Dreaming of a Luxury Home? Now’s the Time!

Dated: March 11 2020

Views: 32

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! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report 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 the number of people 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 their house their new home.

The sale of your starter or trade-up house will help you come 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.

A recent Bloomberg article gave some insight into what many millennials are choosing to do:

“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

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 you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

Blog author image

Elvin Rivera Velez

Great Bilingual Real Estate Agent and Realtor ®. I am dedicated to home buyers, sellers and investors. I am focused on providing high-quality strategic advice, independent research, and unbiased a....

Latest Blog Posts

The Best Week To List Your House Is Just Around the Corner

The Best Week To List Your House Is Just Around the CornerAre you thinking about selling your house? If so, you may want to make it a priority to start the process soon. According to 

Read More

What You Can Expect from the Spring Housing Market

What You Can Expect from the Spring Housing MarketAs the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling

Read More

The Average Homeowner Gained More Than $55K in Equity over the Past Year

The Average Homeowner Gained More Than $55K in Equity over the Past YearIf you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home

Read More

Why It’s Critical To Price Your House Right

Why It’s Critical To Price Your House RightWhen you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in

Read More