Even though home prices are soaring and interest rates appear to be on an upward-turning path, the demand for luxury homes valued at $1 million or more just keeps increasing.
more> According to Coldwell Banker’s latest Luxury Index study, sales of homes priced $3 million or more rose 35 percent in the first three months of this year, making it the most productive year for high-end sales in the company’s history.
What accounts for the increased spending on luxury homes? Signs of an improving economy include more jobs being created, with salary increases and bonuses for top-level executives. People are using tax refunds and tapping into home equity to buy second and vacation homes and move into bigger residences with fancier amenities. Interest rates are still favorable, but most affluent buyers say that even if interest rates go up, they will continue to buy luxury items. Many affluent homeowners are buying their second or third home.
Wealthy Americans report that buying a beautiful home for recreational entertainment or investment purposes gives them more pleasure than any other type of purchase.
Kathy Steinberg has lived in resort communities of the Rocky Mountains for 35 years and has been a top producing Agent in Steamboat Springs for the last 12 years. With an unwavering commitment to clients and the highest ethical service, Kathy Steinberg is truly your best choice for any real estate transaction.
For professional advice on all aspects of buying or selling real estate talk to Kathy Steinberg at Prudential Steamboat Realty at 970–879-8100, or 800–430-4121, or visit our website at http://www.prudentialsteamboatrealty.com/
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