Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners wanting to upgrade from their current house.
Much of the demand for housing over the past couple of years has come from first-time buyers looking for their starter home. Many of the more expensive homes listed for sale have not seen as much interest.
According to ILHM’s Luxury Report, this mismatch in demand and inventory of luxury and premium homes has created a Buyer’s Market. For the purpose of the report, a luxury home was defined as one that costs $1 million or more.
“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”
The authors of the report were quick to point out that current conditions at the higher end of the market are no cause for concern.
“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”
Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent find you the home of your dreams.
Bottom Line
If you are debating upgrading your current house to a premium or luxury home, now is the time!
One of the best ways to sell your house quickly and for the best price is to stage it. In some markets, this means hiring a professional staging company to come in, rearrange furniture, put most or all of your things in storage, and redecorate with furniture they have on hand. Not every market expects this level of staging, and many people can do it themselves.
Never try to sell a house in the winter, right? And if you’re looking to buy, homes listed in the winter will be few and probably not what you want. Wait until after the Super Bowl to list your house. This is conventional real estate wisdom. And it’s not all wrong. There are usually fewer home sales from about November through February. In a lot of places, like Chicago, cold weather is a factor. Then there are the holidays, and people would rather stay put than go through the hassle of moving. However, if you really do need to sell now and can’t wait until the spring, don’t panic! There are several good reasons why winter is a great time for house hunting or selling.
Of the many, many reasons there are to love Chicago, the incredibly diverse restaurant scene stands out as one of the top ones. From straightforward hamburgers to cuisine from all over the world to the fusion dishes dreamed up by top chefs, Chicagoans have a dizzying array of choices. To get you started on a culinary journey of your own, we’ve assembled a list of our own favorite places to eat around the city.
In a big city like Chicago, every neighborhood and suburb has its own personality. Before you start house hunting, you need to think carefully about what you need in both a house and its surrounding area. This will help you narrow the possibilities and expedite the process.
For most people, buying a house is the biggest financial decision they’ll make. But because the decision is bound up with the feelings around the meaning of “home”, it’s also a highly emotional decision. However, it’s vital that potential homeowners understand the nuts and bolts of the buying process so they can make an educated decision about how much house they can really afford and what will serve their long term financial health. Here are a few things I want every homebuyer to consider.