Homes in the top 25% of an area’s price range are “premium homes.” This is because most of the housing demand over the last few years has been from first-time buyers who are looking for starter homes. However, it seems like this segment is seeing a shift in buyer activity.

The January Luxury Report was compiled by the Institute for Luxury Home Marketing.

“In a snap of 2019, despite pessimism, the last quarter showed a strengthening with an upswing in the luxury market for both single-family and condo sales.”

The momentum is increasing and those who want to enter the luxury sector are well-positioned for success in 2020. Buyers who are interested in the upper-end of the market have more inventory, historically low interest rates and rising average wages. This is the ideal time to make a move up.

This report highlights an increase in buyer activity within this segment which has led to growing sales towards the end of 2019.

“According to many luxury realty professionals, the large increase in properties purchased at the end 2019 versus 2018 is indicative of an early 2019 holding pattern.

Many potential luxury buyers in early 2019 waited to see how prices would respond to the new tax regulations. In the last quarter of 2019, .”, buyer confidence was back and sales were higher than in 2018.

This is good news because more homeowners are building equity, and increasing their net worth across the country.

Many homeowners are diversifying their wealth by owning multiple properties instead of one mega-mansion. A growing number of people are moving to smaller cities has led to an increase in home purchases. They have the option to buy luxury properties in…secondary towns throughout North America because of their property wealth or ability to rent high-end properties.

It’s a great year to explore the luxury market, with a strong economy. Luxury can also mean different things to different people. Luxury can be a private home with lots of privacy and property. It is a penthouse in the middle of a busy city. To another it could be an apartment . Your agent will be able to help you determine the location and scope of the home you want.

The Fort Lauderdale Luxury Real Estate Market

Let’s talk if you are interested in upgrading your house to a luxurious home or adding another property to your portfolio.

This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for victoria park Fort Lauderdale homes for sale, we are the real estate team for you!

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