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 | Category: Luxury market, Move Up Buyers

The relation between interest rates and your purchasing power

Hoe does interest affect home buying power?

We all know that higher interest means higher payments. But what does that mean in real world numbers? The following infographic shows just that. A 1 point jump in interest basically means 10% less house when looking at a $700,000 house. The highlighted numbers in the table show what the same payment buys across a range of home prices.

What does it mean to me right now?

As we are foreseeing a slight bump in interest in the next year, you might want to consider making your jump now to get the most house you can.

Posted on February 23, 2018 at 10:52 am
Ted Mansfield | Category: Buying a home, Finance, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate, Uncategorized

The Mortgage Process: What You Need to Know [INFOGRAPHIC]

The Mortgage Process: What You Need to Know:
The Mortgage Process: What You Need to Know [INFOGRAPHIC] | Simplifying The Market

 

Some Highlights:

  • The Mortgage Process may seem complicated, but broken down into steps it becomes fairly straightforward.
  • Many buyers are purchasing a home with a down payment as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Get pre-approved BEFORE looking or searching for homes.
  • Talk to your real estate professional for referrals to mortgage brokers and lenders they know and trust. Your Realtor is there for much more than just showing you homes.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.
Posted on February 23, 2018 at 10:24 am
Ted Mansfield | Category: Buying a home, First Time Buyers, Mortgage, Move Up Buyers, Real Estate | Tagged , , , , ,