Luxury real estate experts are optimistic about year ahead
October 19, 2022 | Stephanie Buss
Insiders optimist about 2023 even as market normalizes
Thanks to our partnership with Luxury Portfolio International (LPI), the leading global network of independent luxury real estate brokers, we have access to the most relevant and up-to-date research from the leading experts in luxury real estate. According to a recent survey, brokers said they were optimistic about the 2023 market, even as it normalizes. Luxury agents and brokers surveyed gave their on-the-ground, in-the-trenches research to talk about what they are currently seeing, which included 116 individuals – owners, brokers, marketers, managers, and licensed agents – from 80 member firms in North America and Europe.
While the larger real estate industry seems to be slowing down and luxury listings are staying longer on the market, most people surveyed feel positive and reported a return to stability rather than a crash. Forty-seven percent said stock of luxury properties was growing, which is a change from the low inventory in many markets over the past couple of years. In the near future, 20 percent predicted an increase in sales, while 43 percent believe sales will remain stable. Sixty-three percent think prices will remain stable rather than continue to skyrocket.
Due to rising interest rates, mortgage rates, supply chain issues, and the upcoming elections (just to name a few), the market has definitely been impacted and continues to change. However, the local community is important to a thriving luxury market, and 94 percent of those surveyed said they have a strong business sector and a strong tourism board – both key to attracting the affluent, especially international buyers.
“Real estate is local,” says Billy Harris, Allen-Tate/Beverly-Hanks, REALTOR. “And Brevard is a highly-sought after place to live and attracts thousands of tourists every year. We do not see that changing anytime soon. People do not come to work here – they come for the lifestyle. They want to enjoy what Brevard has to offer, like the recreational opportunities and cool downtown area, DuPont Forest, or Pisgah National Forest.”
Our team has certainly seen an increase in luxury sales in the Transylvania County/Brevard area, but the market is slowing down due to a low inventory of homes. But despite what you may hear, the market is still healthy and it is still a great time to buy or sell. If you have concerns about our real estate market and want to learn about what opportunities are available to you, please reach out to our team. We know this community inside and out, and each team member is a Certified Luxury Home Marketing Specialist, recognized as the mark of accomplishment in luxury markets around the world. We are happy to assist you with your real estate marketing needs.