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Learn Why Now Is The Time To Move Up To A Premium Home
Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at that higher end! This is great news for homeowners wanting to upgrade from their current house.
Much of the demand for housing over the past couple of years derived from first-time buyers looking for their starter home. Many of the more expensive homes listed for sale haven’t seen as much interest.
According to ILHM’s Luxury Report, this mismatch in demand and inventory of luxury and premium homes created a Buyer’s Market. (For the purpose of the report, a luxury home was defined as one that costs $1 million or more.)
“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”
The authors of the report were quick to point out that current conditions at the higher end of the market are no cause for concern.
“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices represent a normalization of the market, not a downturn.”
Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help Team Nest Builder find you the home of your dreams.
If you are debating upgrading your current New Jersey home to a premium or luxury home, now is the time! Call Team Nest Builder’s Lynn Garafola at 973-222-3777 today! Liked this article? Check out our blogfor loads of helpful information on real estate, home improvement and community events!