Moving to a High-End Home?
It’s a Great Time to Buy a More Expensive Home
If your house no longer fits your needs and you are planning on buying a high-end home, now is a great time. I recently shared data from Trulia’s Market Mismatch Study showing that in today’s premium home market, buyers are in control!
The inventory of homes for sale in the luxury market exceeds the number of high-end buyers in many areas of the country. This means more expensive homes are staying on the market longer and/or there is greater potential for negotiation.
Homeowners with a starter or moderately priced home to sell will find buyers competing with each other, often receiving multiple offers and selling above list price. These sellers are walking away with more money…resulting in more of a down payment for their next, more expensive home.
But not all people looking to buy luxury properties have a home to sell first.
In a recent Washington post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into Millennial home buying behavior:
“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”
Real Estate 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 are looking to step into a luxury home…act now while the market works to your advantage. If you don’t have a home to sell, it’s a great time to be a buyer in the luxury home market.