Dreaming of a Luxury Home? Now’s the Time!

Dreaming of a Luxury Home? Now's the Time! | Simplifying The Market

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! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report 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 the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.

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 their house their new home.

The sale of your starter or trade-up house will help you come 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.

A recent Bloomberg article gave some insight into what many millennials are choosing to do:

“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

Bottom Line

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.


Posted on March 19, 2018 at 9:38 pm
Ted Mansfield | Posted in Luxury market, Move Up Buyers |

Eastside Market Review – 4th Quarter 2017

Our Eastside Market Review is now available for the fourth quarter of 2017.

You can read the full report online by clicking the image below.

Eastside Market Review Q4 2017


Posted on February 7, 2018 at 3:29 pm
Ted Mansfield | Posted in Buying a home, Investment, Luxury market, Mortgage, Real Estate, Selling your home |

Bidding wars – how long will they continue?

Bidding Wars Abound… How Long Will They Continue? | Simplifying The Market

Bidding Wars Abound… How Long Will They Continue?

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our area.


Posted on February 1, 2018 at 1:53 pm
Ted Mansfield | Posted in Buying a home, Finance, Luxury market, Mortgage, Real Estate, Selling your home |

Eastside Market Review Q1 2016

The lack of available homes for sale on the Eastside remains critical. Inventory, which traditionally increases in the spring, continued to shrink. As demand far outstripped supply, home prices on the Eastside overall increased by double-digits over the last year!

 


Posted on April 25, 2016 at 8:42 am
Ted Mansfield | Posted in Finance, Investment, Luxury market |

Lifestyle Northwest – Latest Issue!


Posted on October 2, 2015 at 3:22 pm
Ted Mansfield | Posted in Active listing, Luxury market, New Construction |