The Institute’s Luxury Market Report is your guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
December’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
In this month’s report we look at why the affluent are taking the long view with respect to luxury real estate ownership.
As the market continues to cool compared to 2021, we look at current real estate trends and the mindset of the affluent. We investigate why the current market is probably experiencing more of a lull and, unless there is a significant change in the economy or a huge increase in inventory, that a crash is unlikely.
We explain why buyers and sellers must now re-evaluate their expectations and take the time to understand how the market affects them directly, as it is certainly not one size fits all anymore. What should homeowners expect in terms of returns on their investment in the next couple of years and why does uncertainty continue to fuel hesitancy are also trends that we analyze.
Finally, we look at why moving to affordable markets and locations less affected by climate change are set to impact decisions in 2023, especially for the younger affluent demographic.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.
For homeowners looking to sell or buy a luxury home in today’s market, we recommend working with a real estate professional who can provide you with critical knowledge about your local market, maintain a high level of security and safety during the process, and who knows how to leverage technology and strategies to provide maximum exposure and assistance.
Get exclusive insights into the upper-tier real estate market at one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!