Now is a great time to upgrade to a luxury home if you’re ready. Last month, The Institute for Luxury Home Marketing released its Luxury Market Report showing that buyers are in control of the previously balanced luxury market. With available properties far exceeding willing buyers, more luxury homes are entering the market and staying there longer. For the ready buyer, this can lead to discounted prices and friendlier negotiations on absolutely premium pieces of real estate.
Last month, the luxury market saw:
102 homes closed at $1 million +
a .97% decrease in homes sold from January 2018
a 6.81% decrease in closed dollar amount from January 2018
Suffice to say, home-owners in the residential market (single-family and condos) may want to consider moving up. As we ease into warmer months, we’ll be seeing new and/or relocating buyers in search of starter homes. Profits made from sales at that level could make sizable contributions to luxury down payments.
The best time to buy is when supply is high and demand is low which is what the luxury market is currently experiencing. This is excellent news for buyers. If you are looking to step into a luxury home, now’s the time to consider that upgrade. At shelter, we can help you in every step of the process.