Luxury Homes Market: National and Regional Trends
Led by a recovery of home prices, both national and regional markets are on the mend and recovering, at last; as much as 47 percent of normal, according to some sources.
Rising prices should lead to new construction and encourage home owners to sell, thus stimulating this market that seems to have bottomed out and is on its way up.
The Luxury Home market is also rebounding quite well, say some experts. During the worst of the economic down turn this market was severely affected by an extreme imbalance of buyers to sellers that caused lower listing prices, less negotiable leverage, and extended closing times. But happiness is the key to luxury buying and there seems to be a new positive attitude rising the in all the markets today. This attitude affects both sellers and buyers, making sellers add more luxuries, and buyers eager for those luxuries.
Home buyers want more space. Builders are initiating new ways to provide what they want. Home buyers want swimming pools and patios and lots of play area for their children. Builders are offering those amenities as well, and with blue prints expanding and enhancing the luxury features of bedrooms and garages, as well as redrawing back yard play areas.
As the economy picks up, workers feel better about their futures, and as the banks loosen up lending practices again, luxury homes are rising in demand. In all areas of the nation it’s beginning to feel good to want to move up again.