Is it Time to Move Up in Boston?

Are you in the market for a luxury home in Boston? You are in luck! Now is a great time to purchase your Boston dream home.  In every area of the country, homes that are priced at the top 25% of the price range for that area are Luxury Homes. In today’s real estate market there are deals to be had at the higher end! Much of the demand for housing over the past couple years has come from first-time buyers looking for their starter home, which means that many of the more expensive homes that have been listed for sale have not seen as much interest.

This mismatch in demand and inventory has created a Buyer’s Market in the luxury and premium home markets according to the ILHM’s latest Luxury Report. For the purpose of the report, a luxury home is 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 the 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.”

If you are debating upgrading your current house to a premium or luxury home, now is the time! If you are searching for the perfect Boston home, let a local expert help you out. Buying a home is an exciting and complex adventure. I take pride in being a local expert and would love to show you around our fine city. Contact a Boston, MA real estate agent to get the buying process underway!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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