The market is adjusting just as I have been saying, and for the Billionaires of the world, every penny counts. Now is the perfect time to purchase that 20 Million Dollar plus home of your dreams. The market is going through a correction and home prices have taken quite a turn. Buyers in both the low-end market, as well as the ultra high-end market are pickier than ever when it comes to the perfect property to purchase. Buyers in the Los Angeles area want homes that are ready to go – turnkey. Along these lines, staging is more important than ever for convincing a buyer to purchase a home, especially for multi-million dollar listings.
On the other hand, foreign buyers are showing signs of purchasing fewer properties. The majority of higher-end real estate currently being purchased is from American Money. This probably has something to due with the limits of trade Trump has placed on our boarders.
What does this mean? It means that whether you are a multi-billionaire looking to buy your next estate, or a first time buyer looking for a starter home, prices are shifting in a good direction. It also means that if you’re a home owner that has held onto your home for a while and are considering the thought of selling, you might want to consider the costs to renovate your home in order to bring it up to spec with buyer expectations, otherwise expect your home to be on the market for quite a while or receive offers that may shock you.
For further details, check out Bloomberg.