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Is This The Perfect Moment To Buy A Luxury Home?

 
Is This The Perfect Moment To Buy A Luxury Home?
 
Friends and Clients —
Luxury properties may never be this cheap again. Let me explain.
Right now, luxury homes, defined as those in the top 5% of the market, are not selling well.
In fact, over the past year, prices for luxury homes have decreased by 1.6%. Conversely, the overall real estate market, though slowing, saw values grow by more than 6% over the last year.
What's more, overall sales of luxury homes are down by 16%, while inventory is up by 14%.
There are several possible explanations for this.
The stock market has been volatile, and this is more likely to affect buyers at the top of the market.
The new limits to state and local tax deductions that came into effect at the start of this year are also going to impact the affordability of luxury homes.
Finally, the long period of high price growth we just experienced may have simply made many luxury homes too expensive.
Whatever the true reason for the drop in luxury sales may be, I believe one thing is true:
Now is the moment to act if you've been thinking about buying a luxury home.
This ... more

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