April 07, 2020 at 10:35am | Michael Hunter
By the end of last year, many homeowners found themselves with more equity than they realized, and at the same time their wages were increasing. When those two factors unite, it can spark homeowners to think about making a move to a larger or more expensive home in the luxury space. That said, now is a perfect opportunity to take a look at the forecast for the 2020 luxury market.

Three Things to Think About in the 2020 Luxury Housing Market

1. Pricing
The U.S. economy is very strong today, with buying opportunities throughout the luxury end of the market.

2. Activity in the Market
With more buying opportunity at the higher end, we should start to see a huge increase in activity.
Buyers are getting more for their money with greater purchasing power due to the current lower interest rates.
Also buyers looking in the luxury market are taking the opportunity to arrange on price where there are more choices, too. According to the Luxury Market Report, homes sold for an average of 97.94% of the list price in December.

3. Buyers Are Making A Return
Just remember, buyers are often sellers too, especially those looking to move up. Homeowners with an entry level home can take advantage of the shortage at the lower end of the market, thus driving higher sales prices for their current homes. Combined with growing equity in the homes they’re listing, it’s a great time for those who are ready to make a luxury move.

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