Josh Flagg from Million Dollar Listing Los Angeles simply dropped some invaluable shopping for and promoting recommendation in the course of the season finale.
After years in an up market, brokers on each Million Dollar Listing Los Angeles and Million Dollar Listing New York shifted methods because the market began to slip. During the final season of Million Dollar Listing New York, Ryan Serhant defined that properties had been sitting on the a number of itemizing service for lots of of days.
“This is no joke,” Serhant in a season eight confessional interview. “Homes over $4 million have an average days-on-market of 450 days. It has never been that way.” The pandemic introduced a brand new layer to the sport, however Flagg defined the market’s ebbs and flows, sharing that 2022 would be the good time to attain a terrific deal.
The market is in a downturn
Flagg shared his prediction throughout David Parnes and James Harris’s dealer’s open. Flagg predicted the house they had been displaying would go for considerably lower than the asking worth. “Which by the way, in three years from now, they’d be lucky if they got,” he exclaims. “That’s not a bad thing but try to explain that to a seller who wants $20 [million].” Flagg thinks the house will commerce for about $16 million to $16.5 million.
Parnes wonders if the market will go down in three years. “It’s healthy for things to correct in price,” Flagg explains. “Things can’t keep going like this.”
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“Keep in mind cycles are normally seven years, but with the speed of technology today, they’re like five years,” he says. “They say. But we’ve never had a five-year cycle yet.”
2022 would be the time to purchase
“So if you start in 2008 when [the housing market] crashed and it goes down,” he illustrates. “That’s 2009, 10, 11, 12. Then it starts to pick back up again, 13, 14, 15, 16.”
“We started in summer of 17,” he says, gesturing downward. “17,18,19, 20. It’s gonna probably go into 22 and then up again. So people thought I was crazy but I watched it like a loop in my hand. I’m very precise and detail-oriented.” The brokers look shocked and significantly impressed. Parnes remarks on how Flagg’s perception was spectacular. Tracy Tutor says that Flagg typically shocks her along with his knowledge.
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“I may not be able to give you answers to everyday life questions,” Flagg says in a confessional. “But what I can tell you is every single thing about a house in Beverly Hills, BelAir, Holmby Hills, and the Bird Streets. Other than that, they would probably think I was brain dead.”
Now would be the time to attain a terrific deal in NYC
Tyler Whitman from Million Dollar Listing New York stated luxurious flats within the metropolis are priced to promote. “I would actually say, I still feel like this year is easier than last year to work,” he just lately informed Showbiz Cheat Sheet. “Because last year, the biggest issue was that the market had really, really slowed down. But sellers were not accepting the reality.”
“You know, they were not adjusting to the market,” he added. “They were like, ‘OK, well, then I’ll just hang on because know it’ll be fine soon.’ Now, I think there are differences. It’s that like they’re like, oh, ‘OK, sh*t is going down. So I need to adjust.’ And it’s like the first time that people are actually reacting appropriately.”
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Properties are priced to promote. “You do have to price really aggressively, but as long as you’re priced correctly, things are getting attention and things are selling,” he stated.