Now is the Time for a Premium Home
Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” Maryland Real Estate has an abundant amount of premium homes.
But, did you know that in today’s market, there are deals to be had at the higher end or the real estate market?!?! This is great news for homeowners wanting to upgrade to a premium home from their current house.
The high demand for homes, over the past couple of years, has come from First Time Home Buyers who are looking for a starter home. Thus, many of the more expensive homes listed for sale have not seen as much interest or high demand!
According to ILHM’s Luxury Report, this inconsistent in demand and inventory of luxury and premium homes has created a Buyer’s Market. YES!!!!
You read correctly, a buyer’s market in the luxury or premium division, defined at $1 million or more in the report.
“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 quickly 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 us find you the home of your dreams.
If you are debating upgrading to a premium or luxury home, stop reading and start searching because now is the time to upgrade!
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