Dreaming Of A Luxury Home Now Is The Time

Dated: 03/19/2018

Views: 4

Dreaming of a Luxury Home? Now’s the Time!


Dreaming of a Luxury Home? Now's the Time! | MyKCM

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! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report 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 the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.

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 their house their new home.

The sale of your starter or trade-up house will help you come 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.

A recent Bloomberg article gave some insight into what many millennials are choosing to do:

“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

Bottom Line

The best time to sell anything is when demand is high, and supply is low. 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.

Blog author image

Ed Sullivan

Ed believes "Every Family Should Feel Confident Selling and Buying a Home" and he has made this his personal mission in service to others. Earning your trust is how Ed prioritizes everyday for you an....

Latest Blog Posts

Home Buying Myths Slayed

Home Buying Myths Slayed [INFOGRAPHIC]Some Highlights: The average down payment for first-time homebuyers is only 6%! Despite mortgage interest rates being over 4%, rates are still below

Read More

Is Family Mortgage Debt Out Of Control

Is Family Mortgage Debt Out of Control?Some homeowners have recently done a “cash out” refinance and have taken a portion of their increased equity from their house. Others have sold their homes

Read More

How Much Do You Need To Make To Buy A Home In Your State

How Much Do You Need to Make to Buy a Home in Your State?It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates 

Read More

Rising Prices Help You Build Your Family Wealth

Rising Prices Help You Build Your Family’s WealthOver the next five years, home prices are expected to appreciate, on average, by 3.6% per year and to grow by 18.2% cumulatively, according to

Read More