February has been a short but memorable month! This is especially true for the luxury home market here in Los Angeles. Buyers started seriously flirting with higher offering prices this Valentine’s season and recent data indicates that the long courtship has finally paid off for homeowners.
February is just a small example of a growing positive trend. Last year, sales of luxury homes priced at $1,000,000 and up surged more than 20 percent in California. That represents the first spike in sales of high-end properties in five years, and is positive proof that we are in the midst of a continued real estate rebound.
A large reason the luxury market is seeing the most upward movement and activity is that these higher value homes are selling at deeper discounts. But these amazing deals will not last forever and buyers are rushing to take advantage of the rare opportunity. The large loans being offered by lenders as well as low interest rates are certainly helpful in convincing buyers to commit to a home now rather than later.
The bottom line is that if you are in the market for a luxury home this is your best window of opportunity. Luxury real estate is rebounding; you better get buying.
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