Looking to Upgrade Your Current Home? Now is the Time to Move-Up!

Dated: 04/03/2019

Views: 18

In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes. In today’s real estate market there are deals to be had at the higher end! This is great news for homeowners who want to upgrade from their current house and move-up to a premium home.

Much of the demand for housing over the past couple years has come from first-time buyers looking for their starter home, which means that many of the more expensive homes that have been listed for sale have not seen as much interest.

This mismatch in demand and inventory has created a Buyer’s Market in the luxury and premium home markets according to the ILHM’s latest Luxury Report. For the purpose of the report, a luxury home is defined as one that costs $1 million or more.

“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.”

The authors of the report were quick to point out that the current conditions at the higher end of the market are no cause for concern,

“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.”

Luxury can mean different things to different people. It could mean a secluded home with a ton of property for privacy to one person, or a penthouse in the center of it all for someone else. Knowing what characteristics you are looking for in a premium home and what luxury means to you will help your agent find your dream home.

Bottom Line

If you are debating upgrading your current house to a premium or luxury home, now is the time!

Blog author image

Jerri Banner

I have been a Realtor for 21 years and a lifelong resident of the Triad area of NC. I am fortunate to work with my husband, Alan and my daughter, Kayla who grew up tagging along to showings and open ....

Latest Blog Posts

Why Is So Much Paperwork Required Just to Get a Mortgage?

When buying a home today, why is there so much paperwork mandated by the lenders for a mortgage loan application? It seems like they need to know everything about you. Furthermore, it

Read More

5 Reasons to Sell Your House this Summer!!

Here are 5 compelling reasons listing your home for sale this summer makes sense.1. Demand Is StrongThe latest Buyer Traffic Index  from the National Association of Realtors;(

Read More

It's time for Your Dream Home, Gen X!

During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing

Read More

FSBO! Are You REALLY Ready to Sell Your Home Yourself?

Everybody likes the idea of a little DIY. Whether that means unclogging your own sink drain or putting in a few shelves in your pantry, there’s a lot of satisfaction that goes along with doing

Read More