In short, YES!
According to an Inman article just published on July 8th by Patrick Kearns, high-end luxury homes are flooding various metro markets as homeowners seek to trade up. Nationally, Zillow reported a decrease in inventory in the affordable housing range, while the higher-end market is surpassing formerly held records and pushing prices higher.
“The way unemployment has hit in this recession – with more layoffs in service, retail, food, entertainment, and other jobs unable to be done remotely – could result in vastly different experiences on either end of the housing price spectrum,” Zillow economist Jeff Tucker said in a statement. In addition to strong housing prices, Tucker notes that “now may be an opportune time to sell and lock in a record-low mortgage rate.”
“Many of our homeowners are looking to trade up; they prefer homes with two offices, gyms, views, and other luxury amenities. Now may be the apt time to sell, as BK filings are on the rise.” – Frank Aazami, Market Expert, 480-266-0240, frank@pcgAgents.com.
A number of metro markets – San Francisco, San Jose and Miami – are seeing new, high-end listings far surpass last year’s levels.
If we narrow in locally, activity for listings over the $1 Million threshold in June of 2020, is up a whopping 30% from last year. In the higher-end luxury market, there is significantly more inventory with a shortage of quality-built homes compared to former record holding years. Sellers in remote COVID friendly areas have the prime chance to take advantage of the current Buyer demands, and perhaps sell to the Buyers looking to lock in a record-low rate on their next dream home.” – Frank Aazami, Market Expert, 480-266-0240, frank@pcgAgents.com
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