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A Massive Migration is in the Works
According to agents, a strategic migration plan is currently underway that impacts luxury real estate prices. Seems like lemmings aren’t the only movers in town!
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The Danger of Low Inventory
Low inventory is equivalent to your local grocery store running out of toilet paper during peak pandemic. It’s like a dramatic reality TV moment, where prices skyrocket due to demand and limited supply.
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Huge Appetite for Huge Spaces
Luxury buyers apparently suffer from ‘Claustrophobia’. The demand for larger spaces is like a guitarist with a pedal addiction – they can never have enough.
Closing Remarks: The Hot Take
In real estate, just like a dinner party, the folks who decide to leave early are often the ones who have the most intriguing stories to tell. The sudden and strategic migration away from cities and towards suburbs and other less densely populated areas is causing suburban homes to sell like hot cakes. Perhaps people want to test their survival skills or just enjoy a good old-fashioned game of hide and seek.
On the other hand, low inventory is playing ‘hard to get’ in ways we’ve never seen before. It’s like trying to find an actual club in your bag of golf clubs because everyone else had the same idea and bought them all. Buyers are now forced into a real-estate version of musical chairs, and the music doesn’t seem to be stopping anytime soon.
And then, there are those with a thirst for bigger spaces. It’s understandable – who wouldn’t want an in-house gym, theatre, office, game room, and five guest bedrooms for when your in-laws decide to visit? The demand for larger spaces is like a never-ending ‘buy one, get one free’ deal where the ‘one’ is ever-increasing.
In short, it seems the real estate market is mirroring your favorite soap opera, with fascinating twists and turns, ultimately leaving you wondering, “What will happen next?”
Original article: https://www.inman.com/2024/02/02/luxury-prices-and-cash-buyers-hit-a-new-high-to-close-out-2023/
