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Questions You May Have About Selling Your House in Los Angeles and Beverly Hills, CA

Questions You May Have About Selling Your House in Los Angeles and Beverly Hills, CA

By Christophe Choo Posted May 23, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Real Estate Articles, What I'm Reading

Questions You May Have About Selling Your House in Los Angeles and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert

There’s no denying that mortgage rates are having a big impact on today’s housing market. This may leave you with some questions about whether it still makes sense to sell your house and make a move, especially in high-demand areas like Los Angeles and Beverly Hills.

Here are three of the top questions you may be asking – and the data that helps answer them.

1. Should I Wait To Sell?

If you’re thinking about waiting to sell until after mortgage rates come down, here’s what you need to know: so are a lot of other people. While mortgage rates are forecasted to decrease later this year, waiting could mean more competition from other buyers and sellers who jump back into the market at the same time. As Bright MLS says:

“Even a modest drop in rates will bring both more buyers and more sellers into the market.”

In the luxury real estate markets of Los Angeles and Beverly Hills, this increased competition could drive prices up even further and create multiple-offer scenarios when you buy your next home.

2. Are Buyers Still Out There?

Despite some holding off, there are still plenty of buyers active today. The ShowingTime Showing Index measures how frequently buyers are touring homes. The graph below shows buyer activity for March (the latest data available) over the past seven years:

[Insert Graph Here]

You can see that while demand has dipped since the peak years, it remains strong compared to the last normal market years (2018-2019). This indicates that demand is still high, especially in desirable areas like Los Angeles and Beverly Hills, meaning there’s still a robust market for your house.

3. Can I Afford To Buy My Next Home?

If you’re worried about affording your next move with today’s rates and prices, consider this: you probably have more equity in your current home than you realize. Homeowners have gained record amounts of equity over the past few years, which can make a big difference when buying your next home.

In the high-value markets of Los Angeles and Beverly Hills, this equity might allow you to be an all-cash buyer, avoiding the need for a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“Those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”

Bottom Line

If you’ve had these three questions on your mind and they’ve been holding you back from selling, this information should help clarify the current market dynamics. A recent survey from shows that more than 85% of potential sellers have been considering selling for over a year. Many of those who decided to sell wish they’d done so sooner.

If you want to discuss any of these questions further or need more information about selling your home in Los Angeles or Beverly Hills, let’s connect.

Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value

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