We’re in a Sellers’ Market. What Does That Mean in Los Angeles and Beverly Hills, CA? | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
We’re in a Sellers’ Market. What Does That Mean in Los Angeles and Beverly Hills, CA?
If you're considering selling your home in Los Angeles or Beverly Hills, CA, now is an opportune time to do so. The housing market is experiencing a sellers' market, which means that conditions are favorable for homeowners looking to sell.
The latest data from the National Association of Realtors shows that the housing supply in the US is still astonishingly low, with a 2.6-month supply of homes at the current sales pace. This means that there are not enough homes available for active buyers, leading to increased competition among purchasers and upward pressure on prices.
This situation is particularly relevant in cities like Los Angeles and Beverly Hills, where housing inventory has been declining steadily over the years. With high demand for homes in these areas, sellers are in a prime position to negotiate deals that meet their ideal terms.
According to Lawrence Yun, Chief Economist at NAR, "Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties." This means that if you list your house in Los Angeles or Beverly Hills right now in good condition and at the right price, it could get a lot of attention from competitive buyers.
In a sellers' market, there are still buyers who are ready, willing, and able to purchase a home. If you're a homeowner in Los Angeles or Beverly Hills ready to make a move, listing your house now will maximize your exposure to serious, competitive buyers. So, let's connect and discuss how to jumpstart the selling process.