Mortgage
If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why.
What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):
As the graph shows, there are considerably more single-family luxury homes available now than there were a year ago. In fact, there are even more than there were just a month ago. This means you should have a wider variety of top-of-the-line homes to choose from, each with unique features and styles.
Whether you were searching for the latest design elements, like modern kitchens with chef-grade appliances, a breathtaking view, or integrated smart home technology, more luxury inventory means you should have an easier time finding one that matches your taste and lifestyle.
Another important factor to consider is that luxury home prices are on the rise. According to HousingWire, luxury home prices have increased by 8.7% over the past year. That’s why:
“People with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise . . . They’re ready to buy with more optimism and less apprehension.”
This means buying before prices climb higher – and while more inventory is on the market – may be your sweet spot. Because home prices are rising, owning a home could help you build more generational wealth over time. On the other hand, if you wait to buy, you might end up paying more for the same home later on as luxury prices continue to rise.
With growing inventory and rising prices, you have a greater selection of luxury homes to choose from and an opportunity in front of you. Want to see the higher-end homes that are available in our area? Let’s connect today.
Stay up to date on the latest real estate trends.
Affordability is based on three key factors: mortgage rates, home prices, and wages.
3 beds | 2 baths | 1,555 sq ft
The decrease in median price is not the same as a decrease in home values.
Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want.
Don’t wait until you have to deal with more competition and higher prices.
Let’s do the math together to see if buying a home makes sense for you now or sometime soon.
If you wait for rates to drop more, you’ll have to deal with more competition and higher prices
Don’t let myths keep you from the expert guidance you deserve.
If you want help weighing your options and thinking through how the current market factors in, let’s connect.
You’ve got questions and we can’t wait to answer them.