In Los Angeles, a "forever" home has taken on a new meaning. A growing number of sellers say it's taking "forever" for their homes to sell, and a local real estate expert offers insights as to what the cause may be.
Gina Michelle, estate director at the LA-based luxury real estate brokerage The Agency says that a lack of buyer demand or a housing bubble are not negatively impacting home prices. "Let’s get back to basics. The golden rule of real estate remains true: Solid properties priced correctly are selling and comparatively quickly," writing for Forbes, Michelle adds, "Simply put, many people aren’t being realistic when they price their homes."
Think of the slowdown as more of a reality check. It’s clear that buyers in major markets like Los Angeles still flock to attractive, well-priced homes. With this knowledge, you may need to rethink your listing price or you may need to perform some smart renovations to earn it. To succeed in the market slowdown, you simply must be smarter about pricing — because the buyers in your market already are.