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After the banner year of 2021, L.A.’s high-end real estate market is seeing challenges, including some softening of prices, continued low inventory and rising interest rates (an average 30-year fixed mortgage rate today is about 5.8 percent compared with about 2.9 percent a year ago). “It will take some time for buyers to acclimate to the interest rate increases; it’s all cyclical,” says Hilton & Hyland’s Justin Paul Huchel. But for L.A.’s top agents, these setbacks are an opportunity to refocus on a core value: finding clients their perfect home. Despite the market softening, agents profess that they aren’t worried. According to Redfin, the median sale in Beverly Hills still clocks in at 3.8 million, up 15.4 percent from last year. And agents aren’t hurting financially, either. Although marketing, staff and office space must be factored in, many of the area...
After the banner year of 2021, L.A.’s high-end real estate market is seeing challenges, including some softening of prices, continued low inventory and rising interest rates (an average 30-year fixed mortgage rate today is about 5.8 percent compared with about 2.9 percent a year ago). “It will take some time for buyers to acclimate to the interest rate increases; it’s all cyclical,” says Hilton & Hyland’s Justin Paul Huchel. But for L.A.’s top agents, these setbacks are an opportunity to refocus on a core value: finding clients their perfect home. Despite the market softening, agents profess that they aren’t worried. According to Redfin, the median sale in Beverly Hills still clocks in at 3.8 million, up 15.4 percent from last year. And agents aren’t hurting financially, either. Although marketing, staff and office space must be factored in, many of the area...
- 9/10/2022
- by Hadley Meares, Virginia K. Smith and Edited by Degen Pener
- The Hollywood Reporter - Movie News
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