Why Now is the Perfect Time to Sell in Beverly Hills and Los Angeles: The Low Inventory Advantage
Why Now is the Perfect Time to Sell in Beverly Hills and Los Angeles: The Low Inventory Advantage |Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
When navigating the labyrinthine world of real estate, particularly in coveted locales like Beverly Hills and Los Angeles' Westside neighborhoods, understanding market dynamics can provide you with a distinct advantage. One key element that could bolster your position as a seller right now is the historically low inventory of homes for sale. Below, we delve into what the current inventory landscape in both general and local contexts means for you as a seller.
Inventory Crunch Amplifies Desirability
Low supply, coupled with high demand, is the economic conundrum that has been shaping real estate markets nationwide, and the Los Angeles area is no exception. Data indicates that the number of active listings has decreased considerably, further exacerbating the already fierce competition among buyers. Given the international allure of neighborhoods like Beverly Hills, Bel Air, and Holmby Hills, not only are local buyers clamoring for limited options, but so are international clients, including high net-worth individuals and celebrities.
Utilizing data from Realtor.com, the graph below depicts the dramatic shift in active listings comparing typical years to the current year. The blue bars represent average numbers from what one might consider "normal" years, while the red bar starkly illustrates how inventory levels have plummeted recently.
The Implications for Sellers in Beverly Hills and Los Angeles
Due to the scarcity of available properties, buyers are at a disadvantage, which presents you with several advantages:
- Rapid Sales: According to the National Association of Realtors' Confidence Index, 69% of homes are selling in less than a month.
- Competitive Offers: On average, sellers are receiving approximately 2.6 offers, signaling eagerness among buyers to secure a deal.
In Beverly Hills and affluent Los Angeles neighborhoods, these metrics can skew even more favorably for sellers due to the luxury status and limited availability of properties. A mansion that hits the sweet spot in terms of pricing and desirability could trigger a bidding war, sometimes even going as far as to exceed the asking price substantially.
Realtor.com reports that, nationally, homes are spending two weeks less on the market compared to an average September between 2017 and 2019. In high-demand areas like Beverly Hills, this timeframe can be even shorter.
Leverage Technology to Boost Visibility
Given your expertise, you're likely aware of the importance of leveraging technology in a low-inventory market. Virtual 3D tours and drone footage can offer an immersive experience, making your listing more competitive. If you haven't yet ventured into NFTs (Non-fungible tokens) for real estate transactions, this could be an innovative way to make your property stand out. This is speculative, but the integration of blockchain technology could offer additional security and exclusivity to potential transactions.
In a market where supply is scarce, and demand is incessant, your property could be the oasis that parched buyers are seeking. By aligning your selling strategy with the current low-inventory market dynamics, you can capitalize on rapid sales cycles and multiple offers, especially in the premium neighborhoods of Beverly Hills and Los Angeles.
Let's connect to evaluate your property and position it favorably in today's market. There's never been a better time to capitalize on the unique opportunities that a low inventory setting can offer.