Fred Latsko Explains Housing and Market Trends in Beverly Hills
The process of buying a home is centered entirely around making the best possible choice amidst many different factors. If you currently find yourself in the decision-making process of trying to choose the right home, you might be considering one located in Beverly Hills, California. This scenic area has a plethora of iconic homes, all located along a breathtaking coastal landscape.
Fred Latsko, the owner, and CEO of Latsko Interests, Chicago’s premier full-service real estate development and management company, has the latest information regarding the current state of the housing and real estate market in Beverly Hills.
Buyer’s or Seller’s Market?
Currently, the conditions within the Beverly Hills real estate market have shifted away from a buyer’s market and towards a seller’s market. There are a variety of factors that have caused this to be the case. Over time, the market has become more aggressive and supply has not been able to keep up with demand. This has resulted in fewer houses being available for sale, and those that are for sale have induced a considerable amount of competition before they end up physically sold. Overall, while the situation is somewhat less favorable towards buyers if you are willing to stay committed in the pursuit of your next home, says Fred Latsko, there are some memorable houses in the area.
What Types of Homes are Selling?
There are three types of housing that are currently selling within Beverly Hills: townhouses, condos, and single-family homes. Of the three of these, the most popular ones that are currently selling are single-family homes and condominiums, as the desperate nature of the buyer’s market emphasizes the sale of housing to meet basic needs.
The Processes of Buying and Selling
Depending on whether or not you are planning to buy or sell a house in Beverly Hills, there are different things to keep in mind for both situations, notes Fred Latsko. For sellers, while they have the advantage of high-level demand, the timing in which a sale takes place is still an important factor. Currently, the best time to put up a listing is in the spring months. This will give sellers time to move in over the summer, which is the best time for families to move without disrupting the school year for their children.
Conversely, if you are looking to purchase a property in Beverly Hills, you will want to do so during the times in which demand is the lowest in order to give yourself the best possible chance in the midst of an exceptionally competitive market. This window of time begins in the fall and extends into the winter. Around this time, the majority of people are focused on other things, chiefly the holidays. Colder weather is also considered much less favorable for moving, so as long as you’re willing to endure it to get the house you want at the price you desire, it can prove quite beneficial in the long run.
Details on Pricing
The area of Beverly Hills is well-known for having a real estate market consisting of more expensive housing. With this in mind, the median listing prices in the area are currently hovering around two to three million dollars. Meanwhile, renters can expect to pay around $10,000 to $12,000 per month on average. In terms of price fluctuations, the majority of homes were sold at approximately the initial asking price, trending towards going marginally lower. The timing of sales, which usually happen quickly, has a sizable chance of taking longer than three months, so be prepared for longer waiting periods.
Final Thoughts from Fred Latsko
Overall, Beverly Hills is an area with a distinct real estate market that goes against the trends for the rest of the country, with significantly higher house prices and a highly-competitive seller’s market. Regardless, if you are looking for an iconic place to live, both in terms of the scenery, local culture, and architecture, Beverly Hills might be just the right place for you. Additionally, don’t hesitate to hire a real estate agent to help you through the process. Their knowledge and expertise is an asset that can help you find homes that you may not have been able to on your own.
Fred Latsko has over 20 years of experience in developing and managing properties in Illinois, Ohio, Kansas, Colorado, California, and Florida, with the majority of these properties situated in Chicago’s prominent Gold Coast. His proficient staff continues to grow a strong, carefully selected portfolio of properties in premium, metropolitan locations, leading to profitable growth opportunities.