Move Up and Upgrade To A New Home
Premium or Luxury homes are typically defined as homes priced in The top twenty-five percent of homes for sale in that area. In the current real estate market, there are plenty of potential "good deals" to be found in the higher end market. This is fantastic news for current homeowners looking to move up to a more comfortable premium home.
During the last couple of years, most of the demand for housing was from first-time home buyers looking to find their starter home while less demand was for higher priced homes.
According to ILHM’s Luxury Report, this imbalance between buyer demand and premium home inventory has resulted in a Buyer’s Market for luxury homes (homes priced from One Million and more).
“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 pointed out that the current luxury market conditions are no cause to sound the alarm.
“While 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.”
Premium and luxury homes have a different meaning to different people. It can be a large home on many acres with no neighbors in sight, a top floor ocean front penthouse with panoramic views or a downtown luxury townhouse just steps to restaurants and shops.
Knowing what characteristics mean luxury to you will help your agent find you the home of your dreams.
If you are considering upgrading your current house to a premium or luxury home, condo or townhouse, now may be the perfect time!
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