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Luxury Market Heats Up as Affluent Buyers Seek ‘Forever Homes’

Appraisal Buzz

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 Luxury Property Specialists, nearly 70% of respondents expressed confidence in the health of the 2024 luxury market.

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Prices for luxury homes soared in the first quarter 

Housing Wire

29, nearly half (46.8%) of luxury homes sold were purchased in cash, up from 44.1% A surge in new listings of luxury homes was not enough to curb the price growth associated with rising demand. New listings of luxury homes soared 18.5% In the first quarter of 2024, sales of luxury homes rose 2.1%

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Agents in Illinois grapple with the state’s housing inventory shortage

Housing Wire

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 luxury property. “In In comparison, Chicago has 1,545 listings. When you have a property that is highly desirable, it can have 12 to 24 showings in 48 hours and end up with multiple offers,” Van Cleve said.

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While the Austin housing market isn’t sizzling, agents say it is still warm

Housing Wire

Buyers are still buying and sellers are still selling. In February, we saw an overall uptick of 45% in new listings on a year-over-year basis, but we saw a 27% increase in homes prices under $300,000.” The market is still strong,” said Wendy Cash, a broker at Austin area-based Century 21 Hellmann Stribling.

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The 22 must-have real estate marketing tools for 2024

Housing Wire

Here are some options to help you build a strong real estate website: Luxury Presence This high-end website builder is used by most design-forward agents and brokerages for its stunning layouts, high-resolution video capabilities and a sleek luxury feel. Canva is perfect for everything from new listings to brand promotion.

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6 Ways Real Estate Technology Can Ruin Your Business

McKissock

“The days of ‘adequate’ photos are totally gone,” says Gretchen Koitz, principal of The Koitz Group , a firm that specializes in luxury properties in Maryland. “It It is imperative that agents turn to professionals so that properties are shown at their very best.

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SEATTLE ‘WALKING’ TOWARDS URBAN CONNECTEDNESS

Will Springer Realtor

The market is spooking many potential buyers and sellers thanks to stubbornly high mortgage interest rates. Only buyers and sellers who must move are doing so. The few homes that are available are selling quickly and at or above list price.” fewer new listings, the number of sales rose 1.7% While there were 5.8%

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