Four years after US housing prices began a rapid decline; signs of life are once again visible at both the top and bottom ends of the housing market.
According to an article published on CNBC, affluent Americans are feeling more secure as memories of the recession are fading and the stock market picks up.
In mostly every state, home sales worth over $1 million have risen in 2011. In fact, bidding wars are being experienced by brokers and realtors for the first time since the housing crash.
The real estate director at Florida International University believes people with decent incomes are looking to trade up and buy better properties causing high-end homes to rebound. Some individuals are even willing to take a loss on their current properties to get homes they couldn’t afford during the housing peak.
Inventory on luxury homes may be low but buyer confidence is among high-end buyers is high. At the bottom end, homes are also on the move as investors pay cash for properties to rent out.
There has definitely been a change amongst the opulent and many of them are buying high-end homes that haven’t been built yet to make sure they secure their property. With all the pent up demand coming to fruition there is sure to be a shortage of ready-now luxury homes for sale.
