Or is there some other explanation for the fact that, according to a widely reported Redfin study, celeb-owned properties sit on the market for “about 36 days longer than other homes and they usually sell for less than the original asking price,” and in some cases for less than the amount they purchased it for?
One theory posited by Redfin is that, during their period of homeownership, celebrities tend to think less about resale value than about satisfying their own, possibly unusual, tastes. If they want a basketball court in the basement, so be it.
Another theory is that the privacy that major stars in the world of sports, movies, music, and so on must maintain–and the fear of being overrun by curious “looky-lous”–makes it difficult to open the house up to visitors. (Agents for buyers must convince the selling agent that the buyers are serious, and sometimes put them through a screening process.)
It’s bad enough to be an ordinary homeowner wondering about whether the open-house visitors will steal your prescription pills: Imagine worrying about whether visitors will not only steal the pills, but go to the media about what meds you’re on! (See “Theft During House Showing: What Can We Do?” for more on this issue.)
Still, bemoaning the inability to hold open houses is rather ironic, when you consider how much ink the real estate industry has spilled about whether open houses are actually worth the time and effort. So if you’re a nobody, you might as well revel in your nobody-ness, open your house to the public, and enjoy the benefits of having a stream of visitors.
For more tips and strategies, see Selling Your Home: Nolo’s Essential Guide.