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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.

Buyers 417
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Coldwell Banker Realty welcomes top-performing New England agent 

Housing Wire

I am passionate about providing white-glove service to my buyers and sellers, and Coldwell Banker Realty will enable me to enhance that important aspect of my business,” Wood said. Additionally, Wood earned a certification as a Luxury Property Specialist and will join the Coldwell Banker Global Luxury program network.

Realty 368
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Compass launches resort division for agents in vacation-home markets

Housing Wire

Compass is certainly known for luxury property sales , but the nation’s top brokerage based on sales volume is looking to offer even more support to agents working on these types of deals. On Tuesday, the firm launched Compass Resort, a network for agents in vacation-home markets and clients searching for second homes.

Agents 353
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Prices for luxury homes soared in the first quarter 

Housing Wire

Even though mortgage rates remain elevated and demand isn’t as high as it was during the pandemic, many homebuyers and sellers feel the worst of the housing downturn is behind us.” In the first quarter of 2024, sales of luxury homes rose 2.1% Meanwhile, sales of non-luxury homes decreased 4.2% year over year. year over year.

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How to become a luxury real estate agent

Housing Wire

If you’re known in your market as the expert who successfully sells properties between $1 to $3 million, how do you start getting clients looking for homes valued at $10 million+? How do you convince the sellers of $15 million homes to work with you?

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Record Share of Million-Dollar Homes Makes Buying More Challenging

Appraisal Buzz

Even more expensive properties are seeing price increases: In Q2, the median sale price of luxury homes in the U.S. A greater likelihood of a home being valued over $1 million for homeowners and sellers translates into more money in their budget or real estate portfolio. reached a record $1.18 million, up 9% year-over-year.

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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 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. In comparison, Chicago has 1,545 listings.

Inventory 407