There are some things about real estate prices that are fairly easy to understand. The law of Supply and Demand is not terribly difficult. If a large number of people are interested in luxury real estate, and there is a limited amount of luxury real estate for sale, then the price will rise.
Similarly, if there is a great amount of luxury real estate available, and few potential buyers, the prices will generally drop.
But what about outside factors that may affect prices and sales? That’s the question we at Sportsrelocation.com were asked the other day, and specifically the question was concerning state legislation.
In California, any discussion about real estate legislation begins with Proposition 13. Introduced in 1978, California Proposition 13 changed real estate tax law in this state, effectively capping the taxation rate at one percent of the property cash value. Now, on the surface, that may not seem like it would affect sales or prices, but the tax legislation influences the behavior of the real estate market, thereby affecting the prices of that market.
There are the types of things you need your real estate agent to understand when you are considering purchasing luxury real estate. One error in judgment can mean millions of dollars, and you want the best advice possible from your real estate agent. Make sure that when the time comes, you have the best real estate advice that you can find.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.