Looking to Upgrade Your Current Home? Now's the Time to Move-Up!

In every area of the country, homes that are priced at the top25% of the price range for that area are considered tobe Premium Homes. In today’s realestate market there are deals to be had at the higher end! This isgreat news for homeowners who want to upgrade from their currenthouse and move-up to a premium home.

Much of the demand for housing over the past couple years hascome from first-time buyers looking for their starter home, whichmeans that many of the more expensive homes that have been listedfor sale have not seen as much interest.

This mismatch in demand and inventory has created aBuyer’s Market in the luxury and premium home marketsaccording tothe ILHM’s latest Luxury Report. For the purpose of thereport, a luxury home is defined as one that costs $1 million ormore.

“A Buyer’sMarket indicates that buyers have greater controlover the price point. This market type is demonstrated by asubstantial number of homes on the market and few sales, suggestingdemand for residential properties is slow for that market and/orprice point.”

The authors of the report were quick to point out that thecurrent conditions at the higher end of the market are no cause forconcern,

“While luxury homes may take longer to sell than inprevious years, the slower pace, increased inventory levels andlarger differences between list and sold prices, represent anormalization of the market, not a downturn.”

Luxury can mean different things to different people. It couldmean a secluded home with a ton of property for privacy to oneperson, or a penthouse in the center of it all for someone else.Knowing what characteristics you are looking for in a premium homeand what luxury means to you will help your agent find your dreamhome.

Bottom Line

If you are debating upgrading your current house to a premium orluxury home, now is the time!