As a destination for luxury living, the gorgeous coastal properties of Malibu are hard to beat. Buyers searching for homes for sale in Malibu Road live with the shoreline in their backyard, offering ample opportunity to surf, boat, or enjoy the sound of crashing waves. However, the custom homes that make up the luxury market in Malibu can be difficult for buyers to find, especially when looking on their own.
Buyers in Malibu will benefit from working with an expert agent to navigate the competitive housing landscape here. Although the local market has experienced some cooling down, as active listings have decreased by 12.1%, existing home sales have decreased by 61.9%, and listings spend a median of 110 days on the market, the local housing scene is nothing short of sought-after. Given the exclusive location, prices are high and rising, up 124.9% compared to last year.
Before purchasing a luxury Malibu Beach home, here are five things you need to know.
1. You’ll need to be patient
Part of the allure of luxury properties is their exclusivity, which means that buyers searching for them will be faced with challenges like limited options and selective sellers. As many properties are custom and come with an unending mix and match of amenities, finding a property that meets your needs can also be difficult to find. Entering the process with a long-term goal mindset and plenty of patience is the best way to reach success.
Missing out on a property that you were too late in finding or that you were outbid for can make a buyer feel discouraged or frustrated. Be careful not to let your emotions rule your decisions, as a home purchased out of anger or stress can lead to buyer’s remorse. Buying under pressure leads to poor decisions that can have serious consequences. When obstacles arise, keep the end goal in mind, then continue your search.
2. The buying process is different
Working with a luxury agent who’s local to the area is key in finding the widest range of properties. An expert luxury agent will have inside access and the necessary connections to sellers and other luxury agents, so they can connect you with listings that meet your goals and your criteria. Your agent will also tell you about neighborhood particulars and guide you to resources you may need along your buying journey, like a lawyer or mortgage broker. With the knowledge and expertise of a respected local agent at their side, a buyer looking for luxury will have a much smoother process.
3. Focus on your goals
Before starting a search, it’s best to clarify what your buying goals are. It’s easy to get caught up in the grandeur of the properties you’re looking at, and without a clear vision of what you need, you might end up with a home full of amenities you don’t use and missing the ones you wanted. It’s also essential to have a clear vision of what you’re looking for in the surrounding community.
Buyers searching for homes for sale in Malibu Road will love the destination for the pristine coast, where you can walk along the shoreline at low tide and enjoy a beautiful sunset right on the horizon. With a convenient location near the center of Malibu, those looking for luxury properties can enjoy the quiet of the seaside while being right next to restaurants, shopping at the Malibu Colony Plaza, and outdoor recreation spots like Malibu Bluffs Park. Although the main perk of Malibu Road is its stunning Pacific views, the area provides many amenities for residents to enjoy.
4. Don’t get caught up in photos
5. The impact of property tax
Ready to search for luxury in Malibu?
*Header SOLD! 5700 Sea View Dr., Malibu. photo courtesy of Mark Gruskin