Beverly Hills real estate offers secluded mansions, mid-century modern wonders, and grand estates, the epitome of luxury and elegance. It’s no wonder the rich and famous have been calling this glamorous neighborhood home for decades. Today, tech professionals, young families, and successful entrepreneurs live among its star-studded hills, drawn to its exclusive atmosphere and vibrant shopping and dining scenes. When you are ready to make Beverly Hills your home, keep these key factors in mind before taking the plunge.
Time your purchase
Define your expectations
Prepare for a seller’s market
Make your offer the best offer
Buyers who want to find a home during the persistently tight market need to make every effort to set themselves apart from the competition. This doesn’t always mean coming in as the highest bidder, however. Here are a few other essential tips for buyers to consider:
No-contingency offer. To make your bid more appealing, many buyers make a “clean” offer, meaning there are no contingencies to the sale such as repairs, inspections, or assistance paying for closing costs.
Go above the asking price. Unfortunately, this has become a reality for most buyers in hot markets. Your offer needs to be competitive enough to beat out others. Adding an escalation clause is a way to keep your offer competitive without unnecessary overbidding. Always keep the offer aligned with the home’s value.
Earnest money. A solid earnest money deposit proves to the seller you are a sincere buyer. Average earnest money varies between 1-3% of the home’s purchase price, but putting down more signals that you are serious about purchasing the home.
Cash or pre-approved loans. In such a competitive market, having cash in hand can help you win the bid over others who may have loan contingencies. If this isn’t feasible, you can make your offer appealing by getting a pre-approved mortgage loan.
Sell yourself. Once you have nailed down all the details of your offer, it’s a common practice nowadays to submit a personal letter detailing why you love the home. While most sellers will put a premium on the dollars and cents, writing and submitting a compelling buyer’s letter can make the difference when they have to choose between several comparable offers. Often sellers have a very personal attachment to their homes and want to see someone living there who will love them as much as they do. Be genuine in your message and tell them how you see you and your family enjoying specific details of the home. Make it personal and let them get to know you.
Get to know the area
Nestled near Hollywood Hills and West Hollywood, Beverly Hills is home to celebrities, millionaires, and the wealthy elite. It is arguably the most famous ZIP code in America. Expansive private estates here can sell for hundreds of millions of dollars, but the median home price for Beverly Hills real estate is $4.1 million. And even in today’s tight market, many homes are available well below the median asking price.