International Luxury Homes Report Boston Dec 24 2015. As we prepare for the Christmas break here is a quick look at this weeks luxury market report delivered weekly by the International Luxury Home Marketing specialist. The prices on homes in the Boston Area seem to be moving back up. National statistics from the NAR show a year over year growth of home valuations which is different than the home prices but is also a positive sign. The luxury market is the fastest growing sector in real estate right at this point. Homes in the $100,000, well below luxury values that begin in this area at $881,000, are languishing because they have all be absorbed by developers and rehabber's.
Warren Buffet suggest that you buy and hold and that is the case with most home owners now living in their properties on average of 9.5 years up from 7.5 years a couple of years ago. Since the meltdown of our economy and the rebuilding of this industry we are seeing prices move back to the levels they were before the meltdown. Inventory dwindling at the end of the year is not a surprise as people move to get homes under agreement and closed before the end of the year. Homes that are going to come on the market will hold off until the holiday season is over. I think we will see the beginning of the Spring market in January this year.
Days on Market is going up, prices are going down which are lock step reactions to each other. It is simple economics as the properties are on the market longer the way to get it attractive to a Buyer who is always the determiner of value is to lower the price. Price, Condition and Marketing are the three determining causes for sales so you need to consider all three in an effort to get your house sold. Pricing is both an art and a science. The science part is the appraisal, the art part is in the marketing and making the property attractive to the Buyers through the internet which is where all people are first looking.
Days on Market can be a killer for most families wanting to get somethind done quickly. In the luxury category you are in it for a longer haul. Homes of this caliber have fewer people who can afford them so with a smaller pool of potential buyers it just takes a bit longer. If you are planning to sell your luxury home make sure your Realtor® has a firm idea of where the potential buyer will be coming from and how to market directly to them. Have a happy, safe and healthy holiday season and a wonderful new year. This has been the International Luxury Homes Report Boston Dec 24 2015
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