House no longer fits your needs? Planning on buying a New Jersey luxury home? Now is the time to do so!
Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control. The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.
Owners of starter or trade-up homes to sell find buyers competing, and often entering bidding wars, to be able to call their house their new home. The sale of your starter or trade-up house helps you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.
But not all who are buying luxury properties have a home to sell first. A recent Bloomberg article gave some insight into what many millennials are choosing to do:
“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”
The best time to sell anything is when demand is high, and supply is low. If you’re currently in a starter or trade-up house that no longer fits your needs and you’re looking to step into a luxury home, now’s the time to list your house for sale and buy that New Jersey luxury dream home! Want to check out a gorgeous luxury home in person? Come to 91 Spring Brook Road in historic Morristown Sunday, April 15th, from 1pm-3pm for our OPEN HOUSE. Click HERE to learn more. Can’t make the Open House? Call Team Nest Builder’s Lynn Garafola NOW at 973-222-3777 to make a private viewing appointment!
Liked this article? Check out our blog for loads of helpful information on real estate, home improvement and community events!