Myra Nourmand Talks Heightened Price Sensitivity and the Importance of Knowing a Listing’s History

Myra Nourmand

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Myra Nourmand1) What is the most common hiccup you encounter when trying to find the perfect home for a client, and what is your typical approach to overcoming it?

Over the past few months, buyers have expressed heightened price sensitivity. In fact, you'd be hard pressed to find any buyers these days who aren't  especially concerned about price. The recent rise in luxury home values in areas such as Beverly Hills, Brentwood, Bel Air, Holmby Hills, and Hancock Park has surprised buyers expecting to find deals, even years after 2008's housing crash. Instead, buyers find themselves experiencing sticker shock when they see home values that are often higher than they were during 2007's market peak. Skittish buyers are looking for reassurance that they're not investing in overpriced homes. 

2) Real estate agents are expected to be absolute experts on their respective regions. What steps do you take in order to ensure you know positively all that you need to in order to keep your clients well informed?

Stricter inspections have also changed the real estate landscape. Inspections are more complicated than ever. No inspection's outcome is ever perfect and buyers are much more concerned about protecting themselves. From mold to drainage, they want to make sure that their purchase isn't putting them at risk. Dealing with complicated inspections is part of my everyday work, and my clients appreciate how I'm able to evaluate inspection results within the overall context of their purchase.  

You cannot substitute the experience of kicking the tires. After raising my family in Beverly Hills and investing my over 25 years of experience in 90210 and its neighboring enclaves, I've seen it all. I know how neighborhoods and houses have changed and how to match my clients' preferences with the inventory. My first hand knowledge is a priceless resource I provide buyers. 

I compare a house's history to a job interview. When you're hiring someone, knowing his or her educational background, employment history, and challenges and triumphs will help you make the best hiring decision. Similarly, when you know the long term history of a listing—its sales past, strengths and weaknesses, and renovations and upgrades, you'll leverage this critical data to your buyer's benefit. This information is essential to making an offer that is competitive and fair and will provide the best possible outcome.

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