Why Now Is Still an Excellent Time To Sell Your House in Los Angeles and Beverly Hills, CA
Why Now Is Still an Excellent Time To Sell Your House in Los Angeles and Beverly Hills | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.
In the dynamic real estate markets of Los Angeles and Beverly Hills, sellers might wonder if the increased mortgage rates have dampened buyer demand. However, current data indicates a different story: there's still a significant number of motivated buyers, making it a great time to sell.
Buyer Demand Remains Strong in LA and Beverly Hills
Despite the end of the 'unicorn' years characterized by extremely high demand, low mortgage rates, and rapidly rising home values, the market in Los Angeles and Beverly Hills is far from stagnant. Nationally, demand is still robust, but it's especially noteworthy in these high-profile areas, where luxury real estate and unique properties continue to attract a steady flow of buyers.
Increased Showing Traffic Indicates Continued Interest
The ShowingTime Showing Index, which tracks home tours by potential buyers, reveals that buyer activity, although slightly lower than during the peak years, is still significantly higher than in the pre-'unicorn' years of 2018-2019. This is particularly relevant in Los Angeles and Beverly Hills, where high-end properties often attract more discerning buyers.
Multiple Offers Still Common for Sellers
According to the National Association of Realtors (NAR), sellers are receiving an average of 2.5 offers on their houses. In the exclusive neighborhoods of Los Angeles and Beverly Hills, well-positioned and accurately priced properties continue to draw multiple offers, a trend that surpasses the pre-'unicorn' years.
Homes in LA and Beverly Hills Selling Quickly When Priced Right
In Los Angeles and Beverly Hills, the speed of sales remains a strong indicator of market health. Zillow notes that low inventory levels are spurring strong competition, leading to quick sales of attractively priced listings. This year, homes in these areas are staying on the market only slightly longer than during the peak years and are selling much faster compared to the 'normal' years.
Conclusion: A Favorable Seller's Market in Los Angeles and Beverly Hills
The real estate market in Los Angeles and Beverly Hills continues to be favorable for sellers, with multiple offers and fast sales being the norm for well-priced properties. If you're considering selling your home in these coveted areas, now is an opportune time to capitalize on the strong buyer demand. Connect with a local real estate expert to start your selling journey in one of the most desirable markets in the country.