Recent sales numbers confirm that luxury homes sales hit six-year high. What does that mean for you? Read on to find out more.
The news has been filled with reports about how the economy overall and the housing market specifically continue to recover. Along with that is news that the luxury housing market is making big gains too. Over the past couple of years, numbers point to a real recovery in the residential real estate market. During the economic downturn of a few years ago, demand for homes evaporated and distressed sales – such as short sales and foreclosures – flooded the market which had an adverse impact on the real estate market. The imbalance between the number of buyers and sellers affected home sellers in particular creating lower listing prices and extended time frames to sell a home.
Many of the indicators used to determine the health of the market are gaining momentum. This has been evident in low- to middle-priced housing where homes are now selling much quicker and for closer to the listing price. Additionally strengthening economic conditions like improvement in employment, increased consumer confidence and historically low mortgage rates all point to a unique opportunity for both real estate buyers and sellers.
What may be surprising is that this market stability as well as price appreciated and balanced inventory supplies in more affordable priced homes are catalysts for growth in the luxury real estate market. In order for prospective luxury home buyers to consider “moving up”, they must be assured that the overall housing market is strong so they can feel confident in making a major investment in real estate.
And the numbers back this up as well. Sales of homes $1 million and up gained 34% between 1Q 2012 and 1Q 2013 compared to just a 5% increase for the entire real estate market. These numbers prove that now is a great time to be a seller in the luxury home market.
If you are selling a luxury home, and would like to learn how you can accelerate the process, Visit www.JeffCastner.com or call: 917-932-5131