

Los Angeles is the center of the nation’s film and television industry. Near its iconic Hollywood sign, studios such as Paramount Pictures, Universal, and Warner Brothers offer behind-the-scenes tours. On Hollywood Boulevard, TCL Chinese Theatre displays the handprints and footprints of famous celebrities, the Walk of Fame honors thousands of luminaries, and vendors sell maps to the homes of movie stars.

Lifestyle

Santa Monica, located west of downtown, has beautiful beaches and a vibrant nightlife. The beach is fringed by Palisades Park, with views over the Pacific Ocean. Santa Monica Pier is home to the Pacific Park amusement park, historic Looff Hippodrome Carousel, and Santa Monica Pier Aquarium. Hollywood, the home of the film industry, has music venues like the Hollywood Bowl, and Dolby Theatre, home of the Oscars.

Downtown Los Angeles has a number of excellent restaurants, museums, concert venues, sports arenas, and five-star hotels. Local favorite destinations include the Getty Center, The Grove, Griffith Park, and Olvera Street. Los Angeles was home to the Olympic Games in 1932 and 1984. It will host the Olympic Games a third time in 2028.

What are the Los Angeles Housing Options?

With all that Los Angeles has to offer, demand for housing is high. The city and the surrounding area offer many choices for housing, depending on location, interests, and preferences. Because the city is so large and diverse, there are a number of Los Angeles housing options for transferees to consider. These options include condominiums, single family houses, and apartments.

GMS spoke with Erik R. Brown of Douglas Elliman Real Estate, Realtor®, TV host, speaker, and author of “One in a Million: Everything You Need to Know to Find the Best Realtor®.” Erik agreed to share his industry knowledge and market expertise on Los Angeles housing options for relocating employees.

In part 1 of a 3 part series, Erik shares his 10 tips for buying a condominium in Los Angeles. Erik has published “Essential Tips to Buying or Selling a Condo in LA,” a helpful guide for relocating employees to learn more about Los Angeles housing options for condominiums.

Los Angeles Housing Options: Condominiums

10 Tips for Buying a Condominium in Los Angeles

  1. Determine whether a condominium is the “right fit” since you will be close to neighbors, maintenance of shared amenities is done for you, and you must comply with association rules and regulations.
  2. Hire a real estate agent who has experience buying and selling condominiums. They will know how to guide relocating employees through the process and ensure important documents are included.
  3. Obtain financing for the purchase. For buyers using a Federal Housing Administration (FHA) loan, they need to confirm the community is on the approved list. FHA usually requires 80% of units in a building to be owner-occupied.
  4. Confirm what the condominium includes, such as reserved parking, storage, and guest parking.
  5. Know how much the association fees will cost each month.
  6. Determine what the association fees include, such as shared expenses for maintenance of amenities, landscaping, and insurance.
  7. Review the association’s rules and regulations, especially with respect to pets, rental restrictions, and quiet hours for the community.
  8. Inquire about any planned special assessments that might be required for projects such as a roof replacement.
  9. Research the maintenance and management company, and determine the appropriate contacts for any issues. The company should be responsive and actively engage in enforcing the rules and regulations.
  10. Think about your future plans, as condominiums typically do not appreciate in value as much as a single family home. If you plan to remain in the condominium for up to ten years, your experience will be different than if you plan to remain only a few years.

What Should Employers do About Los Angeles Housing Options?

Employers should share the Los Angeles housing options with their relocating employees. This will help transferees and their family members learn about the housing market in the city. As a result, relocating employees will have valuable information to help them find housing that works well for their own needs, as well as for family members.

Employers should also provide as much information about the new location as possible. They should work with a qualified and experienced Relocation Management Company (RMC) that can provide many useful resources to assist relocating employees and their family members. Destination spotlights that highlight many aspects of a location are helpful reference materials to share with transferees during their pre-decision process. Video destination spotlights are a great resource to visually show employees and their family members their new location.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to identify and share valuable information with transferees. Our team can help your company share helpful information on Los Angeles housing options that will give transferees peace of mind as they go through their relocation process.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation™ technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s need for Los Angeles housing options to share with your transferees, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

Categories
Talent Mobility

What are the Top 5 Questions a Realtor® Asks Relocating Employees?

Realtor shows a couple a home. The realtor shows them the home's large living and kitchen area. The couple is expecting their first child.

Many of Global Mobility Solutions’ clients want to help transferees know what to expect when a Realtor® asks relocating employees questions about their real estate needs. Many transferees are relocating to a new location and will then search for a new home to purchase. Transferees often move to a location they know very little about. Most relocating employees and their families have a number of questions about the new location as well as all aspects of the home purchasing process.

Many companies may not understand why it is in their best interest to encourage transferees to buy instead of rent. They also may not know how to leverage programs such as Buyer Value Option to save money and help their relocating employees focus on their new position. Relocation Management Companies (RMCs) can provide a number of helpful resources for transferees and their families. These resources may include career support for spouses and partners. 65% of Corporate Relocation Survey respondents indicate that spouse and partner employment frequently or nearly always directly affects an employee’s relocation. By providing helpful resources for spouses and partners, RMCs help promote successful relocations.

GMS spoke with Erik R. Brown of Douglas Elliman Real Estate, Realtor®, TV host, speaker, and author of “One in a Million: Everything You Need to Know to Find the Best Realtor®.” Erik agreed to share the top 5 questions a Realtor® asks relocating employees when they meet to discuss their real estate needs.

Top 5 Questions a Realtor® Asks Relocating Employees

Question #1: What is Most Important in Your Home Decision?

Erik notes that real estate buyers often have various goals with respect to their home decision. Many buyers want to invest well, as real estate is often the largest investment someone will make in their lifetime. Other buyers may be thinking of their family needs, both now and into the future. It is important for growing families to have a home large enough to fit their needs. Some buyers want to purchase a home that is near to things they like, such as neighborhood parks, commuter rail lines, or water features such as rivers, lakes, and oceanfront.

This question helps a Realtor® understand the primary objectives of the buyer. Answers to Question #1 provide a Realtor® with valuable information as to what the buyer’s primary objectives are for their new home. As a result, a Realtor® can more easily identify specific homes that meet the buyer’s goals, needs, and objectives. When a Realtor® asks relocating employees what is most important in their home decision, the answers provide a framework to help guide the home buying process.

Question #2: What are the Logistics of Your Home Purchase?

Once the Realtor® asks relocating employees the primary objectives for their home decision, it is time to hone in on the basics. Erik states that a Realtor® needs to understand the home buyer’s basic wants and needs with respect to the dwelling. Answers to this question helps a Realtor® determine the homes that qualify according to the buyer’s specifications. As a result, the Realtor® will have a good understanding of what the home buyer would like to see.

Major Logistics of Home Purchase Include:

  • Price Range
  • Location (Los Angeles)
  • Number of Bedrooms
  • Number of Bathrooms
  • Square Footage
  • Style of Home (Ranch, Split-Level, Colonial, Mid-Century Modern)
  • Desired Amenities (Garden, Pool, Fireplace, Garage, Storage Room, Patio)

Additional Logistics of Home Purchase That Are Helpful to Know if Important to Buyer:

  • City Preference (Pasadena, Malibu, West Hollywood, Los Angeles proper)
  • Neighborhood Preference (Quiet Suburb, Bustling Downtown, Seaside Enclave)
  • Distance to Work (Walking Distance, Train Ride, 20 Minute Drive)

Question #3: What do You Like to do Inside the Home and Outside the Home?

When a Realtor® asks relocating employees what they like to do inside the home and outside the home, answers provide clarity for types of neighborhoods and areas. Erik strongly believes that understanding a home buyer’s lifestyle is critically important to help a Realtor® locate areas and neighborhoods that will provide the best fit for the buyer. A few examples:

  1. Home buyer likes to hike; Realtor® helps find a home near trails, parks, and mountains.
  2. Nightlife is important to the home buyer, since they play guitar in a band; Realtor® helps find a home near music venues and entertainment spots.
  3. Spouse is an artist and maintains an in-home studio; Realtor® helps find a home that offers a lot of natural light and room for the spouse to set up their art studio.

Question #4: What is Your Timing?

Buying a home is a major decision for most home buyers. Erik knows that relocating employees often have a specific timeline to meet their employer’s start date expectation.  As a result, working within and understanding these timelines helps a Realtor® provide relocating employees with the best service.

Question #5: What is Most Important in Your Home Buying Experience?

A Realtor® asks relocating employees what is most important in their home buying experience so they can tailor it to meet the home buyer’s expectations. Erik is keenly aware that relocating employees may be experiencing times of exhilaration as well as times of stress. With so many moving parts in the relocation process, effective planning and superior organization are key Realtor® strengths. Answers to this question often show that home buyers want a great home as well as the following:

Erik notes that home buyers are looking for a true professional to take care of them. Thankfully, this is where a Realtor® comes in. They have the knowledge, experience, and credentials that prove their expertise in the home buying process and the real estate market.

What should employers do about the Questions a Realtor® asks relocating employees?

Employers with transferees who are moving to a new location should share the questions a Realtor® asks relocating employees. This will help transferees and their family members prepare to respond with information. As a result, this information will help the Realtor® assist them with their new home purchase.

Employers should also provide as much information about the new location as possible. They should work with a qualified and experienced Relocation Management Company (RMC) that can provide a wealth of valuable resources to assist relocating employees and their family members. Destination spotlights that highlight many aspects of a location are helpful resources to share with transferees during their pre-decision process. Video destination spotlights are a great resource to visually show employees and their family members their new location.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to communicate the questions a Realtor® asks relocating employees. Our team can help your company share helpful information that will give transferees peace of mind as they go through their relocation process.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s approach to sharing the questions a Realtor® asks relocating employees, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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