Compare Listings

Moving Up to a Luxury Home?

Moving Up to a Luxury Home?

Moving Up to a Luxury Home?​​​​

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! We recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer which can eventually lead to a price change.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.

The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

In a Washington Post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:

“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”

BOTTOM LINE

The best time to sell anything is when demand is high and supply is low, which is NOW! If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

Related posts

712,000 Homes in the US Regained Equity in the Past 12 Months!

712,000 Homes in the US Regained Equity in the Past 12 Months!CoreLogic’s latest Equity...

Continue reading
Dalton Kiley
by Dalton Kiley

Why Getting Pre-Approved Should Be Your First Step

WHY GETTING PRE-APPROVED SHOULD BE YOUR FIRST STEP In many markets across the country, the number...

Continue reading
Dalton Kiley
by Dalton Kiley

Inspections 101: What You Need To Know

There are countless of moving parts and processes when it comes to any real estate transaction on...

Continue reading
Dalton Kiley
by Dalton Kiley