Published: April 19, 2023
1. Sellers are choosing not to sell and take on a new mortgage at higher interest rates, which could end up being 2% to 3% higher than their current mortgage. This compounds our low inventory since fewer homes come to market for sale.
2. More than 60% of Realtors said inventory is low or very low in their region.
3. Now that interest rates have more than doubled over the past year, buyers are turning back to cash to purchase their homes.
4. The U.S. dollar reached a decades-long high, resulting in U.S. buyers flexing their buying power abroad.
5. The most important amenities for today’s luxury buyers are a salt-water swimming pool, water purification systems, electric car charging stations, and floor-to-ceiling windows.
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