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The bi-annual report reveals a resilient luxury real estate market in the first six months of 2024 that is slightly outpacing performance from the equivalent period in 2023. In a complementary survey of Coldwell Banker Global LuxuryProperty Specialists, nearly 70% of respondents expressed confidence in the health of the 2024 luxury market.
Inventory is almost nonexistent,” said Melissa Kingsbury , a Redfin agent who works in the southwest suburbs of Chicago. “If In downtown Chicago, with the high rises, it’s a buyer’s market — maybe the biggest buyer’s market in history if it’s a luxuryproperty. “In It’s depressing,” Laricy said of the downtown market.
29, nearly half (46.8%) of luxury homes sold were purchased in cash, up from 44.1% A surge in newlistings of luxury homes was not enough to curb the price growth associated with rising demand. Newlistings of luxury homes soared 18.5% The total number of luxury homes for sale rose 12.6%
What ensued next was a rapid cooldown, which saw the median list price fall by more than $100,000 by mid-February 2023 to $533,000. April and May of 2022 is when we felt the first slowdown ,” said Scott Michaels, an Austin-based Compass agent.
Even though most agents focus their marketing efforts online, people start thinking about finding a real estate agent well before they hit ENTER on their first Google search. Knowing this, real estate agents should always find friendly, conversational ways to stay on their potential clients minds year-round.
Real estate agents today need outstanding websites — or, at the very least, highly functional ones — to both attract and communicate with clients. If you target luxury buyers and sellers, it’s worth considering this investment, which also comes with the ability to choose a DIY or done-for-you build-out.
Potential clients can find properties and then reach out to you literally with the push of a button. If you don’t respond quickly enough for their tastes, they’ll move on to the next agent quickly. It is imperative that agents turn to professionals so that properties are shown at their very best.
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