California Luxury Homebuying Tips: How to Analyze the Local Housing Market

by Shai Prasad 12/15/2019

Buying a luxury house in Beverly Hills, Sacramento or any other California city or town should be fast and simple. Yet for homebuyers who fail to analyze the Golden State luxury housing market closely, problems may arise that make it difficult to achieve the best-possible results.

Lucky for you, we're here to help you review the California luxury housing market so you can enjoy a seamless property buying experience.

Now, let's take a look at three tips to help you perform an in-depth analysis of the Golden State luxury housing market.

1. Review the Prices of Recently Sold Luxury Houses

Check out the prices of recently sold luxury houses in your preferred California cities and towns – you'll be happy you did. Once you obtain this information, you can narrow the price range for luxury houses in San Francisco, Los Angeles or anywhere else you want to reside in the Golden State.

It may be beneficial to obtain a jumbo mortgage prior to pursuing a California luxury house too. Because if you have home financing in hand, you may be able to speed up the property buying journey.

2. Assess the Current State of the Luxury Housing Market

Determining whether the current California luxury real estate market favors buyers or sellers may seem difficult at first. Fortunately, if you assess housing market data, you can distinguish a buyer's market from a seller's market and map out your property buying journey accordingly.

A buyer's market usually features an abundance of luxury residences and a shortage of buyers. In this market, you may be better equipped than ever before to purchase a California luxury house at a budget-friendly price.

On the other hand, a seller's market generally is defined by a lack of luxury residences and many buyers. And if you want to acquire a luxury home in this market, you'll need to submit a competitive offer to purchase, regardless of whether you want to buy a house in Malibu, San Jose or elsewhere in the Golden State.

3. Hire a Real Estate Agent

A real estate agent with California luxury housing market expertise can help you perform a complete analysis of the local real estate sector. As a result, this housing market professional can help you quickly go from homebuyer to homeowner.

In many instances, a real estate agent can offer California luxury housing market insights that you might not be able to obtain elsewhere. And if you need guidance throughout the property buying journey, a real estate agent is happy to lend a helping hand.

If you are unsure about how much to offer for a luxury residence in the Bay Area, for example, a real estate agent can offer insights into the prices of recently sold houses throughout the area. Or, if you cannot decide between pursuing a luxury house in Santa Monica or San Diego, a real estate agent can help you weigh the pros and cons of living in both areas.

Use the aforementioned tips, and you can conduct a full analysis of the Golden State luxury real estate market and simplify the property buying journey.

About the Author

Shai Prasad

 I am a Realtor®, and pride myself in providing you with the quality experience you expect for all your real estate needs. My goal is to provide first class service and help you achieve your real estate goals.  

I graduated from the University of California, Santa Cruz with a double major in Economics (BA) and Psychology (BA). I grew up in the S.F. Bay Area and prior to my real estate career, worked in the investment industry. I am married with twochildren and currently live in Green Valley.

My interests include spending time with my family, real estate, travel, wine tasting, photography and rooting for my favorite bay area sports teams. I primarily work in Solano, Contra Costa and Napa Counties and specialize in Green Valley, Cordelia, Benicia, Hercules, Vallejo and Vacaville.

Please contact me directly at (650) 892-3207 or at [email protected] if you are looking to buy or sell a home or know someone who has real estate needs.