Think Twice Before Waiting for Lower Home Prices: Including Los Angeles and Beverly Hills, CA
Think Twice Before Waiting for Lower Home Prices: Including Los Angeles and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
As the housing market continues to change, potential homebuyers may be wondering where it will go from here. One factor to consider is home prices, which have come down a bit since they peaked last June. However, it's not uncommon to hear news or social media chatter about a potential price crash on the horizon. As a result, some buyers may be holding off on purchasing a home until prices drop significantly. But, that may not be the best strategy, especially in the bustling real estate markets of Los Angeles and Beverly Hills, CA.
A recent survey from Zonda shows that 53% of millennials are still renting right now because they are waiting for home prices to come down. However, data shows that home prices appear to have bottomed out and are on the rise again. This is especially true in markets like Los Angeles and Beverly Hills, where demand for homes and luxury properties is high. According to Zillow, as of March 2023, the median home value in Los Angeles is $970,000, and in Beverly Hills, it's $4.6 million.
Selma Hepp, Chief Economist at CoreLogic, reports that U.S. home prices rose by 0.8% in February, indicating that prices in most markets have already bottomed out. The latest data from Black Knight shows a similar shift in trend. In Los Angeles, home values have gone up 11.6% over the past year alone, and they are predicted to rise another 6.4% within the next year.
So, should you keep waiting to buy a home until prices come down? According to the experts, probably not. The data shows that home prices are increasing in many parts of the country, not decreasing. In fact, the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023.
The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice. In Los Angeles and Beverly Hills, where the market can be competitive, it's especially important to work with a knowledgeable agent who can guide you through the process and help you make an informed decision.
Bottom Line
If you're waiting to buy a home until prices come down, you may want to reconsider, especially in hot markets like Los Angeles and Beverly Hills. Let's connect to make sure you understand what's happening in your local housing market and how to make the most informed decision.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value