The Sweet Spot for Buying Luxury Homes

<article class="post-1073932 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1073932"><span class="entry-date">June 5, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Sweet Spot for Buying Luxury Homes</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Sweet+Spot+for+Buying+Luxury+Homes&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-sweet-spot-for-buying-luxury-homes%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="The Sweet Spot for Buying Luxury Homes Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240605-The-Sweet-Spot-for-Buying-Luxury-Homes-original.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p><span style="color: black;">If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why. </span></p>
<h4><strong>There Are More Luxury Homes To Choose From</strong></h4>
<p>What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent <a href="https://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica.pdf" rel="noopener noreferrer" target="_blank">report</a> from the <em>Institute for</em> <em>Luxury Home Marketing</em>, the selection of luxury homes <a href="https://www.simplifyingthemarket.com/2024/05/16/the-number-of-homes-for-sale-is-increasing/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">is increasing</a> (<em>see graph below</em>):<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240603/20240605-Luxury-Home-Inventory-Is-Increasing-original.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240603/20240605-Luxury-Home-Inventory-Is-Increasing-original.png"/></a></p>
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<p>As the graph shows, there are considerably more single-family luxury homes available now than there were a year ago. In fact, there are even more than there were just a month ago. This means you should have a wider variety of top-of-the-line homes to choose from, each with unique features and styles.</p>
<p>Whether you were searching for the latest design elements, like modern kitchens with chef-grade appliances, a breathtaking view, or integrated smart home technology, more luxury inventory means you should have an easier time finding one that matches your taste and lifestyle.</p>
<h4><strong>Rising Luxury Home Prices Can Help You Build Wealth</strong></h4>
<p>Another important factor to consider is that luxury home <a href="https://www.simplifyingthemarket.com/2024/05/13/home-prices-are-climbing-in-these-top-cities/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">prices</a> are on the rise. According to <em>HousingWire</em>, luxury home prices have increased by 8.7% over the past year. That’s why:</p>
<blockquote><p><em>“People with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise . . . They’re ready to buy with more optimism and less apprehension</em>.<em>”</em></p></blockquote>
<p>This means buying before prices climb higher – and while more inventory is on the market – may be your sweet spot. Because home prices are rising, owning a home could help you build more generational wealth over time. On the other hand, if you wait to buy, you might end up paying more for the same home later on as luxury prices continue to rise.</p>
<h3>Bottom Line</h3>
<p>With growing inventory and rising prices, you have a greater selection of luxury homes to choose from and an opportunity in front of you. Want to see the higher-end homes that are available in our area? Connect with a local real estate agent today.</p>
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