Do You Know Why Celebrities Are Selling Their Homes Now? Here’s Why
One of the main draws of social media is getting closer to celebrities. Luckily for us, they often showcase their everyday lives and homes on platforms like Instagram. Even before social media, shows like MTV Cribs would feed our fascinations with celebrity homes, and now home tours are taking celebrity fandom by storm. So why is it that celebrities are selling their homes?
There are many of these put out by Architectural Digest, showcasing the unique styles of each celebrity while letting us snoop around their highly-priced houses. With so many of these looking so desirable, it may come as a surprise that there’s been a mass-selling spree of celebrity homes. Across the US, celebrities are selling for millions of dollars, but why is this happening now?
A Great Time to Be Hunting Celebrity Homes
I am selling almost all physical possessions. Will own no house.
— Elon Musk (@elonmusk) May 1, 2020
Right now, you’d be hard-pressed not to find a home owned by a celebrity that’s for sale. Meeting the asking price may be a struggle, but you’ll still be able to find the listings. While many prefer a more low-key route, Elon Musk has recently been hitting the headlines for his vow to sell all of his properties and “Own no house.” Now, House Digest reports that he’s achieved his goal, closing his last home for $30 million.
While this was very much a social media-driven pledge that helped to keep him to his word, several other celebrities are selling their homes in 2022 more discretely. In recent weeks, Sylvester Stallone, Pharrell Williams, Jerry Seinfeld, Paul McCartney, and Kate Upton have all sold their multi-million dollar houses.
It’s well-known that many celebrities lose money when selling their extravagant homes, particularly if they constructed them from scratch. These items are selling for a lot of money, and it seems that celebrities are cashing in on this worldwide fad.
Easier Than Ever to Get Into a Red Hot Housing Market
They may be selling for seven or eight figures, but many celebrities have found themselves in the same boat as the rest of us. House prices are rising and there’s a chance to capitalize on the market. The hassle of getting a mortgage would usually put people off, but the online mortgage broker Trussle is making the process much easier. They offer free advice in 24 hours, soft credit checks, free MIPs, and a mortgage decision in five days.
With it being that easy to find a new mortgage for another home, making the most of rising house prices becomes far more viable. Due to the housing scarcity and cheap mortgage rates, anybody owning property might possibly profit by selling, relocating, or downsizing. With global house prices rising at their fastest rate since 2005, it’s easy to see why the celeb mansions are hitting the market en masse.
Celebrities seem to be doing what many other homeowners are doing and taking advantage of rising housing prices.