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

Looking to Upgrade Your Current Home? Now’s the Time to Move-Up! | MyKCM

In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes. In today’s real estate market there are deals to be had at the higher end! This is great news for homeowners who want to upgrade from their current house and move-up to a premium home.

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

This mismatch in demand and inventory has created a Buyer’s Market in the luxury and premium home markets according to the ILHM’s latest Luxury Report. For the purpose of the report, a luxury home is defined as one that costs $1 million or more.

“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”

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

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

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

Bottom Line

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

3 Helpful Tips for First-Time Homebuyers

3 Helpful Tips for First-Time Homebuyers

3 Helpful Tips for First-Time Homebuyers Some Highlights Trying to buy your first home? If you’re worried about affordability today or the limited number of homes for sale, these tips can help. Look into homebuyer programs, expand your search area, and consider...

What Are Experts Saying About the Spring Housing Market?

What Are Experts Saying About the Spring Housing Market?

What Are Experts Saying About the Spring Housing Market? If you’re planning to move soon, you might be wondering if there'll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here's what the...

NAR Lawsuit Update – How does this effect Utah Realty?

NAR Lawsuit Update  What we Know.... The NAR has reached a settlement agreement on the class action lawsuits relating to the offer of compensation rule. Details are in the link below. There is much to digest and more info and training will come out in the days ahead....

The First Step: Getting Pre-Approved for a Mortgage

The First Step: Getting Pre-Approved for a Mortgage

The First Step: Getting Pre-Approved for a Mortgage Some Highlights If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow....

Why You Want an Agent’s Advice for Your Move

Why You Want an Agent’s Advice for Your Move

Why You Want an Agent’s Advice for Your Move No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re...

How Changing Mortgage Rates Impact You

How Changing Mortgage Rates Impact You

How Changing Mortgage Rates Impact You Some Highlights If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. That’s because even a small change in mortgage rates can have a big impact...

Pin It on Pinterest

Share This