Should we...

By
Real Estate Agent with Keller Williams Realty - Topsfield, MA 92593-B

...Sell the house and move up? "We've recovered our equity, the family is growing and could use more space."

It all depends on your needs and desires and what you're looking to move up to.

For the purposes of this article, we're referring to moving up to the luxury home market. In our area of MA luxury would be the $1M and over, give or take. Those homes seem to be languishing and Days on Market are high. You might find more negotiating space. Soooo...if it's for you here's a couple of reasons to strike while the irons are hot.

 

Now’s The Time To Move-Up And Upgrade Your

Current Home!

Now’s the Time to Move-Up and Upgrade Your Current Home!

Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners wanting to upgrade from their current house.

Much of the demand for housing over the past couple of years has come from first-time buyers looking for their starter home. Many of the more expensive homes listed for sale have not seen as much interest.

According to ILHM’s Luxury Report, this mismatch in demand and inventory of luxury and premium homes has created a Buyer’s Market. For the purpose of the report, a luxury home was defined as one that costs $1 million or more.

“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”

The authors of the report were quick to point out that current conditions at the higher end of the market are no cause for concern.

“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”

Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent find you the home of your dreams.

Bottom Line

If you are debating upgrading your current house to a premium or luxury home, now is the time!

Thank you to the folks at KCM

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Groups:
FOR SALE BY OWNER - MARKETING(FSBO)
Boston Real Estate
New Hampshire - Real Estate and Life in The Granite State!
Tags:
interest rates
luxury
real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,512,746
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

This seems to be a great strategy that people are using these days, instead of profiting on the sale of a home, using the equity achieved towards getting into a bigger home.

Jul 08, 2019 09:10 AM #1
Rainmaker
1,895,330
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Doug Dawes - I would certainly agree.  It is true in our area as well.

Jul 08, 2019 09:18 AM #2
Rainmaker
1,198,232
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Doug Dawes - I agree that luxury does mean different things to different people. As long as I have been selling real estate, the luxury market in Sedona is always ripe to negotiation. 

Jul 08, 2019 10:03 AM #3
Ambassador
2,839,116
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Hi Doug Dawes luxury does mean different things to different people - and that goes for areas as well. Luxury in Scottsdale is far different than Luxury in Peoria (other side of Phoenix Metro).

Jul 08, 2019 10:43 AM #4
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Anna Banana Kruchten CRB, CRS 602-380-4886 

That is so very true on all aspects. Enjoy July

Jul 08, 2019 07:23 PM #5
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Sheri Sperry - MCNE® 

Sedona is an area we've or better put, I've wanted to visit. Will have to do that since Pam is now retired.

Jul 08, 2019 07:24 PM #6
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Even in various areas of a State luxury can have a different price point Grant Schneider 

Jul 08, 2019 07:26 PM #7
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Brian England 

It is a great strategy for people to use even in their own home town

Jul 08, 2019 07:27 PM #8
Rainmaker
755,756
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

We have been seeing the same thing in our area too.  Thanks for sharing!

Jul 09, 2019 06:51 AM #9
Rainmaker
2,004,270
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Doug Dawes - What a great job you've done on this blog post! I hope someone behind the scenes on ActiveRain agrees and this post is FEATURED! 

Jul 09, 2019 07:23 AM #10
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Norma J. Elkins 

Thank you for stopping by and commenting. How are things in Morristown?

Jul 09, 2019 07:24 AM #11
Rainmaker
3,135,862
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Doug this is a outstanding blog and should be feature for sure here in the Rain!

Jul 09, 2019 08:15 AM #12
Rainmaker
3,194,302
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Doug great post and great advice, now we can just hope that the sellers are reading your post and asking for your advice what is best for them, Endre

Jul 09, 2019 11:18 PM #13
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning and thank you Patricia Feager, MBA, CRS, GRI,MRP Luxury is in the eye of the beholder

Jul 10, 2019 08:07 AM #14
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Will Hamm 

I am glad you found the post appealing. Enjoy the day

Jul 10, 2019 08:11 AM #15
Rainmaker
759,693
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Endre Barath, Jr. 

The move up market is a great strategy for those who are desirous of a luxury home 

Jul 10, 2019 08:13 AM #16
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
759,693

Doug Dawes

Your Personal Realtor®
Are You Looking?
*
*
*
*
Spam prevention

Additional Information