While lavish amenities and endless possibilities are at one’s fingertips when living in Beverly Hills, sometimes a great career opportunity or lifestyle change leads people to sell their homes. Perhaps you’re not even leaving this posh locale and are simply moving to an upgraded estate. Regardless of the reason, selling Beverly Hills real estate
requires some market knowledge and careful planning. Choosing a time to sell is just as important as the tasks involved in selling a home. Fortunately, you’ll be selling a property in a coveted neighborhood. You’re also selling a home in Southern California, where the weather is beautiful year-round.
Beverly Hills is a highly sought-after community that professionals, families, and retirees flock to for its proximity to other beloved L.A. neighborhoods, an endless supply of luxury retailers, and lavish charm you’d be hard-pressed to find elsewhere. Considering the amenities and luxuries Beverly Hill life affords, convincing prospective buyers that your Beverly Hills home is worth buying will be easy. However, you must still approach the home selling process strategically.
Timing matters, especially when it comes to selling a property. The last thing you want is for your home to sit on the market for months, becoming more unappealing to prospective buyers by the second. Market trends, seasons, and other factors come into play when deciding on the best time to sell. Read on to learn when you should and shouldn’t sell your Beverly Hills real estate based on the ever-changing market, time of year, and more.
Strategize per market trends
Pricing your home and deciding the perfect time to sell your home is highly dependent on the local real estate market. The market can change from season to season, so knowing how to navigate it is crucial to ensure you sell your home quickly and for the highest value. Pricing your home too high can leave it sitting on the market for months while pricing it too low can leave buyers thinking there’s something wrong with it. Doing your due diligence ensures you don’t make the costly mistake of mispricing your home.
Current Beverly Hills market trends
dictate how you’ll price the home, how flexible you’ll be on the sales price, if you need to update your property, and so on. This particular market is a buyer's market
, meaning more homes are available than buyers. While this means you’ll need to make adjustments to lure prospective buyers, you’ll be glad to know you’ll still be able to make a significant profit when selling since the median listing home price is $5.4 million. Here are some insightful tips for listing your Beverly Hills home for sale in a buyer’s market:
- Opt for a home inspection before listing so you know if there are any repairs or foundation issues you or your real estate agent overlooked. Getting an inspection before you work with a buyer ensures you don’t need to deal with time-consuming repairs when negotiating the sale, potentially lowering the home’s price.
Photo courtesy of Shutterstock
- Updating your home’s amenities is a surefire way to attract buyers. Everything from integrating smart technology features to creating an outdoor living sanctuary will yield favorable results. Consider your budget before pouring funds into a home upgrade, and keep in mind that even small additions can significantly increase your property value.
Photo courtesy of Unsplash
- Don’t overlook home exterior upgrades. Sprucing up your landscaping, pressure washing the driveway, applying a fresh coat of paint, and replacing old house numbers and light fixtures are just a few ideas to boost your curb appeal and attract buyers.
Photo courtesy of Pexels
- Pricing competitively is a must. If your asking price is higher than the market value, it’ll be difficult to find buyers. Pricing slightly below market value can appeal to buyers, while pricing at market value sets you up for success.
Photo courtesy of Pexels
- Offering buyer incentives is an excellent way to appeal to a larger pool of buyers and get your home sold in a flash. Consider paying for closing costs, paying for repairs, including add-ons, or even offering a rent-to-own agreement to sweeten the deal.
Spring and summer are the best seasons to sell
When the weather is fine, people are willing to relocate and find stunning luxury Beverly Hills real estate to call home. According to a recent analysis by ATTOM
, selling in May, June, and July can offer sellers an additional 10% or more above market value. Late spring and early summer prove time and time again to be the best times to sell, though you may have some leeway when selling in Southern California.
There are various reasons why spring and summer are good times to sell. People get tax refunds in spring, giving them more funds to invest. As well, families often opt to move during these months so that their kids can finish the school year and move in during the summer to get acquainted with their new neighborhood before starting at a new school in autumn.
Winter is the worst season to sell
Cold weather along with incoming holidays make December the worst month to sell a home, followed closely by January and February. People want to spend their winter snuggled up with loved ones, drinking hot cocoa, and unwrapping presents, not packing up their family photos and moving into a new home. During winter, people set aside money for holiday gatherings, not down payments for a new home.
Winter is the worst time to sell because of the weather. However, living in Southern California gives you a major advantage as far as the weather is concerned. Southern California winters are quite mild, and if you’re highly motivated to sell, you can adjust your price to meet the needs of a buyer that’s looking for a property ASAP. These gung-ho buyers usually want to close before the end of the year, which could benefit you and sell your home quickly.
Are you looking to put your Beverly Hills home on the market and need the assistance of a fantastic real estate agent? Christine Hong
is a local REALTOR® with over 20 years of industry experience. Given her real estate experience, unparalleled drive, and impeccable attention to detail, Christine Hong
will help you meet all of your home sale needs.
*Header photo courtesy of Shutterstock