It’s a buyer’s market for luxury homes

by | Nov 13, 2017 | Blog, Buying a Home

Looking for a higher-end home? If so, you are in luck. Unlike lower-priced, entry-level homes, the inventory of luxury houses is growing nationwide, putting buyers in the driver’s seat.

According to Keeping Current Matters, a real estate website, the national inventory of luxury homes “far exceeds” demand. “This means that homes are often staying on the market longer, which can eventually lead to a price change.” (In Denver, luxury homes are defined as homes priced at $700,000 or higher.)

Additionally, if your current home is in the lower price bracket, it will likely reap the rewards of high demand. You may enjoy a financial boost from its appreciation and possible price jumps due to bidding wars, giving you more money to put into your new, luxury home.

This can be essential. As Keeping Current Matters notes, “Even a 5% down payment on a million-dollar home is $50,000.”

In sum, notes the website, “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.”

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