Where Will You Go After You Sell in Los Angeles?

Where Will You Go After You Sell in Los Angeles? | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert

If you’re planning to sell your house in Los Angeles or Beverly Hills and move, you might be concerned about the shortage of available options. Fortunately, the supply of homes for sale has grown in many markets this year, including both existing homes and newly built ones. But how do you decide whether to buy an existing home or a brand-new one? Here’s a breakdown to help you figure out what’s most important for you.

Perks of a Newly Built Home

Here are some benefits of buying a newly built home right now:

1. Brand New Everything: Enjoy never-been-used appliances and materials.
2. Energy Efficiency: Use energy-efficient options to save money and reduce your carbon footprint.
3. Low Maintenance: Minimize the need for repairs and benefit from builder warranties.
4. Builder Concessions: Take advantage of builder concessions that can help with affordability.

In today’s market, many builders are focusing on selling their current inventory before adding more homes. This has led to increased willingness to negotiate and offer concessions to make a sale happen. Interestingly, the median price for a newly built home is currently lower than that of an existing home, which isn’t usually the case. As Ralph McLaughlin, Senior Economist at Realtor.com, shares:

“Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.”

If you’re interested in what nearby builders have to offer, your real estate agent can provide invaluable insights into local builders, new communities, and builder contracts.

Perks of an Existing Home

Now, let’s compare that to the benefits of buying an existing home:

1. Established Neighborhoods: Join a community you can get a feel for before moving in.
2. Variety of Styles: Choose from a wider variety of floorplans and architectural styles.
3. Lived-In Charm: Appreciate the unique charm that older homes often provide.
4. Mature Landscaping: Enjoy the privacy and curb appeal of mature trees and established gardens.

Beyond these lifestyle benefits, there’s strategic value in buying an existing home. You can always make upgrades to an older home to add modern features, giving you the best of both worlds: the charm and the neighborhood of an older home, with the on-trend elements of a new one. According to an article from LendingTree:

“. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .”

Your real estate agent can show you homes for sale in Los Angeles and Beverly Hills, helping you find one that meets your needs and preferences.

Bottom Line

Deciding whether to buy an existing home or a newly built one after you sell involves considering various factors. In today’s market, understanding the opportunities in both can make a significant difference. Let’s connect so you have expert guidance as you explore the options in Los Angeles and Beverly Hills.

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