Buyers in L.A. and Beverly Hills, CA: The Best Time To Sell Your House Is When Others Aren’t Selling
Buyers in L.A. and Beverly Hills, CA: The Best Time To Sell Your House Is When Others Aren’t Selling | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
If you're thinking about selling your house in Los Angeles or Beverly Hills, you should know that the number of homes for sale right now is low. That's because, this season, there are fewer sellers listing their houses for sale than the norm in these high-demand areas.
Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market. In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April. This trend is evident in Los Angeles and Beverly Hills, where the competition for housing is particularly fierce.
While there are several factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It's called rate lock.
As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they're waiting for rates to come down. However, this wait-and-see approach could create an opening for more eager sellers to jump in now.
If your current house in Los Angeles or Beverly Hills truly doesn't fit your needs anymore and you're ready to move, don't miss this chance to stand out. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you can set yourself up to get the most eyes possible on your house. That's why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
"Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties."
If you're thinking about selling your home in Los Angeles or Beverly Hills, now is the time to act. Beat the competition before it comes onto the market, and your house should stand out and could get multiple offers. Let's connect to get you market-ready and take advantage of the low inventory trend in these high-demand areas.