‘Million Greenback Itemizing’ agent Josh Altman speaks solely to Fox Information Digital about his new partnership with House Worth Lock, as consumers can cowl as much as 10% of their residence buy value if bought inside three years of a market downturn.
EXCLUSIVE: When movie star actual property agent and investor Josh Altman will get a product partnership pitch, he says 99% of the time the reply is “no.”
However on Wednesday, Altman begins a brand new gig as an advisor and spokesperson for a software he calls a “recreation changer” for shielding first-time homebuyers in one of the crucial costly and aggressive housing markets within the nation.
“Actual property, for my part, is the very best funding, not an excellent funding. It’s all the time the very best funding,” Altman solely instructed Fox Information Digital. “Once I heard about House Worth Lock, there’s a pair totally different the reason why I cherished it and I imagine in it, and now I’m a part of it. Primary – it helps the lots.”
By teaming up with California-based insurance coverage supplier House Worth Lock, Altman — finest identified for his 15 years on Bravo’s “Million Greenback Itemizing” — stated he needs to carry confidence again to homeownership, significantly for first- or second-time consumers buying properties below $2 million.
CALIFORNIANS TEMPTED TO LEAVE IT ALL BEHIND FOR MIAMI’S SCORCHING REAL ESTATE MARKET
After a trial run in Sacramento, the corporate now gives homebuyers a assured “security internet” by masking as much as 10% of the acquisition value if the house is bought inside three years throughout a market downturn. The customer safety will launch in Los Angeles, Orange County and the San Francisco Bay Space, with plans to broaden to Arizona and Texas.
“Million Greenback Itemizing’s” Josh Altman has partnered with House Worth Lock to guard residence purchases if a market downturn hits. (Getty Photos)
“Shopping for a house needs to be thrilling, not terrifying,” House Worth Lock CEO Oliver Tickner stated in an announcement. “For too lengthy, on a regular basis consumers have carried all the danger. We constructed House Worth Lock to flip that script — to pave a means ahead even when headlines learn ‘keep put.’ Not solely does having Josh on board carry credibility to our product, nevertheless it underscores our shared perception that confidence, not worry, ought to outline this market.”
“The affordability issue of actual property has actually modified … A purchaser on the market with a median-price residence of about one million bucks in California, we’re speaking a few down fee of about $250,000. That’s an excellent amount of cash. So there’s little or no room for error,” Altman stated.
“The California home-buying market is all the time difficult, proper? And that’s what we satisfaction ourselves in — navigating our consumers and sellers by way of that market,” he added. “You need to notice shopping for and promoting a home is a really scary course of … defending them and defending their funding is a very powerful factor you are able to do.”
Josh Altman instructed Fox Enterprise that there is going to be a “complete new group” of those who transfer into the Pacific Palisades.
“After all, you hear of mortgage insurance coverage. Guess who that protects? It protects the financial institution, the lender. So I am extra [in], due to what I do for a dwelling, defending the customer. I would like them to be in an excellent place the place, in the event that they ever must promote within the first three years of buying a property, it makes it simpler for them to get out of that property.”
Based on the California Affiliation of REALTORS® 2025 forecast, the statewide median residence value is projected to rise to $909,400 in 2025 — up from about $869,500 in 2024 and $814,000 in 2023. In the meantime, estimates offered by state builders to nonprofit CalMatters present that building-code updates in California over the previous 15 years added between $51,000 and $117,000 to the development value of every single-family residence.
“In California, it is costly. There is not any query about it,” Altman stated. “Due to the house costs, lots of people have been priced out. And because the pandemic, we have simply seen it proceed to rise and rise … And it doesn’t matter what the taxes are, it doesn’t matter what the mansion taxes are or something like that, primary, charges are nonetheless aggressive … It’s telling that homes are shifting, the offers are simply getting harder.”
In Los Angeles, Realtor.com knowledge reveals the median residence value is greater than $1.1 million. | Getty Photos
Altman says early leads to California have been “an enormous success” and that “you shouldn’t be shopping for a house below $1.5 million with out this.”
“That is one other layer of safety, not for the lender, not for all the things else, however for the precise homebuyer. And that is why it is a recreation changer,” he stated. “It is such a small payment that anybody ought to be capable of get this.”
“Being in actual property previously 12 months … all the things has modified … There’s our business as an entire and even on the company aspect, it is consistently shifting: the brand new guidelines, the brand new ordinances, the brand new legal guidelines, no matter it might be. I’ll inform you, although, that that is simply one other factor that is entering into the correct course of defending the customer and vendor,” Altman expanded.
“I have been hand holding individuals for 20 years now — defending them and defending their funding is a very powerful factor you are able to do. Once I put money into actual property, it doesn’t matter what it’s, I all the time attempt to be as conservative as doable. And that is how you must all the time go into any actual property deal.”
Although he’s usually the face of multimillion-dollar offers, Altman expressed eagerness to assist consumers make what he calls “the largest funding of their life.”
“Whether or not it is a $500,000 deal or a $50 million deal, it is the identical deal,” he stated. “Rich individuals, they’ve many alternative instruments on how you can put money into actual property, how you can hedge their bets, how to ensure their losses are in opposition to the achieve some other place, it doesn’t matter what it’s. However that is extra for that homebuyer … in relation to the lots of America that it is defending.”
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Josh and Heather Altman of Bravo’s “Million Greenback Itemizing: Los Angeles” share their keys to managing an everchanging housing market crammed with uncertainty.
For skeptics who might imagine California’s market remains to be too dangerous or query the necessity for a back-up plan, the movie star agent urges consumers to arrange for the surprising — and concentrate on confidence over worry.
“We will take a look at the way forward for the market, we will guess, we will go off of information, however on the finish of the day, when you discover a residence that you simply love, you should purchase it. However you simply gotta just be sure you can afford it – and all the time plan for a conservative exit, versus what all people’s telling you what is gonna occur available in the market.”
