Moving Up To LuxuryAugust 17, 2011
Luxury home sales are on the rise. According to a recent survey from the Luxury Institute and the Institute for Luxury Home Marketing, high-end home buyers are taking advantage of this year’s real estate bargains and low interest rates by trading up to more valuable properties.
The survey reports that one in four Americans, with a yearly income of $150,000 or more, bought a high-end residential property in the last three years, which is a significant gain over previous years. Also the National Association of Realtors reported that sales of homes valued over $1 million have increased by nearly 20% since 2010.
Another factor that is spurring luxury home buyers to make a purchase is the upcoming expiration of the government’s lending limits for jumbo loans on October 1st, which could make it more difficult and more costly to get a home loan.
With all these factors coming together, many high-end home buyers are realizing that now is the perfect time to buy. If you are looking to purchase a beautiful home as a primary residence or vacation property, we can help you find the perfect home for your lifestyle.