Friends and Clients --
The luxury real estate market is bouncing back at an unexpected clip.
Stay-at-home orders and social distancing have put a new value on extra space and special amenities. As restrictions ease, this pent-up demand has driven inquiries of luxury homes.
As a result, luxury homes are outpacing the rest of the market in both price growth and views.
Of course, agents have adapted home showings with a range of COVID precautions.
Visitors to properties now wear masks and use hand sanitizer. They often sign release forms, and some are even asked to wear disposable booties.
Open houses are staggered to reduce contact, and visitors are encouraged to touch nothing, with the agent opening all doors and cabinets.
There's also been an increase in virtual showings, with some investors buying properties they have never seen in person.
However, low inventory remains a problem. While supply has been an issue for the entire real estate market, it is particularly severe for luxury homes.
According to Zillow, new listings of higher-end homes are down 46% from last year, while less expensive homes are down only 32%. There simply aren’t enough homes to sell.
So what does this all mean for you?
If you've been thinking of selling your home but have held off because of the circumstances, now is the time to act. Pent-up demand means you could sell quickly and at a record price.
Of course, it's hard to predict what will happen in a few months' time. However, there’s a good chance these unique conditions won't last because more high-end sellers are likely to come back on the market.
If you want to get an idea of what you could sell for in the current hot market, take a look at the following home value calculator, which is based on recent Austin sales:
If you're looking to buy, here’s some good news: Despite overall low inventory, several beautiful luxury homes recently came on the Austin market. If you'd like to see them, take a look at this complete listing:
Finally, if you have any questions about buying or selling, give me a call at 512-829-8000. I have my finger on the pulse of the Austin luxury market, and I'm here to help.
Have a great day,
Looking to buy a home? Looking to sell a home?