Homes priced at the top 25% of the price range for any particular area of the country are considered “premium homes. ” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners attempting to upgrade from their current house.
Much of the particular demand for housing over the past couple of years has come from first-time buyers searching for their starter home. Many of the more expensive homes listed for sale have not seen as much interest.
Based on ILHM’s opens in a new window Luxury Report , this mismatch in demand and inventory of luxury and premium homes has established a Buyer’s Market. For the purpose of the report, a luxury home was thought as one that costs $1 million or more.
“A Buyer’s Market indicates that buyers possess greater control over the price point. The forex market type is demonstrated by a considerable number of homes on the market and few sales, suggesting demand for residential properties is slow for that marketplace and/or price point. ”
The authors from the report were quick to point out that will current conditions at the higher end of the market are no cause for concern.
“While luxury homes may take longer to sell than in previous years, the particular 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 individuals. To one person, luxury is a private home with plenty of property plus privacy. To another, it could be a penthouse at the center of a bustling town. Knowing what characteristics mean luxury for you will help your agent find you the home of your dreams.
If you are debating upgrading your current home to a premium or luxury home, now is the time!
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