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Luxury Market

Glut of Million Dollar Homes Coming to Market in New York?

Glut of million dollar homes

Glut of Million Dollar Homes

Being a research-oriented Realtor® for nearly 20 years, I’m always curious about how laws and trends affect housing prices.  Getting a grasp on the direction prices are headed gives me an advantage over most of my competitors and has led to my success.

I’m sure you’ve heard, by now,  the new Tax Bill has included legislation limiting the tax deduction for mortgage interest and further imposes limits on deductions from state and local taxes.  These two changes alone will hurt home values in New York with high-end home values being hurt the most.  Pete King said, “most economists I’ve spoken to believe prices will fall between 10% – 20%.”

Click here to see a story News 12 recently ran on this issue.

Realizing homes are commodities, it stands to reason that when supply goes up, demand and prices come down.  With that thought in mind, I was curious to see just how many high-end homes are coming to market in Nassau and Suffolk counties compared to past years.  What I found was an eye-opener!

High end up 37%

Measuring Nassau and Suffolk Counties from Jan 1 to March 15 in 2018, there was a 37% increase of million dollar homes hitting the market when compared to the same timeframe in 2017!

I will be updating this post to compare year over year increases periodically.  Make sure you bookmark this page and return to the updated information.

My best advice if you have a high-end home you’re contemplating selling – don’t wait!  While it may already be too late to be early, don’t wait until the traditional selling season begins in April.  The earlier you place your home on the market, the less competition you should face and the easier time you will find to sell.

Call or contact me if you would like to see statistics for your town.

Dreaming of a Luxury Home? Now’s the Time!

[caption id="attachment_6209" align="alignnone" width="750"]Dream Home Dream Home[/caption] If your house no longer fits your needs and you are planning on buying your dream home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control. The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount. Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home. The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000. But not all who are buying luxury properties have a home to sell first. A recent Bloomberg article gave some insight into what many millennials are choosing to do:
“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

Bottom Line

The best time to sell anything is when demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

Moving-Up to a Luxury Home? Now’s the Time!

Moving-Up to a Luxury Home? Now’s the Time! | Simplifying The Market If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! We recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.  The inventory of homes for sale in the luxury home market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer which can eventually lead to a price change. Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home. The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000. But not all who are buying a luxury home have a home to sell first. In a Washington Post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:
“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”

Bottom Line

The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.