Despite the recent increase in interest rates and the new tax hikes set in place at the end of 2017, home sales were higher than expected early this year, according to the National Association of Realtors. In the luxury home market sales were up 19 percent from a year ago.
Few Concerns from Buyers
With the prediction of interest rates increasing later this year, many buyers are interested in locking in rates now, which is causing a rise in demand for luxury housing. With a better job market and the possibility of mortgage rates increasing in the near future, buyers are in a prime position to make a purchase.
Luxury Home Sales Increasing
Newly released data from the Miami Association of Realtors shows that in March the Miami luxury single-family home market posted gains of 10.3 percent year-over-year. This increase in sales and urgency from buyers means now is an opportune time to list a luxury property.
For professional advice on all aspects of buying or selling real estate, please contact me at firstname.lastname@example.org or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.