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Dreaming of A Luxury Home? Now's The Time!

Shannon Jones

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes...

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes...

Sep 28 3 minutes read

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 Market Report, which showed 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 people searching to purchase these properties in many areas of the country, including locally in Long Beach and other local communities. This means that homes are often staying on the market longer or can be found at a discount.

The difference between the entry level market and the luxury market puts move-up buyers in a great position. 

In Long Beach, California, as of March 2018, there is currently just a 1.4 month supply of homes priced between $300,000 and $700,000, and the median selling time as of February 2018 was just 18 days in this price range, according to the Multiple Listing Service. Meanwhile, for homes priced above $1 million, there is a 4 month supply and a median selling time of 89 days. 

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 higher supply and longer selling time for luxury homes means that move-up buyers are in a better position to negotiate contingent purchases. 

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.'"

The bottom line is that 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 you are looking to step into a luxury home, now's the best time to list your house for sale and make your dreams come true. 



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