Luxury Homes Sales DROP!

Luxury Homes Sales DROP!

The luxury home market is taking a big hit! Many will say that the luxury home market is insulated from a recession or housing crash. This is simply not true. Even the wealthy know when to stand down and wait on better deals in the housing market.

Luxury Home Sales Sink 18% In Biggest Drop Since Start Of The Pandemic

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Disclosure: Steve Daria is a real estate broker. He is NOT an attorney, accountant or financial planner or any other type of licensed professional. Always seek out the appropriate professionals in your area for the advice needed regarding taxes, law, construction and finance. Florida Real Estate Broker Lic# BK3030453.

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[TheDnlnext]

Reality is that $1M homes in some areas are normal homes and not luxury. Some people are oblivious to real market values - they will soon figure that out.

[GardeningZ]

I was looking for a Jumbo Arm loan two month ago. All I could find is fixed rate mortgage. The ARM interest rate was even higher than fixed.

[LifeAboveTube]

I just got the keys to my new home. Just going to add something here. I think we are in a different housing market than we ever have seen before. I am a first time home buyer. I came from a humble start and worked hard to pay off all my debts before I bought a house. I have a decent salary and understand that the mass majority of americans are not in my position. But I will say, I am the type of customer that mortgage companies are catering to right now. I put my offer in on Labor Day weekend and got the keys to my house yesterday. It was very fast. I ensured that my mortgage was less than 30% of my take home pay. And...this was with 3% down. Yeah I got 5.49%...but my point is I was financially prepared. If you are trying to buy a home...I think you need to prepare. Especially over the next few years. It's not easy...it took me 15 years of hard work. But I would say...I can't be the only american that was doing that. Just giving you a demographic of who is buying homes now. Cheers!

[alexandriaarabia]

I'm in Sarasota! Definitely a mess in pricing here

[LouisJanYoung]

Not a time to be buying real estate. Especially luxury homes.

[justinmcalister]

Hey Steve. Good info. Planning to be in this market in the next month or so. Curious regarding pricing. I'm seeing it all over the place now. Some new listings are $1500 a SQ ft. Others are $2500. All within a few years of same age. Are people just trying to get as much as they can regardless of comps? Is it worth presenting a realistic comped offer to an over priced property? Or just best to wait?

[Da-King-of-Swing]

I'm wi you Steve but der are stil realtors out der like craig in cape corral saying in his videos dat he's not seeing it in SW Florida especially in Cape corral.

[MegaBridgeport]

I am waiting, i going to muy my 1M house cash.

[JIMFED]

There will always be those who have money and will still buy a luxury home as I did and I paid cash for it.