The Ultimate Guide To Million Dollar Listings In Beverly Hills
Opportunity is presenting itself in the SoCal real estate market, especially in Beverly Hills. After a torrid few years, median home prices are finally leveling off.
Throughout the entire state, the median home price fell to $833,910. This was a 3.5% decline from the month prior. For the year-to-date, California home sales are down nearly 14%.
There is reduced buyer demand due to high home prices and rising interest rates. However, this provides savvy buyers with an opportunity to get into Beverly Hills.
Read on for the ultimate guide to million-dollar listings in Beverly Hills. Explore tips for how to buy a home in Beverly Hills in the current market conditions.
What Do You Need to Know About Beverly Hills Real Estate?
Before you start shopping for mansions for sale in Beverly Hills, it is important to understand the fundamentals. We have been operating in the Beverly Hills market for two decades and understand how it works.
For starters, many buyers are mistakenly focusing on nationwide or statewide real estate trends. Beverly Hills is a unique situation due to the massive wealth present here.
Most buyers and sellers are not motivated by rising gas prices or incremental interest rate hikes by the Fed. For multi-millionaires, these fluctuations are minor and occurring below-the-line.
There is little evidence that California’s affluent class is struggling. In fact, the rich in the United States experienced significant wealth growth even during the catastrophic Covid-19 pandemic. Separating Beverly Hills from the rest of the country is critical when navigating the housing market here.
How to Approach Million-Dollar Homes?
Now that you understand the wealth present in Beverly Hills, it is time to start looking for luxury homes. There are million-dollar mansions and luxurious homes listed in several popular areas of Beverly Hills.
Trousdale Estates and the Summit gated community are two popular areas we specialize in. Beverly Park and Mulholland Estates are also attractive options for buyers.
In 2016, the average price for a luxury home in Beverly Hills was over $3 million. With soaring home prices since the pandemic, this number is considerably higher now.
To land a house in 90210, you need substantial cash assets. At a bare minimum, you will need 20% down which equates to $200,000 for million-dollar houses. More cash increases your leverage during discussions.
A timid approach to buying does not always work in Beverly Hills. It is a competitive market and many buyers are flush with cash.
We work with clients to construct a competitive offer that gives you the best chance for a deal. We are also responsive to our client’s needs and work aggressively to reach an agreement.
Your Guide to Million Dollar Listings in Beverly Hills
You are now ready to buy a home in Beverly Hills. All the standard steps like getting pre-approved for a loan and running a credit check are still valid. However, there are unique tips that you need to know to find success in Beverly Hills.
Bolstering your cash assets and making competitive offers are certain to help the cause. If you are on the hunt for million-dollar listings in Beverly Hills, contact us today to get started.
For more valuable information visit this website