The Sweet Spot for Buying Luxury Homes
Luxury Market Laura Miller Edwards Realty Group June 13, 2024
Luxury Market Laura Miller Edwards Realty Group June 13, 2024
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.
This blog post previously appeared on https://www.simplifyingthemarket.com/en/2024/06/05/the-sweet-spot-for-buying-luxury-homes?a=106260-312309902871c1f0d820820f58bf8fde. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. and the Laura Miller Edwards Realty Group do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. and the Laura Miller Edwards Realty Group will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Stay up to date on the latest real estate trends.
For Buyers
For many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock. But that’s actually a common misconception. Here’s the truth.
Selling Tips
When you put your house on the market, you want to sell it quickly and for the best price possible.
For Buyers
Here are some top tips your agent will share with you that are helping buyers stand out (and win) in today’s market.
Economy
Retirement isn’t just a milestone. It's the beginning of something really special.
For Buyers
If you want to put yourself in the best position to buy, there’s one step you can’t afford to skip, and that’s getting pre-approved for a mortgage.
Home Buying
Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home.
Agent Value
If selling your house is on your to-do list this year, the time to start prepping is now.
For Sellers
It pays to anticipate potential issues before buyers ever step through the door. And one way to do that is with a pre-listing inspection.
For Buyers
Right now, there are more newly built homes to choose from than there would normally be in the market.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.