According to numerous sources, demand is on the rise for high-end, luxury homes on the California coast, New York and parts of the southern United States.Â
Just one week after Christine Lynch listed her California home for $3.625 she had seven offers. Within just ten days a deal was reached and she sold her five-bedroom, six-bathroom home for $225,000 more than her listing price.
Another seller who chose the right time to buy is Jack Massopust. He listed his 92-year-old fatherâ€™s Brentwood home for $1.55 million. Within a week he had more than 100 interested buyers tour the home, and the sale quickly closed for about $1.705 million.
Lynch and Massopust arenâ€™t the only people having this experience selling a home. Throughout the United States, residential-property sales of $1 million and higher rose 7.2% in March, from the year prior.
Now agents are just looking for willing sellers. â€œWe could have twice as many sales if we had more inventory,â€ said an agent based in Beverly Hills. Agents here are noticing an increase in consumer confidence, and predict hat prices will continue to go up. The consumer attitude is changing for the better.
Much of the increase in interest for luxury properties is coming from investors looking to make a profit. Investors have grown to about 20% of the client base in some areas. There are also more buyers who are able to pay cash than there have been in the past few years.
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