Talk about luxury real estate has been coming up a lot recently. Millennials are buying late but buying luxury and high income earners working from home are buying luxury among other interested demographics.
Fox Business highlighted this real estate trend this week by stating that the luxury real estate market is skyrocketing during the coronavirus pandemic. A survey performed by Luxury Portfolio International has revealed 25.8 million luxury and high-end homes will be up for sale in the market in the next three years and buyer interest is outperforming demand over the next few months.
In an interview with Gerri Willis of Fox Business, Chandler Mount, principal researcher at Luxury Portfolio International said the high-end market is as hot as he has ever seen it. Chandler Mount also added that luxury buyers are looking to make a purchase within a year or so.
Redfin also reported recently that January saw a record high increase in interest for luxury properties. A year ago, 8.5% of searches were for homes over $1 million, however, now that number is over 10%.
This likely means that the real estate market will see a slight correction due to the increased mortgage loan rates and increased prices. However, those who were planning to buy before the record low mortgage rates, and those who can afford to buy despite the price increases will keep the market active and moving.
Are you planning to buy a luxury property or a single-family home? Are you wondering if your property will sell above asking? Do you like the idea of a million-dollar home but you don’t know if you will qualify? There are so many questions that come up as we hear about the activity in the industry. Amin Vali Real Estate Investment can help you answer them.