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.
Expert Quotes on the 2024 Housing Market Forecast
If you’re thinking about making a move next year, know that early signs show we’re turning a corner.
Why Now Is Still a Great Time To Sell Your House
Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now
If Your House Hasn’t Sold Yet, It May Be Overpriced
With today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price.
The Perfect Home Could Be the One You Perfect After Buying
Take a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have.
Why You Need To Use a Real Estate Agent When You Buy a Home
When it comes to buying a home, there are a lot of moving pieces. That’s why the best place to start is connecting with a real estate agent.
When You Sell Your House, Where Do You Plan To Go?
Working with a real estate agent throughout the process is mission-critical to your success. They’ll help you explore all of your options.
Experts Project Home Prices Will Rise over the Next 5 Years
Experts project home prices will continue to rise across the country for years to come at a pace that’s more normal for the market.
Are The Top 3 Housing Market Questions on Your Mind?
When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now.
Is Wall Street Buying Up All the Homes in America?
Are institutional investors, like large Wall Street Firms, really buying up so many homes that the average person can’t find one?
Are There Actually More Homes for Sale Right Now?
If you’re looking to buy, you may have slightly more options than you did in recent months, but you still need to brace for low inventory.