Despite a slowing luxury home market, and the fact that there have been numerous reports questioning the value of owning a home, purchasing a home–and a luxury home at that–may the first step on the escalator towards wealth, according to an article published by the Institute for Luxury Home Marketing.
A luxury home is defined as a home in the top five percent in one of the 1,000 different cities tracked (by Redfin). As of 2019, the average luxury home price in the United States was approximately $1.55 million, a decrease of 1.6 percent from previous years. Luxury homes feature many different luxurious things, including many rooms and bathrooms, large dining and sitting areas, swimming pools and recreation areas, and large plots of land.
While sales of luxury homes may be slowing, this shouldn’t necessarily dissuade you from purchasing a luxury home. Indeed, buying a home is the first step towards wealth accumulation, and buying a luxury home is part of the journey.
One of the reasons that you should purchase a luxury home now, while sales are down, is that prices are down, too. If you have been thinking about a luxury home, you may be able to take advantage of the market, securing a home for less than it would have been offered for a year ago.
Not only may you be able to get more bang for your buck by purchasing a luxury home now, but also the purchase of a home can serve as one more asset in your portfolio, helping you to grow your wealth and accumulate more over time.
Most importantly, you deserve a luxury home. Buying a luxury home doesn’t just mean buying an expensive house; instead, it’s about acquiring the creme de la creme of homes, providing for your family, and playing hard after working hard.
Purchasing a luxury home may be the right step for you personally and financially, but it’s a serious decision that should be made with the help of a serious professional. At The Jana Caudill Team, our Indiana real estate agents have experience representing buyers and sellers in the luxury market and can sit down with you to discuss your needs today. To learn more about how we can serve you, our background and experience, please call us directly today or send us a message telling us more about what you’re looking for in a luxury home.