Did you know that in 2019 the number of homeowners with extra equity was on the rise as were income levels. That’s the perfect combination for buyers with an eye on a luxury home or vacation space they can call their own.
Here are some things you should know if you’re thinking of selling – or buying!
Growing economic optimism and the market: According to Thomas Veraguth, a strategist at UBS Global Wealth Management, “There’s a good link between luxury real estate prices and [economic] growth, so, there are reasons to be optimistic if the consensus is that we are not going into recession.”
“We’ve already seen buyers who’ve been on the sidelines for two years tread back into the market,” said Shaun Osher, CEO of New York-based CORE Real Estate.
Prices are on the rise. Home prices are expected to go up by 5.4% over the course of the next year. For sellers, this is good news and means a bigger bottom line return. For buyers, it’s a nudge to purchase early this year to save.
Pricing RIGHT still a top priority. Pricing a luxury home to be competitive in today’s market takes skill, finesse, and attention to detail. Just a slight bump in the wrong direction can mean a stalled listing.
Marketing, marketing, marketing. Competition is fierce for buyers eager to take advantage of market conditions. In an area like ours, that means it’s important to know the demographics of those coming who are more likely to purchase here. We’ve got that data covered for our clients and market locally, nationally, even globally to ensure our sellers get the best return on their investment.
Bottom line, if you are thinking of buying or selling a luxury home, 2020 is looking like the perfect time to take full advantage of favorable conditions. The good news is we have the experience, skills, marketing tools, and knowledge to help you and your family realize your real estate goals with more return and less stress! Give me a call today to learn more!
