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!
Why You May Want an Energy-Efficient Home
Why You May Want an Energy-Efficient Home Some Highlights Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home. Energy prices have increased over the last year, so look for energy-efficient features in...
Why Use A Senior Real Estate Specialist?
Why Use A Senior Real Estate Specialist As we age, our housing needs change. Whether you're looking to downsize, move closer to family, or find a home that better suits your lifestyle, the process of selling your home can be overwhelming. That's where a Senior...
What’s the Difference Between a Home Inspection and an Appraisal?
What’s the Difference Between a Home Inspection and an Appraisal? If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process...
Falling out of Love with Your House? It May Be Time To Move.
Falling out of Love with Your House? It May Be Time To Move. Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it...
98% of millennials want to become a homeowner at some point if they aren’t already.
5 Reasons Millennials Are Buying Homes In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some...
Think Twice Before Waiting for Lower Home Prices
Think Twice Before Waiting for Lower Home Prices As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve...
Home Inspections for Sellers: What You Need To Know
Home Inspections for Sellers: What You Need To Know Some Highlights The inspection is a major part of the home selling process. Many buyers used to waive inspections to be more competitive with their offer, but recently, inspections and repairs are becoming popular...
Want To Sell Your House This Spring? Price It Right.
Want To Sell Your House This Spring? Price It Right. Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re...
Your Tax Refund Can Help You Achieve Your Homebuying Goals
Your Tax Refund Can Help You Achieve Your Homebuying Goals Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there’s good news – your tax refund can help you achieve...
Salt Lake County Multi-Family
Salt Lake County Multi-Family Comparing February 2022 to February 2023 The multi-family housing market in Salt Lake County faced several challenges in February, as heightened interest rates led to a noticeable decrease in sales activity for properties such as...