Does your current house fit your needs? Does it seem like everyone else is moving up and moving on to more luxurious surroundings? Are you wondering what it would take to start living your dream life?
Market conditions around the country have presented an opportunity like no other for those who are looking to make the jump to a premium or luxury home.
TheNational Association of Realtorsreportsthat national inventory levels are now at a 4.3-month supply. A normal market, where prices appreciate with inflation, has 6-7-months inventory. The national market has echoed the conditions felt in the starter and trade-up markets as inventory has declined year-over-year for 25 consecutive months.
The chart below shows the relationship between the inventory of homes for sale and prices.
According toTrulia’slatestInventory Report,the inventory of homes for sale in the two lower priced markets has dropped by double digit percentages over the last 12 months (16% for starter and 13% for trade-up homes). While the inventory of homes in the premium home category has dropped by only 4%.
This has created aseller’s market in the lower-priced markets, as 54% of homes were on the market for less than a month in the lastRealtors Confidence Index, and abuyer’s market in the luxury market,where homes were on the market for an average of 160 days according to theInstitute for Luxury Home Marketing.
If you are even thinking of listing your home and moving up to a luxury home, now is the time to meet with a local real estate professional to evaluate your ability to do so. Homeowners across the country are upgrading their homes, why can’t you? Your dream home is waiting!
Author:Robin ONeal-Smith Phone: 214-245-9068 Dated: September 1st 2017 Views: 104 About Robin: ...
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