The real estate market has been very busy this year with prices rising as the demand far outpaces the supply in almost every region. However, it is a different story when it comes to the luxury market.
Inventory levels are higher in high-priced homes in many markets because there are more high-priced homes to choose from, the prices have not sky-rocketed as they have in the lower and mid-tier markets. In addition to wonderfully low mortgage rates, this means that now is the perfect time to purchase the luxury property you have always wanted! Here are three reasons to get in touch with your Shorewest, REALTOR®:
There are more homes from which to choose from. As you can see below, inventory of homes priced below $250,000 is down pared to 2015, but up in homes priced over $250,000.
Prices are becoming more reasonable. Prices of lower-priced homes are increasing, while prices on the luxury market have actually been soft. Luxury owners are becoming realistic about the market and what kind of prices they can legitimately ask for. This number continues to get smaller, so not only do you have more to pick from, but at a better value.
Mortgage rates remain at historic lows. Previously the loan amount needed to purchase a luxury property was a major drawback. With low mortgage rates, now is the best time to get approved for a loan!
The bottom line remains, if you are the in the market for a luxury property, everything is adding up to be the best time to buy! Make sure to talk to your Shorewest, REALTOR® and Wisconsin Mortgage Corporation Loan Officer to start your journey today! #ShorewestRealtors #LuxuryProperty #BuyingMarket
Source Credit: Keeping Current Matters
Tags: buyer's market, first time home buyers, Home Buying, keeping current matters, Loan Officer, loans, luxury, Luxury Market, Luxury Property, Mortgage, shorewest, shorewest family, Shorewest Luxury, Shorewest Realtors, Wisconsin Mortgage Corporation