Does your current house fit your needs? Does it seem like everyone
else is moving up and moving on to more luxurious surroundings? Are you
wondering what it would take to start living your dream life?
conditions around the country have presented an opportunity like no
other for those who are looking to make the jump to a premium or luxury
The National Association of Realtorsreports
that national inventory levels are now at a 4.3-month supply. A normal
market, where prices appreciate with inflation, has 6-7-months
inventory. The national market has echoed the conditions felt in the
starter and trade-up markets as inventory has declined year-over-year
for 25 consecutive months.
The chart below shows the relationship between the inventory of homes for sale and prices.
According to Trulia’s latest Inventory Report, the
inventory of homes for sale in the two lower priced markets has dropped
by double digit percentages over the last 12 months (16% for starter and
13% for trade-up homes). While the inventory of homes in the premium
home category has dropped by only 4%.
This has created a seller’s market in the lower-priced markets, as 54% of homes were on the market for less than a month in the last Realtors Confidence Index, and a buyer’s market in the luxury market, where homes were on the market for an average of 160 days according to the Institute for Luxury Home Marketing.
you are even thinking of listing your home and moving up to a luxury
home, let’s get together to evaluate your ability to do so. Homeowners
across the country are upgrading their homes, why can’t you? Your dream
home is waiting!