If you’ve been looking for a home at the high end of your market but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why.
There Are More Luxury Homes To Choose From
What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, their homes are valued in the top 5% of any market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):
As the graph shows, more single-family luxury homes are available now than a year ago. There are even more than there were just a month ago. This increase means you should have a wider variety of top-of-the-line homes with unique features and styles.
Whether you were searching for the latest design elements, like modern kitchens with chef-grade appliances, a breathtaking view, or integrated smart home technology, more luxury inventory means you should have an easier time finding one that matches your taste and lifestyle.
Rising Luxury Home Prices Can Help You Build Wealth
Another critical factor to consider is that luxury home prices are rising. According to Housing Wire, luxury home prices have increased by 8.7% over the past year.
That’s why: “People with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise . . . They’re ready to buy with more optimism and less apprehension.”
Given the current market conditions, the time to act is now. Buying a luxury home before prices surge further while more inventory is available could be a strategic move. As home prices continue to rise, owning a luxury home could be a significant step towards building generational wealth. Conversely, delaying your purchase could mean paying more for the same property in the future as luxury prices continue to climb.
Bottom Line
With growing inventory and rising prices, you have a greater selection of luxury homes and an opportunity. Want to see the higher-end homes available in our area? Connect with The Aaronson Group today. Call 949-388-5194 or email:info@previewochomes.com
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