Navigating the Home Buying Market in Los Angeles and Beverly Hills, CA this Spring
Navigating the Home Buying Market in Los Angeles and Beverly Hills, CA this Spring | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
The real estate market in Los Angeles and Beverly Hills, CA has always been highly competitive, and the current housing shortage has only added to the challenge. According to the Monthly Housing Market Trends Report from realtor.com, there are still fewer homes available to buy on a typical day than there were before the pandemic in 2017 to 2019. However, with more homes for sale now than there were at this time last year, there is some relief for homebuyers.
If you're planning to buy a home this spring, it's important to balance your wants and needs. With limited options on the market, you'll need to consider what's essential versus what's nice-to-have. The first step in this process is to get pre-approved for a mortgage. This will give you a clear understanding of what you can afford and help you avoid falling in love with a home that's out of your reach.
Once you have a good grasp on your budget, it's time to prioritize the features you want and need in a home. One effective way to do this is by categorizing them into Must-Haves, Nice-To-Haves, and Dream State. Must-Haves are the features that are essential for your lifestyle and without which a house won't work for you. Nice-To-Haves are the features you'd love to have but can live without. And Dream State features are the ones that are not necessary but would be a bonus if you find a home that has them.
After creating your list, discuss it with your real estate agent. A local agent who knows the market well can help you refine the list further and coach you through the best ways to stick to it. They'll also be able to find a home in your area that meets your needs.
In conclusion, while the current housing shortage in Los Angeles and Beverly Hills may make it challenging to find your dream home, it's not impossible. By balancing your wants and needs, getting pre-approved for a mortgage, and working with a knowledgeable agent, you can successfully navigate the home buying market this spring.