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! We recently shared data from Trulia’s Market Mismatch Study 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 those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer which can eventually lead to a price change.
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 Washington Postarticle, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:
“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”
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 time to list your house for sale and make your dreams come true.
Author:Jimmie Miller Phone: 208-867-4020 Dated: October 18th 2017 Views: 114 About Jimmie: With 25 years of experience in both Commercial and Residential sales and ownership experience, I wil...
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"UNBELIEVABLE! When I met Jimmie and Paige they introduced themselves as realtors. I told them that I had a house that I was trying to sell on Beacon Light. They asked me if they could interview for the job of selling my home. I let them know that it was already listed however I wanted to hear what they had to say. I knew my listing agreement had already expired years ago. They shared with me their marketing strategy and I decided to go with them. I can’t believe that I had my house on the market with a “friend” for five years! What they accomplished in one week is UNBELIEVABLE to me. They actually got my home SOLD for full price in one week! If you are looking for proactive realtors who are results driven then you need to talk to Jimmie and Paige. All I can say is that they are UNBELIEVABLY GREAT!