If you’ve been dreaming of a luxury home, maybe now’s the time!
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 Home Marketing Report showing 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 buyers searching to purchase these properties. This means that homes are staying on the market longer and can sometimes be purchased 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.”
Taking Westfield NJ as an example, currently there are 77 homes for sale that range from an asking price of $999,000 to $3,790,000. There are four homes in all at the lower price range and three of those are new construction. Should you demand nothing but the best, the amazing estate at the top of the price range might be the one for you.
The best time to sell anything is when demand is high and supply is low. If you are currently in a trade-up house that no longer fits you 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.
If you’d just like to browse the MLS and see what homes in Westfield NJ, might be of interest to you, click this link and you can search for your luxury home. I’d be happy to show you any home that might interest you and help you to explore the neighborhood.
If you would like more information about buying or selling a home, please contact me on my direct line at (732) 261-6151. I’d be glad to help you.
This information courtesy of Jackie Safran who is an award winning Real Estate Agent at Coldwell Banker West in Westfield, NJ (732) 261-6151. I help nice people sell and buy beautiful homes in Union County and beyond.