As one of Atlanta’s top luxury agents, Debra continues to surpass client expectations as demonstrated in her sales volume performance for over 17 years. Debra uniquely differentiates herself as a leader by utilizing her proprietary, cutting-edge marketing strategy to provide her listings mass exposure through a distinctive and unique complementary blend of press marketing, search engine optimization, and technology coupled with superb video production and photography.
The result is maximum exposure for her client’s homes, featuring them on high-authority channels like Yahoo Finance, Reuters, Bloomberg, FOX, ABC, NBC, and more. Debra is also an exclusive partner with The Pinnacle List and the exclusive Atlanta agent for Haute Residence Magazine. These partnerships result in her clients’ properties being regularly showcased in both selective print and online features. She is known as a Luxury Agent social media influencer through her YouTube channel with viral luxury real estate videos that engage with millions.
Her genuine enthusiasm for real estate, professionalism, and confidentiality as well as providing top customer service set her apart. Debra delivers uncompromising professionalism and ultimately a positive experience for her clients as Buyers and Sellers in the Atlanta luxury real estate market. With a record 2021 sales volume of over $70 million, she continues to surpass the luxury real estate competition in Atlanta while delivering exceptional service each and every time.
To find out more about the opportunity to own Atlanta’s premier luxury properties, please view Debra Johnston’s profile: https://www.hauteresidence.com/member/debra-johnston-3/
About Haute Residence: Designed as a partnership-driven luxury real estate portal, Haute Residence connects its affluent readers with top real estate professionals, while offering the latest in real estate news, showcasing the world’s most extraordinary residences on the market and sharing expert advice from its knowledgeable and experienced real estate partners.
The invitation-only luxury real estate network, which partners with just one agent in every market, unites a distinguished collective of leading real estate agents and brokers and highlights the most extravagant properties in leading markets around the globe for affluent buyers, sellers, and real estate enthusiasts.
HauteResidence.com has grown to be the number-one news source for million-dollar listings, high-end residential developments, celebrity real estate, and more.
Access all of this information and more by visiting: http://www.hauteresidence.com
Find topics in marketing, technology, and social media for realtors, and housing market resources for homeowners. Be sure to subscribe to Digital Age of Real Estate.
Sales may be slow in your market, but that doesn’t mean your real estate business can’t grow. On today’s State of the Market podcast, we revisit the real estate predictions we made the last time Eric Bramlett was on the show. Plus, we offer new predictions regarding interest rates and the market as a whole. After that, we analyze Austin home sales and stats impacting real estate in similar markets. Finally, we cover the best ways to stay positive and productive during a downturn.
Listen to today’s show and learn:
What’s happening with the Austin real estate market [2:38]
Austin’s peak median sale price compared to today’s [7:26]
Agents working twice as hard to make the same amount of money [9:00]
Home buyers have lost their sense of urgency [11:25]
Why luxury home sales are slow right now [13:05]
Predictions regarding interest rates and the real estate market [15:48]
Predictions regarding commercial real estate and multifamily properties [18:31]
How to grow when the market is slow [25:30]
Pivoting away from inbound marketing campaigns [31:10]
The BIG benefit of a downturn [35:48]
Eric and Aaron offer their final thoughts [40:59]
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Older Americans are sitting on more than $12 trillion in home equity, according to the National Reverse Mortgage Lenders Association (NRMLA)/Riskspan Reverse Mortgage Market Index. These homeowners are seeking different retirement solutions to help allocate their home equity and make it more durable over the next 20 to 30 years.
According to data from Statista, there were roughly 5.95 million homes bought and sold in the U.S. last year. The National Association of Realtors (NAR) estimates that baby boomers made up roughly 39%, or 2.32 million, of those homes.
If we then look at data from the Federal Housing Administration (FHA), there were 2,063 Home Equity Conversion Mortgage (HECM) for Purchase loans endorsed in 2022 — less than 1/10th of 1% of homes sold last year.
Today’s market includes mortgage rates of above 6%, low inventory and elevated home prices, all contributing to affordability problems. Many of the baby boomers that have a mortgage on their current home likely refinanced during the pandemic to get a very low interest rate.
With all of this in mind, why would baby boomers move into a new home, where their expenses would be exponentially higher due to higher mortgage rates, increased inflation and current economic concerns?
Longbridge Financial, LLC, (NMLS #957935) believes that the answer to this dilemma is the HECM/Reverse for Purchase financing option.
“Many of these homeowners have a desire to move closer to family or to a more suitable home for their lifestyle in retirement. [They likely] would feel much more confident that they can keep a significant amount of the proceeds from their departure home and not have to make monthly mortgage payments, provided they continue to pay their taxes and insurance and maintain the home,” said Rob Cooper, National Purchase and Builders Sales Leader for Longbridge.
“If the industry were better educated on this option, there would be a significant increase in HECM/Reverse Purchase volume. There is an incredible opportunity for growth,” he said.
Why is this market underserved?
But despite the opportunity, the HECM/Reverse for Purchase market is underserved, Cooper said.
“Most real estate agents, builders and potential customers have no idea that this financing option exists to purchase homes,” he said.
Part of this may be due to the idea that it’s a niche product, said Adrian Prieto, SVP of Wholesale and Third-party Affiliates at Longbridge.
“Many in the housing and mortgage industries consider the reverse mortgage a niche product,” he said. “Now add the Reverse for Purchase product to the mix and you have a niche within a niche; that can make it even harder to break through.”
Few loan officers make the purchase product a main part of their business. Additionally, because HECM/Reverse for Purchase did not exist until late 2008, many don’t fully understand the value propositions the product poses.
“We can effectively open up a new line of customers for real estate professionals with this financing,” Cooper said.
The HECM for Purchase product
The product itself is relatively simple, Cooper said. The main difference between HECM/Reverse for Purchase and a traditional mortgage is that the amount of money required for a down payment is currently in the 60-65%* range, based on the age of the youngest borrower and other factors.
The customer would bring roughly 60-65% to the table and the reverse mortgage lender would provide the other 35-40% for the transaction.
“The big difference is that monthly mortgage payments are optional so long as the borrower continues to maintain the home and pay their property taxes and insurance,” Cooper said.
Prieto noted that the product gives borrowers the option to “right-size” their home based on their retirement goals and living situation while creating cash flow.
Opportunities and benefits
HECM/Reverse for Purchase represents a big opportunity for agents, lenders and builders, as well as customers.
Real estate agents, loan officers and builders can attract customers they have never captured before. They can help mature customers who have looked at multiple homes and shown all the buying signals but never transacted — for a variety of reasons, but largely due to finances.
The HECM/Reverse for Purchase allows the customer to feel more financially secure in making that purchase — they can get the home they want, where they want it, with a bit more control over their financial situation. They’re able to keep a significant amount of their proceeds from their departure home with the flexibility to make monthly mortgage payments or not, provided they comply with the loan terms, including tax, insurance and maintenance costs.
“The opportunity to provide agents, builders and loan officers with a flexible, dynamic product that expands their portfolio to a growing and untapped market is very enticing,” Prieto said. “If you have someone over 62 years old looking to purchase a home with a traditional mortgage, I highly recommend they compare that option with the Reverse for Purchase. Once you do the comparison, you’ll notice how dynamic the program is and how well it can position someone in their retirement phase of life.”
Longbridge Financial’s approach
The reverse industry has been working hard for years to educate real estate agents, builders and loan officers on the advantages of HECM/Reverse for Purchase, and Longbridge Financial is taking multiple steps to expand its own education efforts.
The company is launching its Reverse for Purchase Roadshow in two cities this summer, with more locations to come. The goal is to educate loan officers who are already partners, as well as loan officers that are unfamiliar with reverse mortgages, on how big of an opportunity the HECM/Reverse for Purchase product is, especially in the current market.
“Many of these loan officers have existing relationships with real estate agents and builders,” Cooper said. “If they can educate their partners on HECM/Reverse for Purchase financing and how to implement and market to mature home buyers and sellers, it could have an impact on the overall purchase volume.”
Longbridge has also created a dedicated Purchase Fulfillment Team to ensure it hits estimated closing dates. Closing these purchase loans on time and communicating effectively throughout to the builder and real estate partner helps build long-lasting partnerships.
The company continues to look at more strategic ways to brand the product, but it all comes back to education. Longbridge consistently holds Purchase training calls on the product, best marketing practices and how best to communicate expectations to all parties involved – and they offer a plethora of supporting marketing collateral.
“As a top reverse mortgage lender, LBF is committed to educating, marketing and training our business partners on the optimal and safest ways to utilize home equity in retirement,” Prieto said. “We are pouring resources into the Reverse for Purchase program with an intent to educate business partners and older homeowners nationwide. We know how much the Reverse for Purchase can help, and we want to get the message out there.”
To learn more about Longbridge Financial’s HECM/Reverse for Purchase program, contact an Account Executive at [email protected] or click here.
*This down payment range assumes closing costs will be financed into the loan. The information being displayed is for illustrative purposes only. Actual cash required may vary and is based on age of youngest borrower, interest rate, home value, and other factors. Please contact Longbridge Financial LLC for details about credit costs and terms.
Featured image credit: Howard Nourmand courtesy of Nourmand & Associates
A home is a symbol of status.
That sentence rings true whether you live in New York or Beijing, Vancouver or Madrid, Prague or Mumbai. But nowhere is the competition to stand out quite as fierce as Los Angeles, where million-dollar homes go to extreme lengths to appeal to potential buyers.
In what seems like an endless parade of upscale amenities, sprawling floorplans, and lavish interiors, the luxury segment of L.A.’s already competitive real estate market is constantly adapting to the changing needs (and growing expectations) of buyers in this price range.
But in a city that’s rife with new builds, there’s an undisputed appeal for homes with a bit of history — and a design that’s guaranteed to withstand the passage of time.
Paul Williams homes are hot commodities in L.A.
Out of the many architects that left their mark on the City of Angels, one name stands out: that of Paul Revere Williams, one of the most prolific and accomplished architects in recent history.
With his wide range of architectural styles — from traditional colonials to casual ranch-style to midcentury modern marvels — Williams left his mark on the city’s most glamorous and exclusive enclaves, including Beverly Hills, Brentwood, Bel Air and the Hollywood Hills.
He designed or revamped close to 3,000 buildings starting in the 1920s all the way through the 1970s, and rose to fame as the go-to architect of California celebs and business magnates alike.
Paul Williams counted Frank Sinatra, Lucille Ball and Desi Arnaz, William “Bojangles” Robinson and other entertainers among his high-powered clientele.
But beyond his flashy role as ‘The Architect of Hollywood”, Paul Williams built countless homes whose owners have not been immortalized on The Hollywood Walk of Fame. And these homes, with their timeless design and quality of build, continue to attract buyers in droves.
“Paul Williams’ homes are hot commodities in LA. His classic style and long-standing career designing for LA’s most storied legends make him one of city’s most celebrated architects. Owning a Williams home is owning a one-of-a-kind, classic home that has stood the test of time.”
Michael Nourmand – President, Nourmand & Associates
SEE ALSO: The Chemosphere House and 6 other striking John Lautner-designed homes
And he should know. Michael’s company, Nourmand & Associates, a leading real estate brokerage in the Los Angeles area, sold three Paul Williams-designed homes in 2021 alone — one more charming than the other.
“It’s an honor for myself and Nourmand agents to have represented both buyer and seller in the most recent Paul Williams listings.”
Most recently, Nourmand & Associates closed on the $11.5 million sale of Villa Andalusia (pictured above), a 1931-built Italianate Pallazo that’s touted as one of the finest properties in Los Feliz. Konstantine Valissarakos represented the buyer in the transaction.
The sale followed two other noteworthy transactions closed by Michael Nourmand himself; the first, a picture-perfect family home that traded for $8.75 million, and the other an exceptionally well-crafted Beverly Hills home that commanded a $5.198 million sale price. For the latter, Michael Nourmand held the listing alongside Adam Sires, with another Nourmand & Associates agent, Jill Epstein, representing the buyer.
And these million-dollar sales are by no means outliers.
In early 2021, a Brentwood manor Paul Williams built back in the 1930s for opera singer-actress Grace Moore and her husband, Spanish actor Valentín Parera (later occupied by legendary actor Tyrone Power) sold for $10.1 million to veteran CAA agent Josh Lieberman.
Prolific celebrity house flippers Ellen DeGeneres and Portia de Rossi have also just closed on a Paul Williams-designed home in Beverly Hills Post Office. According to the Los Angeles Times, the couple paid $8.5 million for the pristine mid-century home that’s tucked in the gated enclave of Hidden Valley Estates.
But beyond the visual and structural appeal of the homes the lauded architect left behind, there’s a much more complex legacy.
The legacy of Paul R. Williams
While he’s widely remembered as “the architect of Hollywood” and a top choice among the stars of his time, Williams’ repertoire is vast in both style and quantity, creating some 3,000 buildings before his death in 1980.
A 2012 NPR profile chronicling his work crowned him as “the trailblazing architect that helped shape L.A.” Beyond the residential projects he worked on, Williams didn’t shy away from tackling ambitious public and commercial buildings.
He helped design iconic structures like the Los Angeles County Courthouse, the historic Spanish-colonial style YMCA building in downtown LA, and even parts of Los Angeles International Airport.
He was part of the LAX planning and design team, working on some of the most well-known commercial and municipal projects, including the Golden State Mutual Life Insurance Building, Hillside Memorial Park, Westwood Medical Center, and the First AME Church.
Because of his varied portfolio, you might even recognize his handwriting: it’s prominently plastered on the façade of the Beverly Hills Hotel (which he didn’t build, but expanded and renovated throughout the years).
But Paul Williams’ legacy extends beyond the structures he helped build.
He was the first African American architect to become a member of the American Institute of Architects in 1923, and later, in 1957, he was inducted as the AIA’s first black fellow.
Despite the deep prejudice and racism he faced, Williams masterfully navigated the business and social circles of the day.
The LA Conservancy reports that he even learned to draw upside down in order to sketch for clients from across the table — for the benefit of any white clients who might have been uneasy sitting next to an African American.
Williams famously remarked upon the bitter irony of the fact that most of the homes he designed, and whose construction he oversaw, were on parcels whose deeds included segregation covenants barring Black people from purchasing them.
Later in his career, Williams chose to devote more of his time to projects aimed at providing affordable housing; he co-designed the first federally funded public housing projects of the post-war period (Langston Terrace in Washington, D.C.) and later the Pueblo del Rio project in southeast Los Angeles.
It wasn’t until 2017, 37 years after his death, that the American Institute of Architects awarded him his gold medal for the outstanding contributions he made in the world of architecture.
“Our profession desperately needs more architects like Paul Williams. His pioneering career has encouraged others to cross a chasm of historic biases. I can’t think of another architect whose work embodies the spirit of the Gold Medal better. His recognition demonstrates a significant shift in the equity for the profession and the institute.”
William J. Bates, FAIA, in his support of William’s nomination for the AIA Gold Medal, Architectural Digest via Wikipedia
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Just because you retire doesn’t mean you have to stop working. And when work is an option rather than a requirement, it’s possible to select a low-stress job that multiplies fulfillment without adding anxiety — but still provides a bit of much-appreciated income. There are, in fact, a variety of such low-stress, high-reward jobs well-suited to the needs of retirees.
A financial advisor can help you devise a plan that will give you the flexibility to make choices in retirement.
Working in Retirement
People may continue working after retirement for a variety of reasons, including the benefits of generating additional income, the satisfaction of making a contribution and the stimulation of staying engaged. If nothing else, work can get them out of the house and fill the hours formerly devoted to their careers.
Many jobs are, however, likely to be more trouble than they are worth to a typical retiree. If what you are after is fulfillment without stress, it doesn’t make much sense to apply for a position as, say, a law enforcement officer working undercover for a drug-smuggling ring. Fortunately, there are many jobs that offer lots of benefits without lots of stress.
Low-Stress Jobs for Retirees
The work you do in retirement can be an extension of your former career or head off in a diametrically opposed direction. Either way, here are 12 possibilities:
Tutoring
Decades of life experience can admirably equip retirees to work as part-time tutors to students at various levels of education. English as a Second Language, for example, is a subject area many retirees can assist students with, while maintaining flexible hours and keeping supervision and red tape to a minimum.
Pet Care
For people who like getting outside and spending time with animals, walking dogs is a way to get paid for enjoying themselves. Sitting, grooming and transporting dogs as well as cats and other pets can offer similar appeal.
Massage Therapist
Many massage therapists see clients at their own homes or in annexes on the property, meaning there’s no commute and little hassle or overhead. If you enjoy helping others through the healing properties of touch, this could be a retirement gig for you.
Personal Trainer
A dedicated runner, swimmer, biker or gym rat, can get paid for sharing their knowledge and passion for fitness with others who are chasing their own fitness goals. Tasks include selecting exercises, structuring workouts and developing training plans.
Consultant
If you had a lengthy career in nearly any knowledge-based field, you may be able to monetize that experience in retirement while also being able pick and choose your clients, working flexible hours and even earning a handsome income, all as a self-employed consultant to businesses.
Life Coach
If helping individuals as opposed to businesses is more your style, you can set yourself up as a life coach helping people reach fulfillment by attaining goals in their professional and personal lives.
Travel Agent
Many who love to travel find earning fees and commissions as travel agents to be a good job in retirement. The work involves recommending destinations, organizing itineraries and booking tickets for transportation, lodging, meals and events.
Library Worker
Bibliophiles can surround themselves with books and get paid for the privilege by working at the library. Many positions are part-time and tend, almost by definition, to be low in noise, hustle and bustle.
Tour Guide
Museums, historical sites, nature centers, monuments and other attractions commonly employ guides to provide visitors with information and assistance as they tour the facility. The positions are well-suited to retirees who want to make some extra money and interact with a variety of people in a relaxed environment.
Personal Shopper
Retirees can shop until they drop without having to spend a dime of their own money – and even earn a few bucks – by working as personal shoppers. This job involves serving people who need help choosing clothing and accessories that fit their personal styles.
Landscape Artist
Cultivating b eautiful landscapes is a passion for many retirees. A peaceful day tilling the soil can also be a source of income with a job as a gardener or landscaper.
Event Coordinator
If you possess robust organization skills and are detail-oriented, there is always a demand for people who can plan and coordinate weddings, parties, conferences and other events.
Bottom Line
Although there probably are as many reasons for continuing to work after retiring as there are working retirees, it’s a safe bet that few if any are showing up for work in search of added stress. Fortunately, there are plenty of jobs open to retirees that pair high levels of fulfillment with low levels of stress.
Retirement Planning Tips
Generating sufficient income in retirement can be a challenge without the help of an experienced and qualified financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Whether you are retired and working mostly for non-financial means or still in the workforce and focused on earning income, SmartAsset’s paycheck calculator will tell you how much your employer will withhold from your check for federal, state and local taxes.
Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
The Wall Street Journal recently ranked Springfield, Illinois #19 on its Housing Market Index. The town of just under 150,000 has also been rated as one of the most affordable places to buy a home in the U.S., as well as one of the best cities to live in. Springfield’s top agents are our focus this week. So, here’s a roundup of four of the best in the region.
Kyle Killebrew is a Zillow Premier Agent with 386 five-star reviews from clients who use that platform. In business for about two decades, Killebrew and his team have had an impressive sales record of more than 400 transactions in the past 12 months. On Facebook, Killebrew has almost 4,000 fans and an Instagram marketing effort. As for the agent’s website, it’s a 70% rating SEO-wise.
Killebrew has also created a Youtube channel with only seven subscribers. The last video seems to have been made about six years ago, so it’s probable that the agent gave up on this marketing channel. One hundred twenty-two nearly perfect Google reviews tell us the people who use this agent’s services are almost always satisfied. Killebrew only has 191 LinkedIn connections, so this channel probably does not provide many leads either. The team has zero media mentions, according to Google News.
With such an impressive sales record, I feel Killebrew could bounce up and be one of America’s top agents with more time and resources spent on ads, marketing, and branding.
Website, Facebook, Contact # 1-217-321-8210
Right behind Killebrew, Jim Fulgenzi leverages three decades of experience and a team of Zillow rating stars. They have had almost 200 sales in the past year. The Re/Max agent has just over 2k Facebook fans, and the page is well-maintained. On Instagram, Killebrew’s effort is a bit half-hearted, as his YouTube channel has precisely the same number of subscribers as his competitor, Kyle Killebrew. Only Fulgenzi seems to have given up on the video marketing route about nine years ago.
Fulgenzi has not one but two websites, neither of which is very good SEO-wise. The newest site is nice aesthetically and useful, so I linked to this one. This star Springfield agent outdoes even Killebrew with almost 300 near-perfect Google reviews. This Re/Max professional blasts past most area agents using LinkedIn with 500+ connections. Another feather in Fulgenzi’s cap is that he is mentioned several times in local media, a marketing funnel aspect many agents overlook.
Website, Facebook, Contact # 1-217-341-5393
Another top agent in Springfield, Debra Sarsany, made over 100 sales in the past year. According to Zillow, Sarsany has nine people on her team, with 5.0 Zillow user reviews. Debra is the most experienced agent in this roundup, with almost four decades in real estate. But she also has 500+ LinkedIn connections and posts frequently on the platform.
About 3k people follow Sarsany on Facebook even though her team posts less frequently than other agencies. She also maintains an excellent blog and is a good writer, another skill/method often overlooked by agencies in the US. Unfortunately, the blog sits on a lonely website that only some people visit. The SEO ranking is 60%, but other metrics show that only some people see. This means the blog could be more readable. With some cross-posting and using groups on Facebook, this could be remedied. Sarsany also gets some light media coverage in the Springfield area.
Website, Facebook, Contact # 1-217-313-0580
Melissa Dowson Vorreyer rounds out this week’s list of top agents. Her 246 perfect Zillow reviews put her in our view space, and the fact she’s sold 121 properties this past year tells us she’s one of Springfrield’s most successful real estate pros. In addition, she has nearly 3k Facebook followers and two killer Instagram channels that differentiate this agent from most of her competitors.
Vorreyer has a good website SEO-wise, but the Re/Max cookie-cutter sites are not extraordinary by anyone’s estimation. However, this Springfield agent makes up for it with over 1k LinkedIn followers and almost 100 endorsements. Unlike her contemporaries in the area, Vorreyer also operates a fairly robust Twitter account. Finally, I find it interesting that Vorreyer seems to be advertising with a YouTube user called “Gamer.” Other agents broadcast via this channel too, and I wonder if anyone is getting leads from it.
Website, Facebook, Contact # 1-217-652-0875
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Courted]
An AI-powered Brokerage Talent Solutions, Courted is bringing connected professional networking and workflow to help make data-driven marketing, hiring, and referral decisions. Their predictive analytics help customers maintain high retention rates by proactively identifying agents that are up and coming or likely to leave. For recruitment, Courted offers Sales Volume Forecast models to find profitable agents overlooked by the competition and AI-powered attrition scores to show which agents are most likely to join a users team/brokerage. Courted primarily serves agents and team leaders to help them acquire knowledge, insights, and opportunities across the market.
What we like: Providing agents with a network of opportunities to enable success and connection based on merit rather than advertising budget.
Chris Voss, best-selling author of Never Split the Difference, spent decades honing his negotiation skills in the FBI. Before retiring, he served as the Bureau’s lead negotiator for international kidnappings. On today’s podcast, he gives practical advice on how to gain the edge in any negotiation. Chris also shares tips specifically for real estate agents from The Full Fee Agent, a new book he co-authored with recent guest Steve Shull. Listen and learn how to master the art of professional persuasion one conversation at a time.
Listen to today’s show and learn:
About Chris Voss and Never Split the Difference [5:28]
Why everyone loses when you meet in the middle [9:24]
Collaborating instead of being cutthroat [11:48]
An example of collaboration with contractors [14:38]
How to avoid friction when negotiating deals [20:12]
The human need for collaboration [24:38]
Why “yes momentum” sales strategies don’t work [25:30]
The “How am I supposed to do that?” strategy [28:39]
The Full Fee Agent by Chris Voss and Steve Shull [31:31]
Get coached by Chris Voss and Steve Shull [36:00]
Negotiating splits with real estate teams [38:45]
Growing by letting people go [42:40]
Holding people accountable to good habits [43:51]
Upcoming conferences with Chris Voss and Steve Shull [44:25]
Advice on becoming an expert negotiator [45:50]
Where to find and follow Chris Voss [47:55]
Chris Voss
Chris used his many years of experience in international crises and high-stakes negotiations to develop a unique program that applies globally proven techniques to the business world.
Prior to 2008, Chris was the lead international kidnapping negotiator for the Federal Bureau of Investigation (FBI), as well as the FBI’s hostage negotiation representative for the National Security Council’s Hostage Working Group. During his career, he also represented the U.S. government as an expert in kidnapping at two international conferences sponsored by the G8.
Before becoming the FBI’s lead international kidnapping negotiator, Christopher served as the lead Crisis Negotiator for the New York City division of the FBI. Chris was a member of the New York City Joint Terrorist Task Force for 14 years. He was the case agent on TERRSTOP (Omar Abdel-Rahman/”The Blind Sheikh” case) and the TWA Flight 800 catastrophe. He also negotiated the surrender of the first hostage taker to give up in the Chase Manhattan Bank robbery.
During Chris’s 24-year tenure with the Bureau, he was trained in the art of negotiation by not only the FBI, but also Scotland Yard and Harvard Law School. He is also a recipient of the Attorney General’s Award for Excellence in Law Enforcement and the FBI Agents Association Award for Distinguished and Exemplary Service.
Chris has taught business negotiation in MBA programs as an adjunct professor at the University of Southern California Marshall School of Business, and at Georgetown University McDonough School of Business. He also taught business negotiation at Harvard University and guest lectured at the Kellogg School of Management at Northwestern University, the IMD Business School in Lausanne, Switzerland, and the Goethe Business School in Frankfurt, Germany.
Since 2009, Chris has also worked with Insite Security as their Managing Director of the Kidnapping Resolution Practice.
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Cue up your favorite girlboss anthem, because the high-powered female brokers at the Oppenheim Group are back!
And along with them come more million-dollar deals, some fresh new faces, and all the drama you’d expect from the Netflix series best described as ‘Real Housewives meets Million Dollar Listing.‘
Spicing things up this season are two new additions to the Selling Sunset cast, joining familiar faces like Chrishell Stause, Mary Fitzgerald, Emma Hernan, Heather Rae El Moussa, Amanza Smith, and Chelsea Lazkani.
O Group veteran Nicole Young steps into the limelight (after she’d only made brief appearances in past seasons, including a memorable one in Season 2 when she officiated Mary and Romain’s wedding), alongside model-turned-real estate agent Bre Tiesi.
For those of you keeping up with celebrity news, Bre might already be a familiar face, as the ambitious real estate agent was holding headlines last year after having a baby with Nick Cannon.
We also get to meet Jason Oppenheim’s new girlfriend, Marie-Lou Nurk, and Chrishell Stause’s partner (later turned wife), G Flip. But despite the show’s new additions, what we’re most excited to see more jaw-dropping mansions and multi-million-dollar homes — and there’s no shortage of those in the new season.
So we took it upon ourselves to track down all the spectacular houses in Selling Sunset Season 6, and give you a breakdown of their impressive features, endless lists of amenities, and upscale features.
The spectacular houses in ‘Selling Sunset’, Season 6
Selling Sunset doesn’t disappoint when it comes to real estate eye candy. From sprawling penthouses to massive mansions, Season 6 brought us plenty of million-dollar homes to daydream about — and even had us revisit some past favorites, like Chrishell Stause’s beautiful home in Hollywood Hills.
And since luxury real estate is our obsession, we couldn’t help ourselves and tracked down all the Selling Sunset houses that graced our screens in Season 6 of the hit Netflix show.
With the exception of Chelsea’s Santa Monica listing, which we couldn’t find as there weren’t many details available (or maybe Chelsea didn’t land the listing?), and Nicole’s West Hollywood listing, here’s a quick update on all of the houses featured this season, along with property photos and videos that allow you to take a closer look at these phenomenal estates.
Bonus: before we go into the houses that made their way on-screen, we’d like to take a second to applaud the Netflix production crew’s choice when picking the shooting location for promotional images.
The posters for Selling Sunset‘s sixth season were shot at the iconic Sheats-Goldstein Residence, an architectural marvel and Hollywood landmark designed by lauded architect John Lautner.
Saint Ives Place, West Hollywood – Harry Styles’ former house
An impressive property with celebrity pedigree, this West Hollywood manse was the perfect location to kick off Season 6 of Selling Sunset.
Previously owned by As It Was hitmaker Harry Styles (who bought and sold quite a few Los Angeles-area mansions over the years, including one that later became Lizzo’s house), Emma’s listing has a phenomenal location and all the luxury amenities you’d expect from a former celebrity pad.
With 4 bedrooms, 6 baths, and 4,401 square feet of living space, the Netflix-features Saint Ives Pl. is ideally located behind private gates right above the Sunset Strip — which means it offers beautiful panoramic views that extend from Downtown L.A. to the ocean.
At the time Selling Sunset filmed its Season 6 episodes, the property was listed for $7,995,000. Not to spoil anything for Netflix fans (as Harry Styles’ former house may make a comeback in the next season), but the property is still on the market, with a slightly reduced price.
We’ve also learned that the property is available as a rental asking a whopping $1,500 PER DAY.
Lloydcrest Drive in Beverly Hills, Emma’s $18,995,000 listing
We’re suckers for striking modern mansions, and the Lloycrest Dr house on Selling Sunset is right up our alley.
The 5-bed, 9-bath house, which comes with a coveted address (it’s set in the prestigious Crest Streets in Beverly Hills), was listed for just under $19 million.
Hardworking Emma had already secured a buyer for the modern Beverly Hills spread, but the sale fell through as the buyers were not happy with how much they’d have to pay for fire insurance, which ran high even for a property this size (the show mentions that the cheapest fire insurance for the house would be 200,000/year – yowza!)
(Spoilers ahead) Fast-forward to now, Lloydcrest Drive is still on the market, though at a significantly lower price point. The property — which offers 10,359 of living space, a massive 2,000 sq. ft. primary suite with a private glam room and hair salon, a gourmet kitchen, and a 20-person home theater with a bar, among others — is currently listed for $12,995,000.
Jason Oppenheim’s two $7.5M penthouses on Hollywood Boulevard
After his Season 5 breakup with Chrishell, O Group co-founder Jason Oppenheim threw himself into work — specifically, converting four condo units on Hollywood Blvd. into two spectacular penthouses with massive rooftop decks and the finest luxury finishes.
As mentioned on the show, Jason sunk nearly $10 million of his own personal money into the project, and he’s looking to cash out by listing each of them for a whopping $7.5 million.
(Spoiler) The two penthouses are still on the market following Selling Sunset‘s Season 6 premiere, though the smaller of the two — both units have 3 beds and 4 baths, but one is slightly larger at 3,820 square feet versus 3,580 sq. ft. — has seen its price drop by $500,000. It’s now listed for $6,995,000 (and as a rental for $49,900/mo), while the larger unit retains the original $7,495,000 asking price and a $49,900/mo rent price.
Micah’s Hillside Ave house
Micah, the developer behind the impressive Lloydcrest Drive property we mentioned earlier, was also selling his original home — and had enlisted Emma to be his agent for this one too.
Set on the same prime Hollywood Hills street as the unforgettable $40 million Hillside house from Season 1 and 2, the 5-bedroom, 5-bath home comes with 4,840 square feet of luxurious living space, an open floor plan with floor-to-ceiling sliding glass doors, and a King Kong statue(?) guarding the pool area.
Remember when Emma said how flattered she was that Micah was entrusting her with the sale of this home? Well, turns out he was right to do so (Warning, spoilers ahead): The Hillside Ave house from season 6 of Selling Sunset sold for more than the asking price.
Listed for $5,495,000 in August 2022, the 5-bedroom spread sold for $5,726,000 a few months later, in November 2022 per public records. Way to go, Emma!
N Stanley Ave, the black house on Billionaire’s Row
For this one, we didn’t have to do much research, as we extensively covered this beauty when it came to market last year.
Definitely one of the most impressive houses featured on Season 6 of Selling Sunset, the newly-built N Stanley property that Heather and Bre visit together is nestled in the hills above Sunset Strip, in the coveted ‘Billionaire’s Row’.
Priced at a cool $24.995 million, the plush property offers all the bells and whistles you’d expect from an ultra-luxurious L.A. listing. And a few extras that probably wouldn’t have crossed your mind.
Offering panoramic views of DTLA, the Pacific Ocean, and the canyon, the spec house offers 6 beds, 9 baths, and nearly 10,365 square feet of living space. It also has a custom home theater, fitness center, wine cellar, second living room, and all the finest custom finishes.
The sophisticated smart home also features museum-quality crystals sourced from around the world and placed with extraordinary care throughout the home to energetically enhance the luxury residence. Take a closer look at this stunning Hollywood Hills mansion.
Now, while on the show we see Bre and Heather touring the property (and later, Bre showing the house to her client, Adam), the black N Stanley house from Selling Sunset‘s season 6 was never listed with the Oppenheim Group.
The listing agents for the property are Camellia Yeroomian of The Agency (the other luxury brokerage that has its own Netflix series, Buying Beverly Hills) and Monty Abramov of The Beverly Hills Estates. Which means it isn’t a spoiler if we reveal that the fabulous mansion is still on the market, boasting a slightly altered listing price of $22 million.
300 The Strand, Chelsea’s $22M listing in Manhattan Beach
Set on a corner lot facing one of California’s best beaches, 300 The Strand is a rare oceanfront listing with all the bells and whistles its high price point commands.
With 4 bedrooms, 9 baths, and 4,440 square feet of modern coastal living space — plus a Strand-front patio, and a sports court with basketball hoop and a private, heated entertainment terrace with in-ground spa, fire pit and BBQ — Chelsea’s 300 The Strand listing is definitely one of the most impressive properties featured in Season 6 of Selling Sunset.
Related: Manhattan Beach’s priciest listing is a $36M modern mansion with luxury resort vibes
A few months after the season filmed, the oceanfront home in Manhattan Beach is still on the market, looking for either a buyer (it’s still listed on the O Group’s website for $21,999,000, though it’s worth noting that other industry websites no longer have it listed for sale) or a renter (it also appears as a $55,000/mo rental on popular real estate websites like Zillow or Realtor.com).
The Woodvale Road property in Encino
Heading over to Encino, new O Group agent Bre Tiesi is hoping to land a phenomenal listing set on Woodvale Road.
The newly built, 8-bedroom, 14-bath property is the pinnacle of luxury, offering over 21,000 square feet of meticulously crafted and designer done living space.
With stand-out features like a chef’s prep kitchen, home theater, professional gym, full spa, hair salon, elevator, temperature-controlled wine storage, 14-car garage that doubles as an event space, outdoor basketball court, and fabulous detached two-story guesthouse, the Woodvale Road property was priced at $25 million, and Bre was eyeing the ultra-generous $750,000 commission she would make from the sale.
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(Spoiler ahead) However, a little bit of research shows that Bre did not in fact land the Encino listing. Public records for the property show that it did find a buyer though — even if the O Group was likely not involved in the transaction.
The Encino mansion ended up selling in February 2023 for a cool $17,500,000, a price point that made it one of the biggest transactions in the family-friendly Encino neighborhood.
The Benedict Canyon house Mary was eyeing for one of her clients
For one of her clients — a couple from the UK who works in events and needs plenty of space and a large backyard — Mary was touring a stunning Beverly Hills property aptly dubbed Jardin de los Suenos (the House of Magical Gardens).
The newly designed Benedict Canyon house on Selling Sunset comes with 6 bedrooms, 7 full baths and one half-bath, and a generous 7,000 square feet of living space.
With extra tall ceilings (14-foot ones for the common spaces, and a 23-foot ceiling in the formal entry foyer) paired with equally tall windows and sliding glass doors, the property perfectly embodies the indoor-outdoor Cali living.
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2231 Benedict Canyon Dr Beverly Hills from Barcelo Photography Inc. on Vimeo.
Also featuring a total of 5 fireplaces, a 200-bottle temperature-controlled all-glass wine storage room, and a media/screening room, plus a one-bedroom guest house, it’s no surprise that the property didn’t linger on the market for too long.
(Spoiler alert) Listed for $8,999,995 in late July of last year, the property was sold a couple of months later for almost full ask: $8,956,000. Unfortunately, it doesn’t seem like Mary’s clients were the lucky buyers. Public records show that a different brokerage was attached to the sale.
The Oak View Drive house in Encino that Chrishell visits
On Episode 5, S06 of Selling Sunset, we join Chrishell for a property visit that brings us back to Encino to tour a 7-bedroom, 9-bathroom house on Oak View Drive.
Boasting the “best views in Encino”, the 7,003-square-foot home had been completely re-imagined by the developers, who invested about $1 million in property upgrades before listing it themselves.
Featuring beautiful cedar and oak detailing, a perfectly-appointed kitchen, a 1,000-square-foot primary bedroom with a large bathroom, and an infinity pool (plus a quirky neon sign that says “I Licked It So It’s Mine”) the Oak View Drive house also got Amanza and Heather’s seal of approval.
What happened to it since that episode was filmed? (Potential spoilers ahead) While Chrishell mentions that she does have a client that’s looking for something in this price range (especially if the developers/listing agents are willing to adjust the price, if needed), it seems that the property may have not been a good fit after all.
Listed for $7,895,000 million at the time of filming, the Encino house is still on the market — but has recently been re-listed at a revised price of $6.5 million. Take a closer look (swipe for more pics):
The sleek $33M Londonderry Place mansion Bre tours with her client
Bre means business! Her drive to sell eight-figure properties leads to her showing a striking $33 million mansion to one of her clients, Telli Swift, the fiancée of championship boxer Deontay Wilder.
One of the most bonkers mansions we’ve seen this season, the Londonderry house blends black and gold finishes throughout its 14,000 square feet of living space.
With 6 bedrooms, 8 baths, and soaring 30-foot ceilings, this sleek Selling Sunset mansion has an endless list of amenities, including a spa wellness retreat with a cryo chamber, hot yoga and salon, and a two-level glass-bottomed pool.
The striking property was also featured on Architectural Digest a few years back, with its unique amenities and aesthetic appeal attracting over 4.5 million views on YouTube.
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(Spoilers) At the time of writing, shortly after Season 6 of Selling Sunset aired, the Londonderry house is no longer on the market, per public records. However, since no sale was recorded in the meantime, it could very well be that the property is still up for grabs but held as a pocket listing by one of L.A.’s top luxury brokerages.
Poo Bear’s house at Zorada Court
Once again courting her many famous friends, we see Bre touring music producer Poo Bear’s house in Los Angeles, a 5-bedroom, 5.5-bath modern retreat overlooking Nichols Canyon.
Poo Bear and his wife, Ashley, are looking to list the property as they’re moving to Miami and Bre is hoping to get the listing, which could potentially earn her a $297,000 commission.
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Beyond the property’s many attributes, Poo Bear’s house is also where music history has been made. The music producer/songwriter has collaborated with some of the biggest names in the music industry, including Justin Bieber, Chris Brown, Usher, Skrillex, and J Balvin, with many of their famous songs being written in this house.
In fact, the white piano (that comes with the house) is where Justin Bieber’s Yummy was created, Poo Bear shares.
Related: Where does Justin Bieber live? His many houses — both past and present
As for what happened to the property after its Selling Sunset appearance (warning, spoilers ahead): after first being listed in November 2022 for $8,900,000, Zorada Ct’s price was dropped to $7,995,000 in early February 2023, only to sell less than two months later for $6,850,000. No O Group agent was involved in the transaction, neither on behalf of the seller nor of the buyer.
Chelsea’s listing at 15th Street in Manhattan Beach
Taking us back to dreamy Manhattan Beach, Chelsea walks us through her 3-bed, 4-bath listing with easy beach access.
While the first offer Chelsea got for the property was fairly low ($3.6 million), she knew she priced the house right and wasn’t going to budge until she got the offer up for her client.
And she stayed true to her words, selling the 3-story for $3,900,000 — just $50k shy of the initial asking price of $3,950,000. Way to go, Chelsea!
The Beverly Boulevard condo Heather tours for Heather and Terry Dubrow
Leading the home search for Real Housewives of Orange County star Heather Dubrow and her husband, plastic surgeon and Botched co-host, Terry Dubrow, Heather tours a $17,500,000 condo at 8899 Beverly Boulevard, hoping she will land her biggest sale to date.
Accompanied by Brett, Heather walks us through the 4-bed, 4.5-bath condo with jaw-dropping views and resort-level amenities.
However, we learn later on that Terry and Heather Dubrow didn’t purchase the place, but they did ‘settle’ on an equally expensive penthouse set in the coveted Century building known as the Cavalli Penthouse (due to its many upscale furnishings that bear the signature of Roberto Cavalli).
Heather wasn’t the only one to land a killer commission though. (Potential spoiler) The $17.5 million penthouse from Selling Sunset was sold a few months later (at full ask), with none other than Brett Oppenheim repping the buyer.
Elvis’ honeymoon house
Okay, so this isn’t an O Group listing, we know. But how can we write an article about all the phenomenal luxury listings featured in this season of Selling Sunset without at least mentioning Elvis and Priscilla’s honeymoon house?
An iconic Palms Springs property, the futuristic residence was actually built in 1960 by pioneering Modernist architect William Krisel.
At the time, its spaceship-like design earned it the moniker “The House of Tomorrow”, but that didn’t last long, as Priscilla and Elvis Presley famously celebrated their honeymoon here in 1967 — after which it became widely known as “Elvis’ Honeymoon Hideaway”.
Related: Graceland, Elvis Presley’s house in Memphis – everything you’ve ever wanted to know
Last year, the property had a brief stint on the market, listing in early October 2022 for $5,650,000. Unsurprisingly, a month later, the King’s honeymoon house was already sold at full ask.
The Brentwood house Bre shows Saweetie
Heading over to celebrity-friendly, suburban Brentwood, Bre takes us — and her friend, rapper Saweetie — on a tour of a 7,401-square-foot beauty priced at a cool $8,800,000.
The 5-bedroom, 7-bath home at 19th Helena Drive sits on a quiet cul-de-sac and boasts beautiful architectural details. With an expansive open floorplan on the main floor, inviting (and ultra-private) bedrooms shielded by the lush landscaping, and a lower level designed for entertainment — featuring a plush theater and deluxe wet bar, opening directly to the impressive pool with spa, green lawns, barbecue area, and built-in firepit — the house does seem to be a perfect fit for Saweetie.
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(Potential spoilers) However, despite Bre’s excellent match-making, it wasn’t a done deal. Public records show that the property did indeed sell, but the sale closed in late March 2023 and doesn’t show Bre or any other Oppenheim Group agents associated with the transaction.
The selling price was $7,000,000, considerably lower than the $8.8 million ask mentioned on the show. Fun fact: the property was actually first listed for a whopping $12,949,000.
The house Heather and Bre visit on Sunset Plaza Dr
The last property of this season takes us to Sunset Plaza Dr, where a new-to-market 3-bed, 4-bath listing needs to be assessed by Bre and Heather, to see if it’s a good fit for their clients.
Listed for $4,995,000, the 3,364-square-foot bachelor pad has a massive primary bedroom suite that gets several “Oh my gosh” out of Heather, which isn’t an easy feat given the type of properties she’s used to.
This sleek contemporary home located above the Sunset Strip showcases jetliner panoramic views from Downtown to the ocean. It then comes as little surprise that the home also has multiple outdoor decks and a rooftop deck to capitalize on those extraordinary views, as well as an infinity edge pool with a private Baja deck and swim-up bar.
As for what happened to it (Potential spoilers), the Sunset Plaza Dr property sold in April 2023 for $3,150,000. While it may not have been a good fit for any of Heather or Bre’s clients, the O Group did get a significant commission out of the sale, as Jason Oppenheim was the listing agent for the property.
Admittedly, while watching the show, I felt like there were fewer properties and considerably more drama than in previous seasons. However, after writing about each Selling Sunset house that graced our screens in Season 6 of the hit Netflix docu-soap, I realize there were quite a few show-stopping mansions for us to daydream about. Hope we’re going to get to see some of them return in Season 7.
Editor’s note: While we did our best to identify all the properties featured on Selling Sunset, there’s always a possibility that we’ve missed something. If you spot anything that’s off, or you have an inside tip on one of the properties, drop us a line anytime at hello (at) fancypantshomes.com
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When you buy a home, you’re likely paying more than just the down payment and closing costs. You’ill probably also need to purchase homeowner’s insurance. While this coverage is not mandated by law, many mortgage lenders require it before they agree to finance the purchase of your home.
Here’s what first-time homebuyers need to know before shopping for homeowners insurance.
What Does Homeowners Insurance Cover?
Homeowners insurance coverage provides protection for both a home and its contents against damage, theft, and up to 16 named perils, including fire, hail, windstorms, smoke, vandalism, and theft. It also typically includes personal liability coverage for accidents that may happen on the property (think of people slipping and falling down your stairs, or your dog biting a neighbor on the property).
On the flip side, basic homeowners insurance likely won’t cover damage from disasters such as floods and earthquakes, and even war (seriously). Homebuyers who live in an area prone to certain events or natural disasters may want to consider supplemental coverage. In some cases, their lender may even require it.
It’s a good idea to learn what’s generally covered by each homeowners insurance policy type — and what isn’t — to ensure you have the right protection in place.
When You Need to Buy Homeowners Insurance
If buyers plan to get a mortgage to purchase their home, their lender will likely require they obtain homeowners insurance coverage before signing off at closing.
In reality, this is a sound business tactic, as the lender will want to protect its investment, which is the property, not the person it’s lending to (harsh, we know). Let’s say the home is damaged in a windstorm or burns to the ground. Insurance will cover the cost, after a deductible, without burdening the homeowner. The homeowner can then continue to pay their mortgage on time, much to the delight of the lender.
Again, if you live in an area prone to certain disasters like floods or earthquakes, your lender may require additional coverage. Check with your lender on what’s necessary before signing.
If a person’s first home happens to be a condo or co-op, the board may also require specific coverage, thanks to a shared responsibility for the entire complex.
Recommended: House or Condo: Which Is Right For You? Take the Quiz
Can You Forgo Homeowners Insurance?
Technically, there are no laws requiring a person to obtain homeowners insurance, but it’s a rule put in place by many lenders.
If you’re paying cash for a new home, you can forgo purchasing homeowners insurance, though that may be a risky proposition.
Think you can somehow snake the system? Think again. If a lender doesn’t feel that the homebuyer is working hard or fast enough to find homeowners insurance before closing, the lender may go ahead and purchase insurance in that person’s name with what’s called “lender-placed insurance.”
This isn’t as cool as it sounds. Not only will it increase the mortgage payment, lender-placed insurance is typically more expensive than traditional homeowners insurance. And it may not even provide all the protection a homeowner needs or wants.
To give yourself enough time to find the right policy for you, aim to start shopping around a good 30 days before closing.
How Much Coverage a Person Needs
How much homeowners insurance a new homeowner needs will depend on the value of their home and the possessions in it. As a first step, would-be homeowners can ask their agent for a recommended amount of coverage.
After determining that number, it’s also a good idea to take stock of belongings and see if any items may require additional coverage (think expensive antiques, paintings, or other irreplaceable items). It could also be smart to photograph and digitally catalog major items in a home for proof needed on any claims.
Replacement Cost vs. Actual Cash Value
When shopping for homeowners insurance, there’s replacement cost coverage and actual cash value coverage.
Replacement cost coverage pays the amount needed to replace items with the same or similar item, while actual cash value coverage only covers the current, depreciated value of a home or possessions.
This means that if you have actual cash value coverage and disaster hits, you’ll only be able to get enough cash for the depreciated value of the home and items, not the cost of what it may take to replace them.
Most standard homeowners insurance policies cover the replacement cost of a physical home and the actual cash value of the insured’s personal property, but some policies and endorsements also cover the replacement cost of personal property.
The upshot: It’s best to go for replacement cost coverage whenever possible.
Recommended: How Much Is Homeowners Insurance?
The Takeaway
Is homeowners insurance required to buy a home? If you’re taking out a mortgage, that’s almost always a “yes.” It’s worth looking at your options — and understanding what will and will not be covered — so you can feel at ease in your new home for years to come.
Of course, shopping for homeowners insurance often requires considering several options, from the amount of coverage to the kind of policy to the cost of the premium. To help simplify the process, SoFi has partnered with Lemonade to bring customizable and affordable homeowners insurance to our members.
Lemonade is a name you can trust. It has exceptional ratings, is fully licensed, and reinsured by some of the most trusted names on the planet. Plus, it donates any leftover money to nonprofit partners chosen by customers.
Check out homeowners insurance options offered through SoFi Protect.
SoFi offers customers the opportunity to reach the following Insurance Agents:
Home & Renters: Lemonade Insurance Agency (LIA) is acting as the agent of Lemonade Insurance Company in selling this insurance policy, in which it receives compensation based on the premiums for the insurance policies it sells. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.