3 Compelling Reasons to Move in Today’s Shifting Market
3 Compelling Reasons to Move in Today’s Shifting Market | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
In the dynamic real estate landscape of Los Angeles and Beverly Hills, understanding the current market trends can make all the difference when deciding whether to buy or sell a home. If you're considering making a move, now might be the perfect time. Here’s why:
1. Expanded Inventory Gives You More Choices
One of the most significant changes in the housing market this year is the growing number of homes available for sale. According to recent data, there are 36.6% more homes actively on the market now compared to this time last year. This increase in inventory means you have more options to find the perfect home that suits your needs. Whether you're searching for a modern condo in the heart of Los Angeles or a luxurious estate in Beverly Hills, the expanded selection can help you find a property that truly feels like home.
2. New Builds Offer More Affordability
Builders in Los Angeles and Beverly Hills are motivated to sell, making brand-new homes more attainable than ever. The median sales price for newly built homes is currently $416,400, which is slightly lower than the median price for existing homes at $424,500. This is a rare opportunity in markets like ours, where new constructions often command a premium. If you’ve been dreaming of a new home with all the latest amenities and energy-efficient features, now might be the time to explore these options.
3. Mortgage Rates Are Trending Downward
Another critical factor to consider is the recent trend in mortgage rates. After peaking at 7.79% in October 2023, rates have come down to 6.49%. This reduction makes buying a home more affordable, as it lowers your monthly payments and increases your purchasing power. In high-demand areas like Beverly Hills, where property values are significant, even a small decrease in mortgage rates can make a substantial difference in affordability.
Bottom Line
If you’re ready and able to buy, the current market conditions in Los Angeles and Beverly Hills offer a unique opportunity. With more homes on the market, the possibility of purchasing a new build at a competitive price, and lower mortgage rates, this fall could be the ideal time to make your move. Let’s connect to explore your options and navigate the housing market together.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value