Looking To Upgrade Your Current Home? Now’s The Time To Move-Up!
In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes. In today’s real estate market there are deals to be had for home buyers at the higher end! This is great news for homeowners who want to upgrade from their current house and move-up to a premium home.
Much of the demand for housing over the past couple years 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 by home buyers.
It's A Home Buyers Market!
This mismatch in demand and inventory has created a Buyer’s Market, perfect for move up home buyers in the luxury and premium home markets according to the ILHM’s latest Luxury Report. For the purpose of the report, a luxury home is defined as one that costs $1 million or more.
“A Home Buyer’s Market indicates that home 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.” In otherword, home buyers have a little more control when it comes to negoiating a price.
The authors of the report were quick to point out that the current conditions at the higher end of the market are no cause for concern, for home buyers:
Great Time For Home Buyers To Buy Luxury Homes!
“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.”
Luxury can mean different things to different home buyers. It could mean a secluded home with a ton of property for privacy to one person, or a penthouse in the center of it all for someone else. Knowing what characteristics you are looking as a home buyer for in a premium home and what luxury means to you will help your agent find your dream home.
Bottom Line If you are debating upgrading your current house to a premium or luxury home, now is the time!