Brentwood is an affluent neighborhood in Los Angeles that’s located near Westwood and Santa Monica in an area known locally as “The West Side.” It currently has one of the lowest population densities in Los Angeles, and residents and visitors enjoy lush green landscapes and coral trees as well as proximity to beaches and the Pacific Ocean. The Olympic Games showcased several events in Brentwood in 1932, and it has a long history of being a Hollywood A-Listers’ playground. Steve McQueen, Marilyn Monroe, Jamie Lee Curtis, and Arnold Schwarzenegger are just a few of the past and present celebrity residents.
Brentwood is home to the $1.3 billion Getty Center, which showcases the Getty Museum, the Getty Research Institute, the Getty Conservation Institute, the Getty Foundation, and the J. Paul Getty Trust. It is one of the must-see attractions in Los Angeles, especially for art lovers worldwide.
History enthusiasts and cultural aficionados alike can visit the Skirball Cultural Center, while golf enthusiasts can opt for a round or two at the prestigious Brentwood Country Club.
Brentwood homes for sale have a median home price of $2,910,000, which is more than 7% higher than last year. This seller's market brings sellers multiple offers, offers that exceed their asking prices, and even bidding wars. If you want to take advantage of the market and buy a new home while you're selling your current home, here are some tips.
Brentwood homes for sale have a median home price of $2,910,000, which is more than 7% higher than last year. This seller's market brings sellers multiple offers, offers that exceed their asking prices, and even bidding wars. If you want to take advantage of the market and buy a new home while you're selling your current home, here are some tips.
Use an offer contingency when buying your new home
Some homebuyers need to sell their existing homes before buying a new one. Buying one of the available Brentwood homes for sale before selling your existing home has its pros and cons.
Pros include the chance to take your time in finding your dream home, and you won't have to camp out in a hotel or a rented apartment while conducting that search. Plus, you’ll have to pay for moving expenses only once. However, if your home takes longer than expected to sell, you’ll have to pay two mortgage payments, which could make qualifying for a home loan to buy your new home more challenging. You may even have to lower your asking price to avoid an indefinite time of double mortgage payments. Your real estate professional can help you look into using an offer contingency if you’re concerned about buying a new home before your existing home has sold. In some states, offer contingencies are common: the buyer has a strict deadline to sell his house to purchase a new one. Here are some helpful tips.
Pros include the chance to take your time in finding your dream home, and you won't have to camp out in a hotel or a rented apartment while conducting that search. Plus, you’ll have to pay for moving expenses only once. However, if your home takes longer than expected to sell, you’ll have to pay two mortgage payments, which could make qualifying for a home loan to buy your new home more challenging. You may even have to lower your asking price to avoid an indefinite time of double mortgage payments. Your real estate professional can help you look into using an offer contingency if you’re concerned about buying a new home before your existing home has sold. In some states, offer contingencies are common: the buyer has a strict deadline to sell his house to purchase a new one. Here are some helpful tips.
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Ensure your home is ready to sell so you can list it as soon as you’ve contracted to buy a new home.
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Request an extended closing (60 days is standard) as part of your offer. This will give you time to find a purchaser for your existing home.
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Add a contingency clause in your purchase contract, so all your intentions are in writing. If needed, you can back out of the transaction if your house doesn't sell, and you won’t suffer legal consequences or deposit loss.
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Think about funding your down payment with a home equity line of credit (HELOC). A homeowner can use a percentage of their existing equity to fund a down payment on the new home. The HELOC will be paid off with proceeds from the house sale.
Use a lease-back to sell your house before you buy a new one
If you choose to sell your home before you buy a new one, this will help to prevent double mortgage payments and makes qualifying for a new mortgage less challenging! Depending on the state of the market, though, you could find yourself in limbo without a home to live in for an indefinite amount of time. It’s risky because home values could increase before your offer is accepted, and interest rates could rise before you’re able to lock in a lower rate.
The option of a lease-back agreement (also known as a “rent-back”) helps prevent this limbo. The seller rents the home back from the new owners as they work on closing on their new property. A lease-back agreement gives sellers additional time (60 days after the sale) to find a new home. However, buyers could balk at the idea of renting out their new place to the seller.
Know the market
If you're unsure about market health, be sure to ask your realtor. For big purchases, it's wise to rely on professionals and not try to "wing it" on your own. For your information, though, here are some fundamental, important differences between buyer’s markets and seller’s markets.
In a buyer’s market:
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Inventory is high.
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Buyers have negotiating power and can go lower on their offers.
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Sellers are more flexible to buyers’ demands.
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Homes are on the market for longer periods.
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Asking prices for available homes drop.
In a seller’s market:
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Inventory is low.
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Sellers generally won’t consider offers below asking prices.
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Buyers must be ready to make larger down payments and higher initial offers to effectively compete against other buyers.
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Sellers could experience bidding wars from eager buyers.
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Buyers might overbid and exceed their budgets, resulting in deals falling through.
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Buyers could pay a premium for fixer-upper properties just to land a house—any house—in a highly desirable neighborhood.
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Homes available for sale aren't on the market for very long, even if they need repairs or renovation.
Looking for Brentwood homes for sale?
Professional realtors can help you navigate the best selling/buying scenarios available, whether you're looking for your first home or your tenth. If you’re ready to take the next step, reach out to Claire O’Connor so she can show you all the Brentwood homes for sale that might appeal to you.
