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! In recent data from Trulia’s Market Mismatch Study, it showed that in today’s premium home market, buyers are in control.
The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found 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 your house their new home.
The sale of your starter or trade-up house will aid in coming 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.
In a recent Washington post article, some high-income millennials are using their buying power on first-time luxury home purchases from money they have saved up over the years.
The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs, and are looking to step into a luxury home, then now’s the time to list your house for sale and make your dreams come true. Contact us today to see how we can help you make your next move.