The LUX Report

Welcome again to the most unusual real estate market we have ever experienced on the East Coast! As the outdoor temperatures are rising, so are the temperaments of our buyers and sellers while being in the midst of the hottest and most complex, but exciting, markets on record. The new nor- mal is anything but normal... And it appears that we’re just getting starte

We can all agree that due to the limited quantity of luxury prop- erties and prospective buyers, the listing and sale of luxury real estate may present some challenges. However, with the right marketing mix, the right Broker, and a little creativity, you can connect your luxury listings with qualified and interested buyers. Thinking outside the box may transform a multi-million dollar home on acreage into a winery or a convention retreat center. Finally, connecting with the international community will help increase the pool of prospective buyers for any luxury property.

So your question may be... how can we win the war in this competitive real estate market? First and foremost, find the most knowledgeable and reputable company in the area that you were wishing to purchase. Do your own homework and ask people that you respect that currently live in that area who they may recommend. It is a fact that having more than just local knowledge can make your buying and selling experience much more rewarding and profitable in your real estate decisions.

Here is a great idea if you are a buyer in this crazy market: If the property you seek is in “coming soon” status, make an aggressive offer to the sellers, with a lower due diligence until you have seen the property. Your offer will possibly be

the first offer the seller has received and will be presented at a much more relaxed pace than when the house is open for showings and they have 18 offers in one day. In my firm, we have done this several times and have had tremendously successful results for our buyers and sellers. We have found that a lot of the sellers we represent are excited about not having 20 showings in one day and having to de- cide between so many different offers. Also, some of the best buyers do not wish to compete and will pay a premium to have their offer considered before the competition. At the end of the day, helping our buyers and sellers get the results they want is what makes our job relevant and successful. Having a broker with knowledge of how to be creative in negotiations is what will make the difference in how satisfied you are as a buyer or seller of luxury real estate.

According to the latest profile of home buyers and sellers, this is the first year that we are seeing that 5% of first time home buy- ers have a net income of over $200,000. This is not investors, but the first home that young people out of college are purchasing. You may conclude that this is one of the factors that is forcing the luxury market to rise quicker than predicted.

Statistics worth repeating are that home sales for the remainder of 2022 are predicted to rise 6.6% year over year, reaching a 16 year high across the East Coast. And although we will have increased inventory due to the warmer seasons, we will still face fierce com- petition, record high listing prices, and fast paced sales for the re- mainder of the year. Hang on tight and let’s enjoy the ride together.

In conclusion, I always inform my sellers and buyers when I meet them to hire me... Not because we are friends, which a lot of times we are... But select me because I am the absolute best person to get you the highest price and best deal in today’s market. We make this the reason for anyone to select any of the brokers in our firm, or any company that places outstanding service as their highest priority. If you have any suggestions for future reports or any questions, please feel free to reach out to me by email; johnmark@gomitch. com or follow me on Instagram; johnmarkmitchell.realestate.

As always, thank you for letting me be a part of your story. Cheers!

  The company you work with needs to have knowledge not only in the local city that you’re considering but also luxury representation across the state in which you are seeking to purchase.