Almost every region has experienced a booming housing market, with the demand for homes greatly surpassing the amount of inventory available. Luxury homes however have had a different experience, with upper-end supply still having a high amount of inventory to sell.
Because of the higher supply of homes, prices have not had the ability to sky rocket like the low and mid-range markets. With the larger inventory and great mortgage rates, those who are thinking of buying luxury homes should consider making some moves in today’s market.
3 Major Reasons You Should Buy a Luxury Home Now:
1. Availability – More Luxury Homes to Sell
In an article from the Wall Street Journal, it was explained that more inventory is available in the upper-end market with less is available in the lower to mid-tier price range. The graph below displays the increase/decrease of inventory in the first 4 months for 2016, in comparison to 2015.
2. Reasonable Pricing for Luxury Homes
Another article by the Wall Street Journal discussed luxury market prices, explaining that decreased price adjustments are much more common for the luxury market in comparison to lower-priced markets. They further added that:
The growing number of price cuts suggests luxury-home sellers are becoming more realistic about property values as sales have slowed, said several real-estate veterans.
These findings suggest a more generous list of luxury homes to choose from, with the opportunity to land the property for a reduced price.
3. Lower Mortgage Rates
Larger mortgage rates for “jumbo” loans on luxury homes were one of their main drawbacks in the past.
It has been explained, however by HSH.com that 30-year fixed jumbo rates recently decreased enough to break the previous record-low set in April by two basis points, reaching 3.66%.
Quit dreaming about your perfect home and start living in it! Now is a great time to enter the luxury property market with larger selections, lower prices and better mortgage rates. The time to act is now!
We would love to be of assistance in your home search. At Showcase Realty we have an array of luxury homes for you to browse, and our real estate consultants can help you with all of your luxury home questions.
Call us now at 704.997.3794 or connect with us by sending us a message here.
Do you have a luxury home to sell? Would you like YOUR luxury home showcased on national primetime television? Details here!
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