Is your current house meeting your needs? Does it seem like everyone else is moving up to bigger and better everything? Do you wonder what it would take to start living your dream life?
Market conditions around the country have given buyers an opportunity like no other to upgrade to a premium or luxury home.
The National Association of Realtors reports that the national inventory levels are now at a 4.3-month supply. A normal market, where prices appreciate with inflation, has 6-7-months inventory. The national market has repeated the conditions felt in the starter and trade-up markets as inventory has dipped year-over-year for 25 consecutive months.
On the chart below you can see the relationship between the inventory of homes for sale and prices.
According to Trulia’s latest Inventory Report, over the last 12 months the inventory of homes for sale in the two lower priced markets has dipped by double digit percentages (16% for starter and 13% for trade-up homes). Contrary to that, the inventory of homes in the premium market has dropped by only 4%, giving buyers the ability of moving up to a luxury home.
This has now created a seller’s market in the lower-priced markets, as 54% of homes were on the market for less than a month in the last Realtors Confidence Index, and a buyer’s market in the luxury market, where homes were on the market for an average of 160 days, according to the Institute for Luxury Home Marketing.
If you are even thinking of listing your home and moving up to a luxury home, let’s get together to evaluate your ability to do so. Homeowners across the country are upgrading their homes, why can’t you? Your dream home is waiting!
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In less than 5 years, Realty Solutions Group is among the top independent brokerage firms in S/E Wisconsin.
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