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 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.
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. Because of the demand for starter homes we can often craft a deal that gives you more time to find your next home than the traditional 30-45 day Denver contract. Having a post closing occupancy agreement or a flexible moving timeline should take some of the pressure off and give you some time to find your dream 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. Additionally, taking full advantage of these historically low interest rates on your forever home will be something you’ll look back on and be glad you did.
But not all who are buying luxury properties have a home to sell first. In a recent Washington Post article, Daryl Judy, 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 are looking to step into a luxury home… Now’s the time to list your house for sale and make your dreams come true. Lets grab a coffee and chat about your various options.
