What ‘Selling Sunset’ Jason Oppenheim Says About the Real Estate Market | Immovable
The last two years of rapidly rising house prices have certainly been a boon for real estate professionals. Now, however, the recession has entered many economic conversations and the housing market is showing signs of slowing from its blistering pace.
But Jason Oppenheim, chairman and founder of Oppenheim Group, a real estate brokerage firm with offices in West Hollywood and Newport Beach, Calif., doesn’t see a shift in the housing market as a bad thing — for real estate agents. or home buyers.
“As real estate agents, we’ve kind of been spoiled over the past two years, post-COVID, with just a rapidly growing market where anyone can sell anything,” Oppenheim says.
The Oppenheim Group’s office and its luxury listings in the Los Angeles area were the setting for Netflix’s “Selling Sunset” for five seasons, following the work and personal lives of several agents, including Oppenheim. The Orange County office will be the setting for a new show coming to Netflix in August, “Selling the OC.”
The luxury properties and their multi-million dollar prices featured on “Selling Sunset” may seem a far cry from what the average viewer will experience when looking for a home. But the high buyer interest in many listings on the show and the painstaking negotiations to secure a deal at the closing table reflect the pace of the housing market from top to bottom.
Whether you’re aiming for a deal likely to end on “Selling Sunset” or looking for your first home at an entry-level price, changes in the housing market shouldn’t necessarily be viewed as a bad thing, says Oppenheim. .
“I think we are returning to a state of normality. Juxtaposed to what we’ve been used to over the past few years, it may seem like a slowdown, but the reality is that I think we’re heading towards stability, which is something we should all be striving to see,” he says.
Any change in a housing market – especially when you’re used to constant growth – can seem overwhelming. To help, Oppenheim offers tips for navigating a changing market, evaluating your next move as a buyer or seller, and what you can take away from “Selling Sunset” to improve your next real estate transaction:
- Where you live can change your experience.
- Proceed according to your personal situation.
- Get real estate advice.
- Oppenheim’s advice for buying and selling now.
Where you live can change your experience
Especially if you are considering buying or selling a home, any change in the housing market can seem scary. But looking at the big picture, change seems like a must. Realtor.com reports that the median list price for a home in Los Angeles County in June was the median sale price, at $860,000. In April, the median sale price peaked at $875,000, above the median list price at the time of $849,000 and more than $100,000 above the median sale price in April 2021.
“It’s quite expected – I think every time you see such a rapid price increase, you’re going to see a bit of a pullback,” says Oppenheim.
He also predicts that suburbs and smaller metropolitan areas that have seen a significant increase in buyer interest since the start of the COVID-19 pandemic will see more of a drop in prices – or at least a slowdown in price increases – as the market evolves.
“I think there will be a return to the cities,” says Oppenheim. “Politics, taxes and crime, COVID restrictions and homelessness have pushed a ton of people out of Southern California — especially out of Los Angeles. But I think ultimately they might realize that despite all the frustrations, it’s still the best place to live. While you may not like high taxes and don’t want to deal with crime and homelessness, you don’t want to deal with humidity, mosquitoes and snow, lack of sophistication and lack of amenities, restaurants, cafes and lounges.
Proceed according to your individual situation
Whether you want to buy closer to downtown or consider more space in the suburbs, Oppenheim stresses that the choice of moving forward or waiting during times of economic uncertainty should be based on your own financial situation. It’s okay to take a break if you’re unsure about your investment.
“We’re still seeing strong sales, but I really think we’re seeing a slowdown in the number of views I’m getting on a lot of my luxury listings. I think we’re just in a waiting period right now. moment,” says Oppenheim.
But economic uncertainty shouldn’t stop a buyer who can act at the right time. “If you need to buy for yourself, I will. I would just make sure you could run the house for at least 10 years, really,” he says. “It’s sort of the litmus test for the purchase.”
Get real estate advice
You might not have started watching “Selling Sunset” for real estate advice, because so much of the show focuses on agent relationships. The show launched in 2019, following the office’s arguments, the romantic relationships of featured agents, and the professional successes (and occasional failures) of people representing buyers and sellers in the Los Angeles area. Netflix recently renewed the series for its sixth and seventh seasons.
For Oppenheim, the show offers plenty of entertainment, but he particularly enjoys the moments that focus most on real estate – and he thinks there’s a lot to take away from the show to help you buy or sell a property. house with more confidence.
In particular, he hopes the public will take stock of the preparation of listings for sale – the proper staging of a home and the changes needed to make it ready for buyers to see is a common topic of conversation in the industry. ’emission.
“I’m a big believer in presentation in all respects, and I think it’s even more important when it comes to housing – you’re talking hundreds of thousands of dollars of difference,” he says.
Finding a real estate agent and brokerage that will work together to ensure the best deal possible is also a goal to aim for when looking for a professional to represent you. Oppenheim notes that he often works closely to secure deals with all of the brokerage’s agents — not just what’s seen on the show — and that was a big part of his decision to open a brokerage. second office not too far from Los Angeles. Clients even use the show as a window into the personality of the featured agents. “They get to know the agents on the show a bit, feel a connection to them,” he says.
Although most real estate transactions aren’t followed by TV cameras, buyers and sellers can still look for a personality match with an agent who will help a transaction go smoothly, from communication style to business definition. realistic expectations.
Oppenheim’s tips for buying and selling now:
- Focus on what is happening locally. Oppenheim expects suburban markets to slow a bit more than dense cities. If you live outside of Chicago, price increases downtown won’t necessarily mean higher prices in your neighborhood, and vice versa.
- It’s OK to wait and see what happens next to make a move. Economic instability will make many homebuyers nervous, and Oppenheim says a waiting period makes sense, especially for real estate investors.
- Make your home beautiful. Even if your neighborhood continues to attract buyer interest, you can’t expect a big price without putting in the effort. Take note of how carefully Oppenheim agents work with intermediaries to make a property ready for viewing.
- Don’t worry about a drop in interest. A more balanced market is a good thing, although it may not be so when you’re trying to sell a home. Oppenheim says fewer visits per listing are already starting to happen — but there’s still interest from buyers.
- You can still buy a house. Every buyer who finances a home purchase prefers a lower interest rate, but if you’re financially able to make the purchase and ready to buy, go for it. Just follow Oppenheim’s 10-year rule to ensure you can keep it regardless of changes in the economy.