Now’s the Time to Keep Up with the Joneses

Now's the Time to Keep Up with the Joneses

No matter how much you love your house, there’re always moments of uncertainty about whether you and your property are still on the same page when it comes to wants, needs, and dreams. Does your current house fit your current (or aspired to) lifestyle? Is there enough room for your current family or any additional members you might be planning? Does it seem like everyone else is moving up and moving on to more luxurious surroundings? Are you wondering what it would take to start living your dream life?

Now's the Time to Keep Up with the Joneses

Market conditions around the country have presented a unique opportunity for those who are looking to trade up from their current property and make the jump to a premium or luxury home.

The National Association of Realtors reports that national inventory levels are now at a 4.3-month supply. A normal market, where prices appreciate with inflation, has 6-7-months inventory. The national market has echoed the conditions felt in the starter and trade-up markets as inventory has declined year-over-year for 25 consecutive months.

The chart below shows the relationship between the inventory of homes for sale and prices.

Want to Keep Up with the Joneses? Now’s the Time | MyKCM

According to Trulia’s latest Inventory Report, the inventory of homes for sale in the two lower priced markets has dropped by double digit percentages over the last 12 months (16% for starter and 13% for trade-up homes). While the inventory of homes in the premium home category has dropped by only 4%.

This has created a seller’s market in the lower-priced markets, as 54% of homes were on the market for less than a month in the last Realtors Confidence Index, and a buyer’s market in the luxury market, where homes were on the market for an average of 160 days according to the Institute for Luxury Home Marketing.

Bottom Line

Ask yourself all of those home related lifestyle questions again. If you’re hearing more negatives than positives regarding your current property, or your eye keeps wandering to that gorgeous home that the “Joneses” in your life just bought, it might be time to look at your options in this unique two-tiered market. Even if you’re only entertaining the thought of listing your home and moving up to a luxury property, let’s get together to evaluate your ability to do so.

Homeowners across the country are upgrading their homes, why can’t you? Your dream home is waiting!

About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster

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