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 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!
Utah’s Housing Growth at Risk?
Rapid price hikes in Salt Lake City and Provo raise serious affordability concerns. Many buyers priced out, causing declining demand and potential home value drops.
Happy Easter
Easter is a Christian holiday that celebrates the belief in the resurrection of Jesus Christ.However, according to many theologians, Easter originally began before the arrival of Christianity.It is believed that Easter is named after the Anglo-Saxon goddess of the...
Tariffs Could Add 5% to Home Prices
The US faces a shortage of 4.4M homes, including 1.3M single-family homes for lower-income buyers. New tariffs on Canadian and Mexican imports could raise home construction costs by ↑ 5%, worsening accessibility.
Home Upgrades Booming by 2032 With 6% CAGR Predicted!
The home improvement market is set to grow from $974.57B in 2025 to $1.46T by 2032, driven by innovation. The Leading Indicator of Remodeling Activity projects a 1.2% increase in year-over-year home renovation spending for 2025.
Cities With the Most Expensive Homes in Utah
Typical home values in various Utah metro areas show significant increases over the past year and five years. Provo-Orem has a typical home value of $658,066 with a 1-year change of +2.9% and a 5-year change of +49.7%. Salt Lake City’s typical home value is $662,640,...
Act Now: Prep for Spring Home Buying
Winter is slow, but 2025 will see more sellers returning, possibly leading to a more balanced market. Buyers should start credit repair now, as spring sees the biggest jump in available homes from February to March.
When’s the Best Time of Year to Sell Your Home?
Spring and Early Summer Are Ideal: These seasons often see increased buyer activity and higher sale pricesLocal Market Variations Matter: Optimal selling times can differ based on regional demand and climate.
Is your homeowners association overstepping? Here are 6 unenforceable HOA rules — and how to protect your rights
An estimated 30% of the U.S. population lives in homeowners associations (HOAs), which can impose rules that may be overly restrictive. However, certain rules are unenforceable, including those that violate state and federal laws, infringe on political speech,...
Key Benefits of Health Insurance in the U.S.
Health insurance covers essential medical expenses like doctor visits, hospital stays, and preventive care. It protects you from high out-of-pocket costs during unexpected medical emergencies.
Guide to downsizing for retirees’s
Single Level Living is the best choice for Retiree's Retirement marks a significant transition in life, often prompting reevaluation of one's living situation and possessions. Downsizing can offer a simplified, more manageable lifestyle that aligns with the needs of...