If you’re itching to sell and trade up, good news — the time is right. Premium homes are those priced in the top 25 percent of your local price range. Recent shifts in today’s housing market have made more home deals available, and many homeowners looking to upgrade are finding they can afford more than they think.
High inventory & low demand have created a move-up market
Over the past few years, first-time buyers have snatched up starter homes, and premium homes have gotten less attention. But now, a mismatch in inventory and demand has created a move-up buyer’s market.
According to the ILHM’s Luxury Report, a move-up market means:
“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”
Psst: Mortgage rates are still down, and housing affordability is up. Buying a home while rates are
low means you could move into a higher price range without having to change your financials.* Prequalify Now.
The Luxury Report authors also took care to explain that there’s no need to worry about the current market conditions for high-end homes:
“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels, and larger differences between list and sold prices represent a normalization of the market, not a downturn.”
Homeowners hoping to sell are also excited to find that move-up home options can vary greatly, ranging from a secluded country cabin with property to a city penthouse with a view to a sprawling suburban home with the latest smart devices. For the past six years in a row, American real estate has been ranked as the number one investment. Market conditions indicate that it’s an ideal time to list the top features you’re looking for in a new home and find out what you can afford when you upgrade.
Trade in. Move up. But whatever you do, don’t wait.
Right now, there’s a golden opportunity to make your dream home dreams come true. Take the first step and make mortgage easy: Get prequalified. Getting prequalified takes just a few minutes and tells you how much house you can afford to buy. Once you have that number, you can start shopping smart for premium homes in your new price range.
*”May 2019 forecast: Mortgage rates are down & housing affordability is up.” HouseLoanBlog.net, May 2019.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.