One wrong decision can make it significantly harder to get your home off the market.
Homeowners on the West Coast typically won’t have much trouble off-loading their properties in today’s market. Unless, apparently, they’re Warren Buffett.
The iconic investor and Berkshire Hathaway BRK.A, +0.46% CEO bought a home in the gated community Emerald Bay, near Laguna Beach, Calif., in 1971, according to Bloomberg. He purchased the home, which was built in 1936, for $150,000 and put it on the market one year ago for $11 million. It has been on the market for five months longer than the median listing time for similarly priced houses in the area, Bloomberg’s report said.
The house has plenty of selling points, including a nearly 3,600 square feet interior and ocean views, and some ads for it have even played up the Buffett connection with listing photos that include his beloved Coca-Cola KO, +0.39% and The Wall Street Journal (a newspaper that’s owned by News Corp., the same company that owns MarketWatch). So why aren’t buyers biting? There are lessons for every homeowner here.