Many businesses have experienced difficulties over the last couple of years. Luckily, real estate has had some excellent years and will only improve for buyers, investors, or sellers looking to secure the best value for their properties. If you have always wanted to buy a home in Beverly Hills, now is the ideal time to make the move. Here are some of the latest trends you should consider while searching for a home in Beverly Hills.
Tourist numbers Are Increasing
The warm, sunny weather of Beverly Hills continuously attracts tourists. Despite the tourism industry taking a hit during the pandemic, the last three years have recorded a great rise in the number of tourists visiting the area. The surge in the number of tourists means a hot market for anybody who wishes to invest in Beverly Hills homes for rent. Designer brands are a huge draw for those touring Beverly Hills, and the iconic Beverly Hills Golden Triangle hosts luxury brands like Moncler, Dior, Ferrari, and more. Whether you want to rent or buy a home, this access to upscale shopping destinations renders Beverly Hills the perfect go-to spot.
Beverly Hills Homes Prices Are Ever-Increasing
Beverly Hills real estate is in a hot seller’s market, meaning there are more potential buyers than available homes. The median listing price for a home in this exclusive community is roughly $3.5 million, and this value is expected to rise even further in the coming years, rendering homes here an excellent short-term investment. Likewise, if you wish to own luxurious Beverly Hills homes for vacation rentals, you will also be happy to know home prices are continually rising. The Beverly Hills housing market has appreciated about 70% over the last decade.
Purchasing Beverly Hills Real Estate to Rent
Over the last decade, the Beverly Hills community has shifted from primarily homeowners to mostly renters. Short-term rental laws change often. For instance, single-family homes must rent for at least six months. Short-term rentals could only be twice yearly, and “hotel taxes” should be collected. Besides, individuals who own units in multi-unit apartments cannot have short-term rentals. Short-term rentals in this area must be for at least 30 days. If you prefer long-term rentals, you will not have difficulty locating tenants in Beverly Hills because of the rise in suburban renters. Nevertheless, short-term rentals will remain more popular in the real estate market as they offer a great escape.
Consistent Market Patterns
The good thing about Beverly Hills homes is that the sun is out all year round. The lovely weather, one-of-a-kind attractions, and gorgeous landscape render Beverly Hills highly sought-after and contribute to a steady market with minimal ups and downs. Typically, Beverly Hills homes stay on the market for a maximum of 60 days. Therefore, acting fast once you find a home you like is essential.
Find Your Dream Home in Beverly Hills with The Fridman Group
Are you ready to make your dream of owning a piece of Beverly Hills a reality? Reach out to The Fridman Group, Beverly Hills real estate agent. As one of the top real estate agents in the country, the team of agents at The Fridman Group can guide you on the best homes for sale in Beverly Hills to suit your unique needs and preferences. Reach out today for more information.