You may know what the market has been like for Bel Air luxury homes over the past several months, but how certain are you that 2023 will unfold similarly? Will the cost of homes rise in the same way that the cost of living in Bel Air, California, has climbed, or will we see a downward turn in the market for houses for sale in Bel Air? There is no shortage of pressing questions, but this article has many answers you’re looking for. If you don’t find your question discussed in this article, Timothy DiPrizito stands by, ready to help.
1. What does the current market look like?
Homes in Bel Air are selling for a median price of $8.5 million. There are only seven homes on the market as of September 2022, meaning the market is fairly competitive for buyers looking to purchase Bel Air luxury homes.
2. How does this market compare to the market on a nationwide scale?
While housing prices are rising slightly around the country, they are not rising nearly as much as many houses for sale in Bel Air. Across the country, home prices are up 7% from one year ago, with a median sales price slightly higher than $400,000. Many realtors and experts wonder how rising interest rates will impact the market in 2023, with some even predicting that this could cause the market to stall or take a downward turn.
3. What draws people to Bel Air?
Many people choose to come to Bel Air because they seek a quiet community where they can enjoy privacy and the opportunity to participate in a thriving community. The homes are usually lavish and beautiful and offer plenty of space for hosting guests or enjoying the company of family. Bel Air is close to Los Angeles but allows you to easily escape the hustle and bustle of big-city life. While the cost of living in Bel Air, California, is higher than in surrounding areas, it reflects the high value of living in such a wonderful community.
4. Will 2023 be like 2022 for the Bel Air real estate market?
Over the past couple of years, high buyer traffic has led to increased sales prices and a market that was generally more favorable for sellers. However, 2022 saw the beginning of a shift in these trends, and most experts think that 2023 will see the continuation of this recession. Don’t expect prices to rise much (or at all) in the coming months. At the same time, large declines are unlikely — especially in an area like Bel Air, where home prices continue to rise despite the nationwide recession. In other words, there are reasons for both would-be buyers and would-be sellers to feel optimistic about the short-term future, and Timothy DiPrizito can further explain the implications for both buyers and sellers.
5. Is 2023 the right year to buy Bel Air real estate?
For many reasons you read above, 2023 could be a great year to buy. While home prices remain high, they shouldn’t grow much higher, and there is potential for your property to grow in value quickly after you finalize your purchase. Also, experts don’t see a full-on housing crash taking place in 2023, so you likely won’t benefit from waiting to see how far prices drop.
6. Should this article scare me away from the idea of selling?
Not necessarily. While 2023 may not be as lucrative of a year for sellers as 2020 or 2021 was, selling in this market isn’t the worst thing you can do. Because home prices in the Bel Air area have risen significantly over the past several months and look like they will at least remain stable for the coming months, you can likely receive top-dollar for your property if you choose to sell in 2023.
7. What should I do next?
If you’re considering buying, this is a great time to get your finances in order. Think about how much you can put down in the form of a down payment, and keep in mind that sellers prefer more cash on the table when choosing between multiple offers. This is also an excellent time to get pre-qualified or preapproved for a loan. If you’re looking to sell in 2023, you might look to make a few minor upgrades to your home to boost your curb appeal or help your home stand out among similar properties for sale. Many buyers are more interested in outdoor living spaces and energy efficiency these days than in previous seasons.
8. I still have questions — is there anyone who can help me?
Now that you know a little more about the upcoming forecast for the Bel Air real estate market, you may feel more confident about buying or selling in the near future despite the rising cost of living in Bel Air, California. However, regardless of how prepared you feel for what’s ahead, many people who are searching for houses for sale in Bel Air find that it’s much easier to move through the process when they have somebody who can help them. If you’re considering shopping for Bel Air luxury homes, consider reaching out to Timothy DiPrizito. Timothy is a local agent experienced in the Bel Air community and knowledgeable about current market trends and predictions. His wealth of insight would be a tremendous asset for you as you look to buy or sell in the area.
