Thanks to its proximity to the Pacific Ocean and some of the best beaches in the world, as well as the year-round Southern California climate, Malibu is one of the hottest real estate markets in the United States. And with an average sales price of $1.735 million and average list price of over $4.7 million, Malibu real estate for sale is also among the most expensive in the nation.
Because there are a bevy of Realtors trying to capitalize how hot Malibu property has become, there’s certainly a fair share of myths out there. If you’re in the market for a piece of Malibu property – let alone any new piece of property – it’s important to separate fact from fiction, no matter how far along you are in the process.
On that note, let’s look at four myths about Malibu real estate that are absolutely not true.
4 Myths About Malibu Real Estate for Sale
In order to live in Malibu, I have to be famous
This isn’t true. While Malibu gets much attention for all the Hollywood A-listers and famous musicians who have made this beachside city their home, you don’t necessarily have to show a Realtor your Screen Actors Guild card to close on property in the area. As long as you financial qualify to buy Malibu real estate for sale, you’re good – it’s the same as it is in any real estate market.
Property is next to impossible to come by in Malibu
While Malibu is a hot real estate market, there’s always opportunity to buy. In fact, this fall, about 300 Malibu homes were for sale in the area – and this number stayed consistent over several months. Yes many people want to live in Malibu, but thinking you’re out of the running before you even get serious about buying in the area is a big mistake.
Malibu was largely immune from the housing crisis
This is false, and it furthers the point that the average Joe, if qualified, is more than applicable to live in Malibu. Foreclosures and short sales were common in Malibu during the recession, and they continue today. In fact, according to Trulia, there have been 33 recent foreclosures in the city.
I don’t need a real estate agent for shopping properties in Malibu
With the wealth of information one can gather from the Internet these days, many people don’t think they don’t need a Malibu Realtor to shop properties in the area. These people couldn’t be more incorrect. Realtors will not only pair you with the home you’re looking for, but they can also offer helpful advice on how much to offer on properties, and serve as advisers on any other questions you might have.
For more information about Malibu real estate for sale, call Russell Grether at 310.994.4247.