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Lydia Maranville , REVELATION REAL ESTATE

Lydia Maranville


REVELATION REAL ESTATE

602. 397-3718
602-397-3718

Latest Blog Posts

What an amazing year 2015 was for home sellers, and 2016 promises to be even better. By December of 2015, with 5.26 million sales, we had seen a more...
August 03, 2016
Category: Market Trends
It may seem that homebuyers and sellers don't agree on much, but they share one important concern: that the transaction is successful. This comradery...
June 15, 2016
Category: Selling

 

3 Reasons to Buy Luxury Property THIS Year!!

3 Reasons to Buy Luxury Property THIS Year!! | MyKCM

For that reason, prices haven’t skyrocketed as they have in the lower and mid-tier markets. This, coupled with sensational mortgage rates, means that this may be the perfect time to purchase the luxury property you have always desired.

Let’s break it down into the three major reasons to act now:

1. There are more homes from which to choose

According to a recent Wall Street Journal article, inventory in the upper end is increasing, while it is decreasing at the lower and mid-tier price ranges. Here is a graph showing the average increase/decrease in inventory for the first four months of this year as compared to last year:

 

2. Prices are becoming more reasonable

In a separate article, the Wall Street Journal also talked about prices in the luxury market. They explained that downward price adjustments have been more common in the luxury market than in markets with lower prices. They went on to say:

“The growing number of price cuts suggests luxury-home sellers are becoming more realistic about property values as sales have slowed, said several real-estate veterans.”

Not only will you have more to choose from, but you may also be able to get the property at a reduced price.

3. Mortgage rates are at historic lows

In the past, one of the drawbacks to purchasing a luxury property was the larger mortgage rate on “jumbo” loans which are often required on high end properties.

However, HSH.com just revealed that jumbo rates just set new record lows:

“While conforming fixed-rate mortgages eased a little this week, 30-year fixed-rate jumbos declined enough to break into new record low territory (3.66%), besting the previous low set in April by two basis points.”

Bottom Line

More choices, better prices and historically low mortgage rates may make this the perfect time for you to own one of those luxury properties you and your family have always fantasized about.

 

 

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Featured picture for the property 5489042
304 E MARY Lane
Gilbert, AZ 85295
$475,000
5 beds/3.5 baths
Listing courtesy of Spot On Realty, LLC ARMLS
Featured picture for the property 5489001
652 W DUBLIN Street
Gilbert, AZ 85233
$250,000
3 beds/2 baths
Listing courtesy of Peak PM LLC ARMLS
Featured picture for the property 5488995
751 S LONGMORE Street
Chandler, AZ 85224
$300,000
3 beds/2 baths
Listing courtesy of Re/Max Infinity ARMLS

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Listing Information Current As Of Aug 26, 2016 12:40:am