There has been much speculation this year about the state of California’s housing market. But while headlines predicting a cool-off in 2020 may be giving real estate investors pause, there is one segment of the industry that stands to gain just as much from a downturn as it has from the meteoric rise of housing prices in San Francisco: realtors.
Realtors are in a unique position when it comes to taking advantage of fluctuations in real estate pricing because they benefit both from seller’s and from buyer’s markets: either way, people need expert help in managing real estate transactions.
Over the past few months, it has become commonplace for media outlets covering real estate in California to issue dire warnings about an upcoming collapse. After years of rising house prices, net migration, and growth in the San Francisco Bay Area, San Jose, San Diego, and Los Angeles areas, many experts have started to issue warnings that the trend cannot hold.
But while these predictions have been issued with relative frequency over the past year, the much-hyped slowdown has yet to show real signs of taking hold. This is probably due to the fact that, despite rising prices, California remains an incredibly desirable place to live and work.
The bigger the house, the bigger the check! That’s the motto of luxury real estate agents, professionals who are at the top of their industry and cater to a select clientele with a lot of money. The luxury market can be very different from mid-range homes.
Below, we break down some of the biggest differences between the average home market and the luxury end of things:
1) Financing becomes less of an issue, with many luxury homes purchased without mortgages at all. In the luxury market, it can be a lot harder to convince sellers to wait for a bidder’s financing to get approved, as they will be much more eager to take an offer in cash.
There’s no place in the world like California. Between its Mediterranean climate, a huge and diverse economy that includes everything from agriculture to Hollywood to Silicon Valley, and better tacos than anywhere in the United States, living in the Golden State is a pleasure and a dream.
No wonder it has one of the hottest markets in the country for dream homes. In California, the luxury market consists of houses priced over $1 million. However, there’s no hard and fast definition of a dream home – it’s whatever you want it to be. Whether it’s a 10,000 square foot mansion overlooking the Pacific Coast, a modest cottage lost in the pine forests, or one of San Francisco’s Victorian “Painted Ladies,” dream homes come in many shapes and many sizes for all buyers.
Have you been thinking about a career change? A career change can take a lot of time and money to get the proper retraining and qualifications, but not every path has to take four years and tens of thousands of dollars. Getting your California real estate license is easier and more affordable than getting a college degree, and it opens the door to new opportunities, a higher income, and independence in your work life.