Triangle Luxury Real Estate - Now is the Time to Buy, Waiting Could Cost You

A recent Wall Street Journal article, "Time to Storm the Castles", points out that now is a great time to buy a luxury home.  A global recession, reduced incomes and tightening of requirements in the mortgage market have all caused the luxury home market to take a hit.  To the advantage of buyers, luxury home sellers are finally succumbing to market pressures and lowering prices. If you can swing the 25% down payment for a "jumbo" mortgage, now is your time to buy.

Sometimes the Triangle area of North Carolina bucks the national trends.  The luxury market hasn't seen some of the declines that other markets have seen (think parts of Florida, Nevada and California) but local stats echo the article's points:

Durham, Wake and Orange Counties -
Luxury Homes Sold (Over $700,000)

 

If you have access to the cash, now is the time to buy luxury real estate.  Why you should buy now:

• Prices are down and you can get more for you money.
• Sellers are willing to negotiate.  The SP/LP (Sale Price to List Price) shows that more sellers are willing to accept offers less than the list price. 
• Mortgage rates will rise.  Most analysts believe mortgage rates can only go up from here.  You might be thinking, "Well prices may drop even further."  Even though prices are only down roughly 9% from the peak and if prices did drop further, yet rates rise even as little as .75%, you'll need a significant drop in the sales price to make up the difference. 

Triangle Area Luxury Homes for Sale:

Raleigh Luxury Homes
Durham Luxury Homes
Cary Luxury Homes
Chapel Hill Luxury Homes