You keep reading it’s a seller’s market. I myself have written many blog posts saying that it is a seller’s market. But is it really?
Not in all market segments. Right now there’s a shortage of inventory in the starter home market and also in the mid-range market. And this is driving up prices and causing bidding wars. So this is a true seller’s market.
However, the Premium Home Market is a little bit different. In the premium or the higher-priced homes, there’s an overabundance of inventory. And this overabundance has caused prices to head down and this is creating, at least for this market segment, a buyer’s market.
Actually, unit sales in the higher-priced homes, which for this purpose represents homes selling for in excess of 1 million dollars, has increased by 29.1% . I’m not talking about price.
I told my son a few years ago, if he is looking to buy himself a McMansion at any point in time, he should wait a few years. It’s becoming that time now. The large McMansions are available on the market in abundance. And the prices are coming down.
So if you are looking to purchase your very own McMansion, now is a great time to do so. The market for your existing home is a seller’s market and the market for your new desired home is a buyer’s market.