With 19.45% of existing home sales in North America now in the $500,000 range and above, the luxury real estate market has seen rapid, unprecedented growth over the last year. To add to that increase, ultra-low inventory is creating a booming seller’s market where competition is fierce.So what does all of this mean for luxury real estate professionals and their clientele? And how do new luxury real estate professionals break into selling in such a strong seller’s market?
To gain a deeper understanding of this phenomenon, the Institute for Luxury Home Marketing (The Institute) spoke with instructor and real estate adviser Tami Simms to explore how the upturn in the luxury market came about, and how this shift affects the way luxury real estate professionals approach networking, advising and real estate marketing strategy overall.
After an Uncertain Year, Why Is the Luxury Market So Hot?
First, it’s important to understand the luxury market…