Luxury homes are “happening” now!
Considering a Luxury Home? Now’s The Time! If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! We recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.
The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found at a discount.
Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.
Considering a Luxury Home? Now’s The Time!
The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.
But not all who are buying luxury properties have a home to sell first.
In a recent Washington post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:
“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”
Bottom Line
The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs, and are looking to step into a luxury home… Now’s the time to list your house for sale and make your dreams come true.
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A friend of mine has been thinking about getting a luxury home for a while now, but we weren’t sure how to find the right one. It’s interesting that you say that luxury homes are usually on the market longer and can get discounts! It would be nice to know that you are going to get it for cheaper.
Frank, Luxury homes are notoriously on the market as the buyers for luxury homes are fewer and far between. Most luxury home owners are savvy negotiators as are their brokers. Ask for the stars and settle for the moon. Should your friend be need assistance, we can assist anywhere across the country. Best, Kim
I think it depends a lot on where in the country you are looking for a home in, and when you are looking. For example, in the Santa Monica area of Los Angeles, luxury home sales are up, and the homes are not staying on the market long before being snapped up. Negotiations for buying a home are always a lot tougher when it’s a seller’s market.
Ryan… Absolutely. The Los Angeles Housing Marketplace is a unique phenomenon. There seems to be no level of money that people will pay to be next to the pacific ocean. Our REALTOR® friend in Tulsa, OK has a massive inventory of $800,000+ homes and no buyers? It’s clearly regional and even market by market.