'Selling Sunset' star Jason Oppenheim shares what he looks for when buying a new home and his top advice for buyers in 2023
Jason Oppenheim says almost every buyer he meets who tries to 'time the market' loses out.He says low inventory won't change anytime soon and that homes sitting on the market are often hidden gems.
If you buy the right property, and you hold it for 20 or 30 years, usually the land will become more valuable than the house, as long as it's in a great location. From an investment perspective, nothing matters more than location. Make sure you're buying in a desirable area. There's been a lot of uncertainty in the market over the last six months — mostly because we didn't know if we were going to get a handle on inflation. We didn't know how high interest rates were going to get, or how significant that correction was going to be in the housing market. We have a much better understanding of that now, and it looks like it won't be as severe as anyone predicted. The market is more stabilized.
In a high inventory market, you can be more picky — you can wait and see if you can find a home that offers everything that you want. In a low inventory market, you usually have to give up a few items on your wish list. A lot of the secondary markets outside of the major cities — like Miami or Austin — that have been thriving will probably decrease a bit in 2023. If I were a seller in those markets, I'd get very aggressive with pricing to try and get in front of all the other sellers.
With properties that have been sitting on the market, many times there's a false notion that something is wrong with the house when in fact there's nothing wrong at all. Maybe poor photos were taken, maybe the seller didn't take the time to find a great agent, maybe they didn't spend the money to properly stage the house.
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