Have you been looking to upgrade your current home? It looks like now is the perfect time to move up especially if you have been considering a premium or luxury home in our area. A premium home is one that is priced at the top 25% of the price range in our area. A luxury home is defined as one that costs $1 million or more.
In today’s real estate market, there are deals to be had at the higher end. This is great news for you and anyone else in our area who want to upgrade from their current house and move-up to a premium home.
Over the past couple of years, much of the demand for housing in our area has come from first-time buyers looking for their starter home, which means that many of the more expensive homes that have been listed for sale have not seen as much interest.
This mismatch in demand and inventory has also created a Buyer’s Market in the premium and luxury home markets nationwide. According to the Institute for Luxury Home Marketing latest Luxury Report, “A buyer’s market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point”.
The authors of the report, though, were quick to point out that the current conditions at the higher end of the market are of no cause for concern, “while premium and luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”
If you are considering upgrading your current house to a premium or luxury home, now is certainly a good time to do it. Let’s get together to see if making upgrading your current house right now truly makes sense for you.