Falling out of Love with Your House in Beverly Hills or Los Angeles? It May Be Time To Move.
Falling out of Love with Your House in Beverly Hills or Los Angeles? It May Be Time To Move. | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
Owning a home means having a place that's solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.
Los Angeles and Beverly Hills, California, are two places where homeowners' needs might change, and they may want to consider moving. Both cities are known for their luxury homes, celebrity residents, and lavish lifestyles. However, as people's lives change, so do their needs. For example, parents with children who have moved out may want to downsize, and young couples may want to move closer to work or entertainment options.
According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you've been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn't have to be. Work with a local real estate agent to explore all your options in today's market before settling for your current home.
That's actually what a lot of homeowners are doing right now in Los Angeles and Beverly Hills. A recent survey from Realtor.com finds that, of people who are considering selling in 2023, one in three are thinking about moving because their home no longer meets their needs. And according to the same report from NAR, that's consistent with this year's top reasons for selling, which include:
- Want to move closer to friends or family
- Moving due to retirement
- Home is too small or too large
- Change in family situation
- Job relocation
If things in your life have changed, it may be time to make a move in Los Angeles or Beverly Hills. And there's good news: it's still a great time to sell in these areas. Here's why.
We're in a strong sellers' market in Los Angeles and Beverly Hills. That means homes listed at market value and in good condition are getting attention from buyers and selling quickly. Lean on your expert real estate advisor for the best advice on getting your house ready to sell.
Your equity can power your next move in Los Angeles or Beverly Hills. There's a good chance you have a significant amount of equity right now thanks to record levels of price appreciation in recent years. When you sell, you can use that equity to help afford your next home. In fact, NAR's report from above shows 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one. Work with a local real estate agent in Los Angeles or Beverly Hills to learn how much equity you have and what you can do with it in today's housing market.
Bottom Line
If your home no longer meets your needs in Los Angeles or Beverly Hills, consider selling it so you can find your dream home. Let's connect so you can learn about your options in these luxury markets.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value