There’s no place like home. A cozy night in your charming neighborhood. But in the back of your mind, you still dream of a bigger and better house. Luxury homes may have been just that, a luxury not made for people like you. Or is it?
The Institute for Luxury Home Marketing recently published its report which stated that today’s luxury homes or premium homes on the market are in control of the buyer.
The contrast of supply and demand from regular homes in regular neighborhoods are polar. Regular homes the supply is far below the demand, but in the premium housing market, the supply far outnumbers the number of buyers out there.
What does this mean for you daydreamers?
This means that now is your chance to pounce on that opportunity. Those who are already homeowners, stater homes if you can upgrade to their dream home.
You do the math if you decide to sell your starter home to upgrade you may have the advantage of coming up with a larger down payment for a new luxury home. 5% of a million-dollar home is still just $50,000.
If anything, you don’t want to sell your home, you can still cash in a great deal for a home.
Bloomberg’s article shared some valuable information into why the younger generation is leading a new demand for luxury homes.
“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.’”
The best time to sell anything is when the demand exceeds the supply. Right now is a great time to sell your starter home in pursuit of a new luxury home.