The Big Advantage If You Sell This Spring in Los Angeles and Beverly Hills, CA
The Big Advantage If You Sell This Spring in Los Angeles and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
Are you thinking about selling your home? With the current low supply of homes for sale, now may be the perfect time to put your property on the market. According to HousingWire, active listings hit a new low in 2023, raising the question of whether the seasonal spring increase in inventory is occurring. However, the answer is no, making it an opportune time to sell your house.
The National Association of Realtors (NAR) confirms that today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, around six months’ supply is needed. Anything lower is a sellers’ market. Currently, the number is much lower than six months in most areas, including Los Angeles and Beverly Hills, CA.
Total housing inventory registered at the end of February was 980,000 units, identical to January, and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January, but up from 1.7 months in February 2022.
Low inventory can be advantageous for sellers because there is less competition on the market, giving your property more attention from buyers looking for a home this spring. In areas like Los Angeles and Beverly Hills, where the housing market is highly competitive, having fewer homes for sale can work in your favor.
Since there are significantly more buyers than there are homes for sale, you could receive more than one offer on your house. Multiple offers are on the rise again, creating a bidding war between buyers. As a seller, this gives you greater leverage to sell on your terms. However, to maximize the opportunity for a bidding war, it's crucial to rely on an expert real estate advisor.
Despite being in a strong sellers’ market, the real estate industry isn't the frenzy it was a couple of years ago. Today's buyers are focused on homes with the greatest appeal, such as well-priced, move-in-ready homes with curb appeal in desirable areas. Therefore, it's important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible, especially in cities like Los Angeles and Beverly Hills.
In conclusion, low inventory this spring sets sellers up with a big advantage, making it the perfect time to sell your house. If you're thinking about putting your home on the market, let’s connect today to make sure your house is ready to sell, and you can take advantage of the current market conditions in Los Angeles and Beverly Hills, CA.