Have you been searching for your dream home at the high end of the market but haven’t found the perfect match? If your search has stalled, it might be time to jump back in. Here’s why now could be the ideal time to restart your luxury home search.
More Luxury Homes Available Than Ever Before
Luxury homes, defined as the top 5% of the market in any given area, are becoming more abundant. Recent data from the Institute for Luxury Home Marketing shows a significant increase in the selection of luxury homes (see graph below).
As the graph indicates, there are considerably more single-family luxury homes available now compared to last year. In fact, there are even more than just a month ago. This expanded inventory means a wider variety of top-tier homes are on the market, each offering unique features and styles.
Whether you’re looking for the latest design elements, modern kitchens with chef-grade appliances, breathtaking views, or integrated smart home technology, the increased luxury inventory gives you a better chance of finding a home that perfectly matches your taste and lifestyle.
Rising Luxury Home Prices and Wealth Building
Another compelling reason to resume your search is the rise in luxury home prices. According to HousingWire, luxury home prices have surged by 8.7% over the past year. This trend is encouraging many high-end buyers to act now, confident that prices will continue to climb. Here’s why:
“People with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise . . . They’re ready to buy with more optimism and less apprehension.”
Buying before prices increase further could be your sweet spot. With home prices on the rise, purchasing now not only secures your dream home but also sets you up for significant wealth building over time. Delaying your purchase might mean paying more for the same home later as luxury prices continue their upward trend.
Bottom Line
With growing inventory and rising prices, you have a greater selection of luxury homes to choose from and a prime opportunity to invest. Ready to explore the higher-end homes available in our area? Let’s connect today and find your perfect match.
Comments