At a recent gathering at the Real Deal's Los Angeles Forum on September 21st held at the London West Hollywood Hotel, celebrity realtors Rayni Williams of the Beverly Hills Estate, Jason Oppenheim of the Oppenheim Group & Jade Mills of Coldwell Banker Realty, share their insights on managing the tough residential market in Los Angeles.

The panel discussed challenges facing buyers and sellers in the current market, including high prices, rising interest rates, Measure ULA transfer tax, and a shortage of inventory. The group panel also noted that Los Angeles is a resilient market with a lot to offer buyers. Real estate agents in the city are optimistic about the long-term outlook, but they advise clients to be patient and realistic in their expectations.

Here are some highlighted quotes from the gathering:

• Jason Oppenheim: "I think we’re not going to turn a corner until the middle of 2024. In terms of prices, the bottom was six months ago. The bottom in terms of volume is probably right now." Jason also jokingly confessed that his view changes every day.

• Rayni Williams: "We have everything going against us. ULA, we have crime at an all time high. We have the homeless. We have all these negatives. And what does that tell you about Los Angeles? We're the most resilient market, arguably in the world. Everybody wants to live in L.A. Because of why? Weather, industry, and topography.  And we have downtime. And it’s the perfect time to reinvent the property, and reinvent yourself"

• Jade Mills: "Change the staging!” She recommended restaging the house to make it look more livable. Reconnect with people, keep calling, and keep the momentum going. I mean, I tell all the agents that are at my firm, if you don’t have the deals that you had, it’s the perfect time to create content. I think it’s also a great time to look into different technology. "

If you are realtor who is trying to attract more clients, be sure to read our recent blog article to discover why more U.S. homebuyers are moving to another city. Discover the No.1 spot they are eyeing.

Experience a cutting-edge real estate web design that is tailored and branded to your needs. Built with state-of-the-art AI lead generation tools giving you the edge to succeed.