Why Now is the Perfect Time to Buy: How Growing Inventory in Los Angeles and Beverly Hills Benefits You
Why Now is the Perfect Time to Buy: How Growing Inventory in Los Angeles and Beverly Hills Benefits You | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
As a potential homebuyer in today's market, you may have heard that the inventory of homes for sale is increasing. While the number of available homes can vary depending on the local area, there has been a significant increase in inventory on a national level this year. This growth in inventory is great news for buyers, especially in high-demand markets like Los Angeles and Beverly Hills, CA.
National Inventory Trends: Recent data shows that the national inventory of homes for sale has increased by 36.6% year-over-year. This means that there are significantly more homes on the market now than there were a year ago, giving buyers more options to choose from. However, it's important to note that inventory is still down by nearly 29% compared to pre-pandemic levels (2017-2019). This means that while the market is improving, it's not quite back to what we would consider a "normal" market.
What Does This Mean for You as a Buyer in Los Angeles and Beverly Hills? The increased inventory offers several advantages to buyers in the Los Angeles and Beverly Hills areas:
- More Options: With more homes on the market, you'll have a wider range of properties to choose from. Whether you're looking for a modern condo in the heart of Beverly Hills or a historic estate in Los Angeles, the growing inventory increases your chances of finding your dream home.
- Increased Negotiation Power: As inventory grows, buyers gain more leverage in negotiations. Sellers may be more willing to make concessions, such as agreeing to repairs or offering credits toward closing costs, to secure a deal. This is especially beneficial in competitive markets like Los Angeles, where buyers often face stiff competition.
- Potential for Select Repairs: With more homes available, sellers may be more open to making select repairs to make their property more attractive. This can save you time and money on future home improvement projects.
- Moderate Price Growth: While prices have been steadily rising over the past few years, the increase in inventory may help to moderate price growth. This means you might be able to find a great deal on a home in Beverly Hills or Los Angeles, even in a competitive market.
Expert Insights: Lisa Sturtevant, Chief Economist at Bright MLS, notes that "Buyers that remain in the market are starting to have more leverage, and sellers of existing homes are increasingly offering concessions, including help with closing costs and money toward repairs." This trend is particularly relevant in Los Angeles and Beverly Hills, where the market can be fast-paced and challenging for buyers.
Conclusion: If you're considering buying a home in Los Angeles or Beverly Hills, now may be a great time to explore your options. The growing inventory provides more choices, increased negotiation power, and the potential for better deals. Let's connect and discuss how the current market trends can benefit you as a buyer in these prestigious neighborhoods. Whether you're looking for your first home or your next luxury property, I'm here to help you navigate the market and find the perfect home for your needs.
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