The Best Time to Buy a Luxury Home

If you have been looking for a home at the upper end of your market but have not found the right one, you might have put your search on hold. However, recent data suggests that now may be a good time to return. Here’s why.

There Are More Luxury Homes To Choose From

What constitutes the top of the market, or a luxury home, will always differ by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):No Caption Received

As the graph shows, there are significantly more single-family luxury homes available today than there were a year earlier. In fact, there are more than there were a month earlier. This means you should be able to choose from a wider range of high-end homes, each with its own set of 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, having 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 important factor to consider is that luxury home prices are on the rise. According to HousingWire, 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.”

This means buying before prices rise - and while there is more inventory on the market - could be your sweet spot. Because home prices are rising, owning a home may allow you to accumulate more generational wealth over time. However, if you wait to buy, you may end up paying more for the same home later on as luxury prices rise.

Bottom Line

With an increase in inventory and rising prices, you now have a larger selection of luxury homes to choose from, as well as an opportunity. Do you want to see the higher-end homes available in our area? Let’s connect today.

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