Now’s the Perfect Time to Upgrade to Your Dream Home in Los Angeles and Beverly Hills, CA
Now’s the Perfect Time to Upgrade to Your Dream Home in Los Angeles and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
If you've been thinking about upgrading to a larger, more luxurious home in Los Angeles or Beverly Hills, you're not alone. A recent Inman survey highlights that the desire for more space or an upgraded home is a top motivator for today’s homebuyers. Whether it’s trading up for more square footage, better amenities, or an upscale neighborhood like Beverly Hills or Bel Air, now might be the ideal time to make that move.
Like many, you might have held off due to recent market challenges, especially with rising costs. However, two key factors make now a great time to upgrade: rising equity and favorable mortgage rates.
Leverage Your Equity for an Upgrade
Home prices in Los Angeles, Beverly Hills, and other prime markets have consistently appreciated over the years, boosting homeowner equity. According to CoreLogic, homeowners are sitting on an average of $315,000 in equity, which is significantly higher than just a few years ago. In hot markets like Beverly Hills and Westside LA, your equity is likely even higher, allowing you to use it as a large down payment on your next luxury home.
With so much equity in your current property, moving up to a bigger home in areas like Holmby Hills, Pacific Palisades, or Brentwood becomes much more affordable. Your real estate agent can provide a detailed equity assessment and help you understand how you can use it to your advantage in today’s competitive market.
Mortgage Rates Are Trending Down, Expanding Your Buying Power
Mortgage rates have recently started to drop, making your dream home more attainable. In luxury markets like Beverly Hills, where properties often come with higher price tags, lower rates can make a significant difference in monthly payments. According to NAR’s Nadia Evangelou, reduced rates give buyers more flexibility, allowing you to consider properties you may have previously thought were out of reach. Whether it's a contemporary mansion in Bel Air or a Mediterranean estate in the Hollywood Hills, you may now be able to stretch your budget and secure the home of your dreams.
Why Wait? The Time to Act Is Now
The combination of rising equity and falling mortgage rates is creating a unique window of opportunity for buyers in Los Angeles and Beverly Hills. If you’ve been dreaming of a larger home or a property with more amenities in LA’s most desirable neighborhoods, now is the time to act.
To make the most of the current market and explore options that align with your budget, let's connect. I’ll help guide you through every step of the buying process, ensuring you make the best decision for your next move.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value
