If you’re on the search for a luxury home with plenty of space and privacy, then you may want to look at homes for sale in Beverly Hills. Beverly Hills is a neighborhood with a reputation for being a retreat for top celebrities, but there are plenty of people who aren’t household-name-famous living there. Of course, finding a home for sale in Beverly Hills means you may be looking at a lot of competition.
How to Find the Best Homes for Sale in Beverly Hills
Homes in Beverly Hills don’t tend to stay on the market for long. There are usually around 50 to 100 homes for sale in Beverly Hills at any given time and some years have significantly fewer houses on the market than others. What this means for you is that finding the best home for you in such a highly competitive market means you need to be at the top of your game. Some tips for finding the best homes in the neighborhood include:
Know Your Budget
Beverly Hills is one of the most expensive property markets in the country with a median property value of $2 million. Right now, home prices in this neighborhood of glitz and glamor are up by roughly 11.2%, so homes in this area are more expensive now than ever before. And if you were hoping to get a deal by bargaining down the listing price, you should know it’s the norm of the neighborhood for homes to be sold at exactly the listing price or 1% lower than the listing price. In fact, if you do manage to find a seller that is open to negotiation, you may be able to make quite a steal.
As a general rule, however, these negotiations for significant sales below the listing price are notably rare. Most homes for sale in Beverly Hills are multi-million dollar residences, so it’s vital to know your financial situation inside and out. While even the least expensive home in the area is a cool $1 million, the mortgage on these homes can be as much as $4000 or more a month. For some people, this price is surprisingly affordable.
Just like you would for buying a house in any market, you should gather all of your financial info and get pre-approved for a loan that is within your budget. This will be essential information when it’s time for you to start house-hunting and when it’s time to negotiate the listing price. When you know your max budget, you can make a deal for the home of your dream without breaking the bank. You may also want to factor in the budget for property taxes and home insurance, which can also be expensive for the area.
Know Your Neighborhood
There are several hamlet neighborhoods in Beverly Hills, with most of them divided between north and south of Santa Monica Boulevard. Two of the most expensive neighborhoods in Beverly Hills are Trousdale Estates and Beverly Hills Gateways, both of which are homes of A-list celebrities who value privacy and easy access to some of the most elite shops and restaurants in the area. Buying a home in these neighborhoods means the cost of a house is somewhere between $8 and $10 million.
Just to the south of Santa Monica Boulevard are more affordable homes for sale in Beverly Hills. Neighborhoods like Doheny and Beverly Grove are populated with single-family homes, condos, and apartment units while still being just down the road from Rodeo Drive and the Golden Triangle. These neighborhoods are typically where you will find homes for sale between $1 and $4 million, which is much more affordable for many people, particularly working-class people who want to enjoy high-end shopping in Beverly Center.
Know Your Preferences
Buying a home in any neighborhood means finding a home that meets all of your needs and preferences. Because homes are so expensive in Beverly Hills, it’s important that you are looking at homes that have amenities you need and no excessive extras, particularly if your budget will be squeezed with this home purchase. In Beverly Hills, you will be able to find homes that meet all of your preferred square footage needs; from the number of bedrooms and bathrooms to the possibility of a pool in the backyard, even the most budget-friendly homes in the neighborhood will have what you want.
Knowing your preferences is also knowing about the type of home you want. Many of the homes in this neighborhood were built during the Golden Age of Hollywood, which means they may be about 60 years old. There aren’t a ton of new residences in Beverly Hills, so the style of the homes – even the renovated ones – may be an acquired taste if you have a preference for homes a bit more modern. That said, the classic California style for many of these homes is light, airy, and relaxed, and you may be able to find homes that are more newly built.
Know Neighborhood Events
To be perfectly clear, Beverly Hills can be an incredibly active place during certain times of the year, especially in neighborhoods north of Santa Monica Boulevard. With events like the Golden Globes happening every year, you may want to tailor your neighborhood preferences to the amount of activity that can crop up at a moment’s notice. When you live next to celebrities, you may be exposed to celebrity home tours or other events throughout the year that may not jive with your preferred schedule.
Know About Expert Help
The most important tip to keep in mind when you’re shopping for homes in Beverly Hills is to get expert help where and when you need it. Guidance from a real estate expert can help you navigate the complexity of the Beverly Hills housing market without going extremely over budget. An experienced real estate agent like Teresa Mack will have the know-how and connections to help you negotiate listing prices and find more affordable homes in your preferred neighborhood that will balance with your max budget.
Additionally, expert help from a real estate agent will give you more insight into your neighborhood, such as attractions, shopping, and the events you can expect throughout the year. If you have children or you’re in a family planning stage, then knowing about local parks and the best schools in the area may also be important for your house hunting. A real estate agent will also be able to match your lifestyle with local amenities, such as shopping, dining, and entertainment venues.
Beverly Hills is one of the most expensive areas in the country, with the average median cost of a home double the national average. In other words, buying property in any Beverly Hills neighborhood is a considerable investment that should be made carefully with your budget and housing preferences in mind. Of course, if you’ve looking for a historical, stylish, and private home in an area with rich cultural roots, then Beverly Hills may be the ideal area for your new home. With the expert help of Teresa Mack, you will be able to find homes for sale in Beverly Hills that will meet your needs without maxing out your budget.