SCOTTSDALE, Ariz., May 15, 2019 /PRNewswire-PRWeb/ -- The current luxury real estate market displays patterns of homes tending to linger longer than homeowners would prefer, and at the same time closing prices are lower than expected. Due to the economic situation in the United States combined with supply outweighing demand, high-end properties are experiencing higher than average days on market and are selling at significant price cuts. Of course, this is preferable for the buyer, but there is a strong possibility that the seller could lose a great deal on their investment. Supreme Auctions creates buyer attention and sells homes in an expedited time frame utilizing their accelerated luxury-marketing program to combat this growing trend.
As recently published in an article by Mansion Global*, U.S. Luxury Housing Market Logs Largest Transaction Declines in a Decade, luxury home prices are down across 1,000 American cities. The article stated that sales of homes valued at $2 million dropped 16% when compared to the same time period last year.
"Month over month, the amount of direct inquiries we receive from sellers grows exponentially," stated Jennie Heal, President of Supreme Auctions. "This indicates that owners of high-end properties are in need of, and are seeking out advanced methods to ensure the sale of their properties for the best price possible. The individuals who select Supreme appreciate our honesty from the first interaction and our open communication throughout the entire process. We are extremely proud to have achieved to date a 100% sales success rate in 2019 with the properties that we have represented at auction."
The luxury home market in New York continues to offer surprises according to Business Insider's* recent article. The market is saturated with supply and inventory has been sitting on the market for long periods of time, eventually receiving a drastic price cut. Some penthouses are even bought and carved into two smaller units to achieve the highest profits.
As recently seen in Redfin's Luxury Report*, the average sale price for homes that are within the luxury market fell 1.6 percent to $1.55 million in the first quarter of this year. They went on to say that the combination of rising inventory and declining prices and sales suggests that demand for luxury homes is down from last year.
The need to think differently when it comes to selling your luxury home just got more important than ever. A buzz about the property is required to establish an excitement in order to achieve the highest possible returns. This is when people turn to Supreme Auctions as an alternative to what the standard realty methods can achieve. Knowing that real estate traditionally has limitations, more and more realtors are suggesting a partnership with Supreme Auctions in order to sell luxury properties and ensure their sellers are getting the most out of their investments.
About Supreme Auctions
Supreme Auctions, Leaders in the Luxury Real Estate Auction industry, provide proprietary accelerated marketing services unique to each distinctive property represented and sold. Supreme Auctions provides the highest level of service to both sellers and buyers of multimillion-dollar luxury properties by combining integrity, experience with the most current technology and marketing resources. The company offers sellers and luxury brokerages the optimal auction strategy to ideally suit each exclusive property, providing services that are unparalleled in the luxury real estate auction industry. For more information, please visit: https://supremeauctions.com/
*Mansion Global (May 1, 2019): https://www.mansionglobal.com/articles/u-s-luxury-housing-market-logs-largest-transaction-declines-in-a-decade-201722
*Business Insider (February 20, 2019): https://www.businessinsider.com/new-york-city-luxury-real-estate-not-selling-penthouse-gimmicks-2019-2
*Redfin Luxury Report (May 1, 2019): https://finance.yahoo.com/news/redfin-luxury-report-sales-2m-134500734.html
SOURCE Supreme Auctions
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