The Best Time To Buy a Home in 2024: Los Angeles and Beverly Hills Edition
The Best Time To Buy a Home in 2024: Los Angeles and Beverly Hills Edition | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
The luxury real estate market in Los Angeles and Beverly Hills is known for its dynamic shifts, and this season presents a unique opportunity for buyers. If you've been waiting for the perfect moment to reenter the market, now might be your ideal time. Realtor.com’s recent analysis suggests that the best week to buy a home in 2024 is right around the corner: September 29 – October 5. Historically, this week strikes the perfect balance between high inventory, reduced prices, and slower market activity, making it favorable for buyers.
Why This Timing Matters in Los Angeles and Beverly Hills
In Los Angeles and Beverly Hills, where luxury homes often range from $5 million to $30 million and beyond, strategic timing can make a substantial difference in securing the best deal. During this optimal buying period, high-end properties may sit on the market longer, giving buyers more leverage in negotiations. In areas like Holmby Hills, Bel-Air, and Trousdale Estates, sellers are more likely to be open to negotiations, especially as buyer demand cools slightly during the early fall months.
Additionally, mortgage rates are playing a pivotal role in enhancing purchasing power. According to Andy Waldenfrom Intercontinental Exchange Inc. (ICE), recent declines in mortgage rates have brought much-needed relief to buyers. With mortgage rates at their lowest in 19 months, buyers in high-end markets can afford more property for their money. This is crucial in upscale neighborhoods where financing luxury estates can be a significant factor in the purchase decision.
Inventory Growth Means More Options in the Luxury Market
Inventory levels in Los Angeles and Beverly Hills have also improved, with a noticeable increase in available homes. Ralph McLaughlin, Senior Economist at Realtor.com, points out that active home listings have grown by 35.8% year-over-year. This inventory growth gives buyers in exclusive neighborhoods like the Beverly Hills Flats and Sunset Strip more options to choose from, whether they're looking for modern architectural estates or historic mansions with a legacy.
More inventory means less competition and more motivated sellers. Luxury homeowners who have had their properties listed for several months are now more likely to negotiate favorable terms to avoid extended time on the market. This creates a "sweet spot" for buyers, as described by Zillow, where sellers are eager to close deals before the year-end, and buyers can benefit from lower interest rates and less competition.
Why You Should Act Now in Beverly Hills and Los Angeles
For those considering buying a luxury home in Beverly Hills or Los Angeles, early fall provides an excellent opportunity to secure a high-end property at a more favorable price. With a combination of elevated inventory, motivated sellers, and lower mortgage rates, buyers are positioned to find their dream home while negotiating the best deal possible.
Whether you're eyeing a sleek modern home in Brentwood or a sprawling estate in the Hollywood Hills, now is the time to take advantage of these ideal market conditions. The sweet spot won't last forever, and buyers who move quickly could find themselves securing a prime luxury property at just the right moment.
Bottom Line
If you're ready to capitalize on this prime buying period in the Los Angeles and Beverly Hills luxury real estate markets, let's connect today. With the perfect balance of lower mortgage rates, increased inventory, and motivated sellers, this fall may be your best chance to find your dream home in one of LA's most desirable neighborhoods.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value