How’s the Market? Top Real estate agent insights into Hollywood Hills and West Hollywood.

How’s the Market? Insights into the Hollywood Hills and West Hollywood real estate markets with top real estate agents Renee Pietrangelo & Craig 'Rosie' Rosevear

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Welcome to our real estate discussion series, where we tackle the number one question in real estate: “How’s the market?” I’m Craig ‘Rosie’ Rosevear a real estate agent based in Beverly Hills I’m joined by Renee Pietrangelo, a Rockstar Hollywood Realtor, to discuss the current market conditions. Thanks for joining us, Renee!

Renee Pietrangelo: My pleasure, 100%! If we were to give the market a weather forecast, how would you describe it?

Craig Rosevear: It’s kind of like today’s weather. It started off really cloudy, then the sun came out and it warmed up, but tonight it’s going to be freezing cold. So, bring your jacket! The market is all over the place. To get a good perspective, you need to know what you’re doing. Are you buying or selling? What’s your price point? There’s so much variety in Los Angeles, it’s nuts. You could get a starter condo for $800,000, or a mansion in the hills for $26 million. I even saw one for $70 million a couple of weeks ago!

Renee Pietrangelo: Exactly, it depends on what you’re doing. Real estate has been going through a recession for the last couple of years, making it tough for agents and everyone in the industry. We see ebbs and flows, like when interest rates drop by 0.25%, people jump on it, then back off again. It’s not a specific answer, but there’s too much variety to say exactly how things are.

Craig Rosevear: What I’m hearing is that, just like today, the fog is burning off. We’ve got a few clouds, but generally, it’s looking like a good time ahead. Let’s pack our bags, get our swimming costumes ready, and catch a few waves. There’s going to be a lot of good activity and opportunities for buyers and sellers, and that means agents too. We’ve been in a fog for two years, but it’s about to lift.

Renee Pietrangelo: I love that perspective. If you’re a buyer or seller, it’s important to reach out to a trusted real estate agent to understand what’s happening in your specific neighborhood. The news is geared around clickbait and can scare you. Don’t let your dreams be frightened off by the news. Talk to an expert to see if your dreams can happen right now.

Craig Rosevear: The news is typically 2-3 months behind. Don’t believe the hype; believe a local agent about the local market. Your dreams, hopes, and wants could be happening right now if you talk to the right person.

Renee Pietrangelo: You can talk to multiple agents to see who brings what to the table and if your personalities click. It’s important to build relationships over time, so when the time comes to make a decision, you’re not starting from scratch. We’re moving into an era where our relationships with Realtors will be less transactional and more like those with our doctors. It’s going to be long-term, taking their advice to help us because our needs will change over time.

Craig Rosevear: Exactly. It’s good to have someone there as a barometer, someone who understands your journey and is happy to listen. It’s not just about getting the best deal once; it’s about having a team with depth of knowledge. You get what you pay for.

Renee: You want to be with someone you can trust. A track record is good, but you also need to separate yourself from the emotion of your home. Work with an agent who understands how to market your home to the right buyers. Detach from the emotion and find an agent who can show you how they’ll market it to as many buyers as possible. It’s all about marketing strategy, even with pricing. We have different strategies depending on the price point to attract the right buyers.

Craig Rosevear: There are pricing, decoration, staging, photography, and video strategies. Remind people about the neighborhood and the value of the location. It’s all part of the strategy to add financial value.

The Importance of Marketing Strategies in Real Estate

Renee Pietrangelo: When it comes to real estate, a lot of the value lies in marketing strategies. Even when discussing price, it’s a marketing strategy. For instance, on paper, your home might be worth about $3.2 million. We have a couple of different strategies here. Do you want to try high? How many people do you think will come and look at it if we list it at $5 million or even $4 million? Or how many will come if we list it at $2.9 million? There are pricing strategies, decoration strategies, staging strategies, photography strategies, and video strategies. It’s also about reminding people of the neighborhood and the value of the land itself.

In Los Angeles, 20% of buyers are from out of the country. Do you have an agent who is also looking at international markets to bring those eyes in? Are you working with someone who asks a lot of questions and puts your wants and needs at the heart of everything they do? Do you have a timeline to work with? Are they good listeners? There are so many different qualities, but ultimately, you have to trust that they are hearing what you’re saying and working with your best interests in mind. It’s not about the paycheck; it’s about your goals, wants, and needs.

Building Deeper Relationships with Your Agent

Craig Rosevear: Real estate is inherently transactional, but because of all the changes and what’s required to make your property stand out, sellers need to have a deeper, longer relationship with their agents. Selling a home is often your biggest asset, and you need someone who understands your situation. How long before you want to put your home on the market should you reach out to an agent? I wouldn’t go too far ahead of time because strategies can change. However, a few months ahead is ideal. A good agent will look at your property and suggest ways to maximize its value, which might take a month or two.

Preparing Your Home for Sale

Craig Rosevear Sometimes, it’s about depersonalizing, decluttering, or just a fresh coat of white paint. Sometimes, a stager is involved. There are many ways to look at a property and see what it needs to take it to the next level. I would suggest reaching out to an agent at least four to six months before you plan to sell. When people think about selling, it’s often a year or two in advance. The strategy from your selling agent can’t be cookie-cutter; it has to be appropriate for the current market.

Adapting to Market Changes

Renee Pietrangelo: The market ebbs and flows, and so does every house and neighborhood. Changes can happen quickly. Sometimes, within a couple of months, a neighborhood can become the hottest spot, and your place can fly off the market with multiple offers. The ability to be agile and have a trusted relationship with your agent is crucial. If a home down the street sells for a high price, we may need to move our timeline forward to take advantage of that. Having options suggested by your agent is important to maximize your sale price while keeping in line with your timeline.

The Role of a Good Listing Agent

Renee Pietrangelo: A good listing agent might suggest investing a bit upfront to set your expectations. For example, if I see a lot of trees on a property, I might ask when the last time the sewer line was inspected. Buyers will want to see the attachment to the city, and tree roots can be a costly fix. It’s better to know upfront rather than be shocked during escrow. A good agent looks out for these things to help you avoid surprises.

Market Optimism and Buyer Behavior

Renee Pietrangelo: With talks of potential interest rate cuts, there’s a sense of optimism in the market. More first-time home buyers are curious and starting conversations with mortgage brokers. However, the medium price point in LA is in a strange state. People are attending open houses but not making offers, waiting for prices to drop. They’re circling, uncertain about when to make a move, but they’re getting ready.

The luxury market and first-time home buyers are doing well, but the middle market (around $2.5 to $9 million) is in a strange place. This price point sees less urgency, as people can manage with their current homes and are waiting for the right moment.

The Benefits of Buying Now

Many people want to wait for interest rates to drop, but the value of owning property increases over time. If your money is sitting in the bank, it’s not working for you. Owning property allows for the accumulation of value day by day. Even if you can’t buy your dream home now, starting with a smaller property can help you build equity and eventually move up.

Waiting for a small drop in interest rates might save a few hundred dollars a month, but buying now can lead to significant value gains over time. For example, if you buy a house now and it gains $100,000 in value next year, the savings from a lower interest rate pale in comparison.

Building Wealth Through Real Estate

Real estate is a powerful tool for building generational wealth. Whether it’s a starter home, a condo, or a duplex, owning property allows you to build equity and financial stability. The key is to start now, rather than waiting for the perfect moment.

Finding the Right Home

It’s important to find a home that works for you for the next few years, even if it’s not your forever home. Most people move every seven to ten years, so it’s not a permanent decision. Life changes, such as marriage, divorce, having kids, or caring for elderly parents, can all impact your housing needs.

Adapting to Life Changes

For example, one of my sellers had to move because her mother needed to live with her and couldn’t handle stairs. This was an unforeseen change, but it required selling the current home and finding a new one that met their needs. The market is always changing, and being prepared to adapt is crucial.

The Benefits of Buying Before Interest Rates Drop

Renee Pietrangelo: One of the most common conversations I have with potential buyers is about waiting for interest rates to go down. I always tell them to talk to current homeowners and ask when they bought their house and how much they paid. The value of their home now will likely show that waiting even five minutes would have been a mistake. If your money is sitting in the bank doing nothing, you might as well throw it out the window. The accumulation of value over time is the whole point of owning property.

Even if you can’t buy your dream home right now, starting with a smaller property like a starter home or condo can help you build equity. After a few years, you can use that equity to move into your dream home or keep the condo as a rental property. This is how generational wealth is built through home ownership. The amount of money you’re losing by waiting for a small savings on interest rates is significant. If interest rates drop by half a point, you might save $200 a month, but if you buy now, you could gain $100,000 in value next year.

The Wrong Perspective on Home Ownership

Many people are looking at home ownership from the wrong perspective. They’re influenced by the news or their uncle’s armchair philosophy and not seeing the real opportunity in front of them. If you can afford to buy now, you should.

The Value of Buying Now

I’ve sold homes to people even two or three years ago, and the value they’ve gained is unmatched by any stock market or bank account. If you’re on the fence over a couple of hundred dollars a month, consider the long-term gains. Your money in the bank isn’t doing anything for you, but owning property will.

Finding the Right Home

Craig Rosevear: Most people don’t live in their homes forever. The average rate of moving is every seven to ten years. Life changes, such as marriage, divorce, having kids, or caring for elderly parents, can all impact your housing needs. For example, one of my sellers had to move because her mother needed to live with her and couldn’t handle stairs. This was an unforeseen change, but it required selling the current home and finding a new one that met their needs.

Pent-Up Procrastination

Craig Rosevear: There’s been a lot of pent-up procrastination in the market. People are finally ready to make a move, and there are trigger events coming, like interest rate cuts. For sellers, the benefit of putting your property on the market now is that there’s less competition. Fewer people want to sell because they think it’s not the best time, but this means you’ll face less competition and potentially get more offers.

Building Wealth Through Real Estate

Renee Pietrangelo: People often have the wrong impression about home ownership, seeing it only as a lifestyle choice. While it’s important for your home to match your lifestyle, it’s also a way to build wealth for yourself and your family. Your money sitting in the bank isn’t doing anything for you. By owning property, you can gain value over time and eventually move into something even better.

The Competition Factor

Craig Rosevear: If you’re waiting for interest rates to go down, the competition will be fierce, and you’ll likely overpay for the house. Home prices are still going up, so waiting could cost you more in the long run. By the time the media reports on market changes, it happened three months ago. This is why it’s important to have a long-term relationship with your agent, someone who is deeply connected to the market and can provide real-time insights.

Exploring Real Estate Opportunities in the Hollywood Hills 90069

Renee Pietrangelo: In areas like the Hollywood Hills, where the market is a bit slower, sellers are more open to negotiating on credits and price. It might not look like it at first glance, but if you start asking and negotiating, you’ll be surprised at the deals you can get. Having an agent who is a deal maker, not just an order taker, is crucial in finding these opportunities.

Craig Rosevear: Your office is in the Hollywood Hills, and you love that lifestyle and area. You’ve mentioned that the price points between $2.5 million and $9 million are a bit sluggish, which is typically your area. Can we dig a little deeper and highlight some of the great value propositions for buyers right now?

Renee Pietrangelo: Absolutely. Because the market is a bit slower, sellers are more open to negotiating on credits and price. It might not look like it at first glance, but if you start asking and negotiating, you’ll be surprised at the deals you can get. It’s not necessarily 100% a buyer’s market, but you can definitely get more right now. Having an agent who is a deal maker, not just an order taker, is crucial because there are opportunities out there.

Craig Rosevear: These sellers have put their properties on the market for a reason. Sometimes the best price is the one that allows them to move on to the next part of their lives. If I’m looking for a deal in the Hollywood Hills, is there a particular pocket, street, or type of home that offers great value right now?

Renee Pietrangelo: There’s so much variety in this area that it’s hard to pinpoint one specific thing. However, in the flats of 90046, some of the big, beautiful, brand-new homes and flips that investors have done are sitting longer. Investors holding these homes are paying high interest rates on hard money and have contractors waiting to be paid. They’re more likely to negotiate, even if they don’t show it upfront. If you have an agent who can write a strong offer, you can find some great deals.

Craig Rosevear: So, be ambitious with your price point and look at properties that have been on the market for a while. Recent builds where developers need to sell quickly are good targets. From a contingency perspective, make it easy for them to accept your offer. Timing is very important.

Renee Pietrangelo: : Exactly. Developers need turnover; they can’t afford to hold onto properties for too long. They were used to quick sales during the COVID market, but now they’re waiting three months. It’s a good time to come in with a strong offer.

Craig Rosevear: It’s been great having you on our podcast, Renee. You’re so inspirational and bring joy to everything you do. How can our audience connect with you?

Renee Pietrangelo: Thank you! You can connect with me on Instagram at @ReneeOnRealEstate. That’s also my YouTube channel.

Craig Rosevear : Thanks for joining us, Renee. If you enjoyed this podcast, subscribe to the channel. We look forward to having more great Realtors on the show. Signing off, bye!

Contact:

Renee Pietrangelo:

Email: reneepietrangelo@gmail.com

Instagram: @reneeonrealestate

Craig ‘Rosie Rosevear

DRE# 022471251

Phone: (424) 431-7295

Email: hello@craigrosierealestate.com

Instagram: @craigrosierealestate

Address: 9171 Wilshire Blvd. Beverly Hills CA,90210