Here’s why luxury homeowners should be excited about recent market trends.
A few weeks ago, I told you about the double-digit price increases we were seeing in the real estate market overall. However, what applies to the market at our median price of $250,000 doesn’t always apply in the upper-end market.The luxury market in Augusta refers to homes priced at $750,000 and up. Right now, we have just a 14-month inventory in this section of the market. It might sound like a high number, but you also need to know that we had 23 months of inventory just a year ago. We always have a good bit of inventory in this market, and Augusta is known for its beautiful luxury homes.
If you’ve been thinking about buying a luxury home, this is a great time while inventory is low (relatively speaking). It’s also an advantageous time to sell a luxury home. In this market, people are better able to time their moves in the luxury market, so this is the time when you may consider making a move while inventory is down and sales are up. Applying supply and demand theory, this is a very advantageous market for sellers and an excellent time to sell.
If you have any questions about selling a home or the Augusta market in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
Here’s what you should know about our market as we get 2021 underway.
We’re finally into the new year, so you may be asking yourself, “How is the real estate market primed for 2021?” First of all, when interest rates are as low as they are right now (they’re one percentage point lower than they were at this same time last year), it bodes well for the real estate market and overall economy—2.38% is simply an unbelievable mark.
Typically, low inventory is desirable for homeowners since it drives prices up, but our inventory shortage is quickly becoming downright problematic; the market can’t move forward if there just aren’t any houses for sale, and many would-be buyers are backing off a little bit. Some have been priced out of the market, others without a pressing need to buy don’t feel compelled to grind it out in a bidding war, and others still are taking a more “wait-and-see” approach.
That said, our Augusta market is shielded from a lot of the national economic trends because we have so many people moving here all the time. All in all, now is an excellent time to sell your house, especially if you’re thinking about downsizing and want to maximize your equity amid an upturn in prices. It is important to note that national economists have flagged a few things that could pose legit problems for our market moving forward, such as the negative effect rising prices might have on the affordability index. (Thankfully, Augusta’s affordability index rating remains exceptional).
“Now is an excellent time to sell your house, especially if you’re thinking about downsizing and want to maximize your equity amid an upturn in prices.”
While no one has a crystal ball, we all know that the economy rises and falls; we’re in a peak now, so it’s a great time to ride the tide and sell your home for top dollar. If you have any questions on the market or are thinking about buying or selling property soon, don’t hesitate to reach out to us by phone or email. We’re always here to help, and we’d love to hear from you!
If you’ve been following the numbers in 2015, you know that there are more jobs in Augusta, and that affects the real estate industry greatly. We are seeing a lot of new people move to our area right now, which is creating tremendous opportunity in our city, a varied economic base.
We are absolutely poised for a big year in the market. We remember the explosive growth of real estate in the 1950’s and 1960’s, and are excited to usher in a new era of great home appreciation. Right now, homes are appreciating well. So if you’re considering buying, know that you will be able to sell your home for more than you purchased it for.
If you have any questions for us, give us a call or send us an email. We can’t wait to hear from you!