If you’re thinking about making a real estate decision in Beverly Hills this year, be aware of the market trends in 2019. Understanding when and where the local market is red hot, gives both home buyers and sellers an upper hand.
There are many factors that cause local markets to fluctuate, and keeping tabs on them is key when finding the right time to make a move. Interest rates, economic trends, and legislation regarding tax incentives and property taxes can all influence home values in your desired region.
The luxurious Beverly Hills sees plenty of up and down trends in real estate. Here is what you should expect from Beverly Hills in 2019.
2019 Real Estate Market Forecast for Beverly Hills
Beverly Hills has recently become a seller’s market. Now, with fewer houses available and a slightly more aggressive market, Beverly Hills is slightly less favorable for buyers.
According to June data from Zillow, the median home value in Beverly Hills is around $3.5 million. But over the next 12 months, home values will decrease by 0.6%.
As of 2019, the median price per square foot for Beverly Hills homes and apartments is $1,584. In fact, this is a bit higher than the median price per square foot in Los Angeles, Anaheim, and Long Beach combined. The price per square foot in these areas averages at $434 per square foot — just to breakdown the obvious price differences among the unique Beverly Hills market and the rest of LA County.
Mortgage rate forecasts for California and the rest of the nation suggest that borrowers could see higher rates in 2019, compared to where we are right now. Meanwhile, home prices in California continue to rise, giving buyers a sense of urgency.
When Is the Best Time to Sell a House in Beverly Hills in 2019?
Los Angeles homes have a huge demand right now. California has not built enough housing for its large population. This has put the supply-demand chain off balance and ultimately led housing prices to skyrocket.
So, if maximum profits are what you’re after, the spring is the perfect time to list your home on the market. Families with children generally prefer to move during early summer when the school year won't be disrupted.
However, it usually takes 30 to 60 days or more from the time a home contract is signed to the time its actual closing date arrives. Therefore, families eager to move during the summer will need to find and make offers on their homes during the spring.
For those who want to sell their home the quickest, list your home in April. Be sure to avoid selling your home in the winter, as it can take around 10 days longer to get an offer.
Partnering with a local trusted real estate agent is your best bet for finding the perfect window of opportunity to accurately time the market.
When Is the Best Time to Buy a House in Beverly Hills in 2019?
On the whole, autumn and winter are the best seasons to find a home in Los Angeles. During the holidays, most people are busy shopping and preparing for the upcoming festivities, so you have a lot less competition in the marketplace.
Though mortgages in Los Angeles are currently the 3rd least affordable in the nation, prices are falling. More sellers than buyers make up the current marketplace now that the millennial rent-to-buy transition is largely over.
If you’re ready to find a home or sell one in Beverly Hills, you don’t have to do it alone. Top Beverly Hills real estate agents can help both buyers and sellers.
Whether you’re buying or selling, partnering with an experienced, local real estate agent for guidance throughout the process reduces headaches. It takes years of experience to learn how to time the market for the best deal.
When you work with a seller’s agent, they’ll prepare a Comparative Market Analysis for you, which analyzes local sales and trends to guide you to the best price for listing your home for a guaranteed sale.
A buyer’s agent uses their negotiation skills to increase your odds of paying the best price for your home. Whether you’re a seller or a buyer, it pays to have an expert on your side when entering the housing market.
If you want to learn more, contact Clever. Our Partner Agents work for a reduced commission and offer Home Buyer Rebates to ensure you save money during your real estate transaction.