Celebrity Status Does not Guarantee Success in the Housing Market
Recent shifts in the real estate market contributed to some of the highest purchase rates LA has seen in years. This is particularly evident within the celebrity sphere of Los Angeles where savvy investors took the opportunity of low rates to sell and upgrade their family homes. But celebrity status does not guarantee success in the housing market. For John Legend and Chrissy Teigen who sold their home in Beverly Hills this month after over a year on the market, it meant implementing a price reduction of 30% from their original asking price. They did still see a profit of 2.7 Million from the original purchase price but this goes to show you that no matter what strata of the market you’re in, the best strategy is always to be realistic and price your home appropriately.
As an experienced real estate team in Los Angeles, we have seen our fair share of inflated home prices and know how best to advise our clients to get the most for their investment while also setting realistic expectations early on in the process. When you have bought and sold as many homes as we have, in almost every housing climate, you know how to anticipate the best outcome for those who trust you with their most prized investments.