Beth Dickerson and George Ballantyne
When luxury clientele are keen on buying property to
take advantage of the current state of the market, it is a positive
sign for all. What this signifies is that clearly deals are still
out there to be had. Although prices have been on the rise, the
fact of the matter is they are still rising nationwide and have yet
to reach their peak. Just as yesterdays blog post informed us,
buying today is a wise decision given that it will be less
affordable to buy the same property in a years time.
Today, one-third of luxury consumers, those with a
gross annual income exceeding $250,000, insist that they are
actively trying to purchase real estate either for personal use or
as an investment over the next twelve months. Most of these mega
wealthy individuals expect that if they were to purchase a property
today, its value would appreciate by 14% over the next five
years.
With it being such an advantageous time to buy given the low
mortgage rates, demand for property has soared. Now that there is a
surplus of prospective buyers, sellers have returned to the market
thus deploying much needed inventory back into the system.
According to the Institute for Luxury Home Marketings most recent
Market Action Index, with more options to now choose from, luxury
buyers are in a far better situation to buy now than they were even
just three months ago. While the added inventory may see prices
still ascend however at a slower pace, the increased availability
of homes for sale provides further encouragement to all buyers who
are currently on the fence about testing the market.
More Information: Real Estate Economy
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