Looking to Move-Up to a Luxury Home? Now’s the Time!
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! We recently shared data from Trulia’s Market Mismatch Study 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 those 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 your house their new home.
The sale of your starter or trade-up house will aid in coming 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.
In a recent Washington post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:
“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.”
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… Now’s the time to list your house for sale and make your dreams come true.
The “Take It or Leave It” Attitude Is Fading from the Market – What That Means for You
That’s why whether you’re buying or selling today, there are two terms you’ll hear a lot: concession and incentive.
What Buying or Selling a Home Gives Back to Your Community
Want to know what a move would mean where you live? A local agent can show you the figure close to home.
The 1 Factor That Explains Everything Happening with Home Prices Right Now
The national average of 1.7% price growth is accurate, but it’s an average of two very different stories happening at the same time – the few areas experiencing mild declines and the overwhelming majority that are still seeing prices rise.
That House That’s Been Sitting Could Be Your Best Shot at a Deal
A local agent has the context to tell which homes are the real opportunities and which are skippable.
Could Moving a Bit Further Out Change Everything About Your Budget?
Every market has more affordable pockets that most buyers never think to explore. A great local real estate agent knows exactly where those places are.
What Rising Inflation Means for Your Move
Here’s what’s actually going on, why it matters for the housing market, and what it means if you’re thinking about buying or selling.
The Truth About Affordability Today
Part of what is keeping prices this stable is that buyer finally have more choices meaning less competition, and more negotiating power.
Less House, More Home: Why Smaller Homes Are Paying Off for Today’s Buyers
Going smaller might actually be a smart play in today’s market – and the upside can be bigger than you’d think.
The Real Reason Some People Are Still Moving Right Now
So, if you’ve been putting your plans on hold, maybe ask yourself this: “Can I still live where I’m at right now and make it work?”
Why Staging Your House Could Pay Off This Spring
Staging doesn’t always have to mean hiring a full crew or filling your house with rented furniture. There are a few different paths you can take.