is renowned for its luxurious lifestyle, high-end properties, and exclusive neighborhoods. The city is home to designer boutiques, art galleries, specialty stores, and several high-end restaurants, cafes, and bars. Along with these establishments are iconic attractions such as Rodeo Drive and the Beverly Hills Hotel.
If you want to move to Beverly Hills, expect to enjoy a luxurious and exclusive lifestyle in one of the most prestigious cities in the world. While beginning your research into Beverly Hills luxury homes, here is an overview of the real estate market and best home-buying practices.
Understanding the Beverly Hills real estate market
You’ll be better informed on how to navigate your home search if you already have a basic understanding of market dynamics. In a buyer’s market, those purchasing properties have the upper hand. At the same time, in a seller’s market, buyers are entering a competitive market and may experience multiple offer situations.
Median sales price
Days on market
In Beverly Hills, houses spend an average of around 35 days on the market
, almost double that of Los Angeles County, where houses remained there for 19 days
. Longer days spent on the market give buyers an advantage during negotiations, indicating less competition during the bidding process.
Listings and houses sold
As of March 2023, there are around 138 listings in Beverly Hills
, a 5.3% increase compared to the number of listings this time last year. There were 29 sales in Beverly Hills, a decrease of 9.4% from last year.
Spring and summer are the busiest periods for real estate. Early indicators point to a good season for potential homebuyers. If you have considered purchasing a home in Beverly Hills, now is the time.
Tips for successfully buying a home in Beverly Hills
Purchasing a home is exciting, especially for a first-time homebuyer. Buying a home can also be stressful and overwhelming despite the thrill of homeownership. Prepare to enter the market and make your real estate transition a positive one by researching homes and neighborhoods, working with a local agent, and organizing your finances.
Researching the process
The first thing you should do when preparing to buy a home is to research the housing market in the area where you want to live. Start by looking at recent home sales and local market trends to see what homes are selling for and how quickly they are purchased.
You should also learn more about the area’s different neighborhoods, such as its amenities and location, to ensure it aligns closely with your lifestyle preferences. To make the process easier, hire a local real estate agent with ample knowledge and experience in purchasing homes in the areas you’re interested in.
Finding the best mortgage rate
Before you begin house hunting, you need to get pre-approved for a loan, as it can give you an advantage during negotiations and make the closing process much smoother. It will also show sellers that you’re a serious and committed buyer.
Doing the research
A quick online search of mortgage lenders can lead to multiple pages full of results. To narrow your search, consider looking at local lenders, such as banks, mortgage brokers, and credit unions. Gather quotes and evaluate each loan's Annual Percentage Rate (APR) during your research. By shopping around, you can pick a mortgage company that offers competitive rates and various types of loans, such as fixed-rate, adjustable-rate, or government-backed loans. Another aspect of the research involves researching homeowners taxes; it’s important to note that the new ULA Tax which imposes an additional tax on top of the base rate does not apply to Beverly Hills homes for sale.
Setting the terms
After finding the best lender, try negotiating for a better rate or lower fees to save money over the mortgage's term. Once the terms are negotiated, lock your rate in to protect yourself from potential increases. Rate locks usually have expiration dates, so you’ll want to close on your loan before it expires.
Preparing before you buy
Before you purchase your home, it is critical that you have your finances in order and understand what you can afford. You should also ensure your credit score is in good standing, as it can impact your ability to get pre-approved for a mortgage and affect your interest rate.
Negotiating the best deal for your Beverly Hills home
Handling negotiations when buying a home can be a challenging process. Hiring a real estate agent skilled at negotiating is extremely important, as they will work hard to meet your needs and wants.
Even so, it’s essential to understand how negotiating works and its best practices. First, you’ll want to understand the seller's motivations. Do they wish to sell as quickly as possible? Are they eager to get the highest price for their property? Are the sellers in the process of purchasing a home themselves and need a few extra weeks to move? By understanding the seller’s needs, you’re better positioned to make an enticing offer.
With the help of your agent, you’ll determine whether the seller's asking price is fair and, if not, what you should offer based on market research. Consider offering below the asking price if it is reasonable and reflects the property's condition. After submitting an offer, one of three options will happen: the seller will accept your offer, decline, or counteroffer. If the seller is unwilling to meet you halfway, then you should discuss with your agent what your next steps should be. Sometimes it’s best to walk away, especially if it’s no longer a solid financial choice.
By following the above tips, you’ll be more prepared than ever to buy a home in Beverly Hills.
Moving to Beverly Hills
Are you interested in the Beverly Hills real estate market and wish to purchase a home? If so, look no further than Susan and her team at Susan Smith Realty
. With her extensive knowledge, dedication to client success, and proven track record, Susan Smith is an expert Beverly Hills realtor you’ll want at your side. Her understanding of the local market and attention to detail make her the perfect guide to rely on throughout your home-buying journey. Contact Susan Smith
today to take the first step toward purchasing your dream home.