Now is the time to purchase that luxury home for a bargain price. Three years into this housing slump luxury homes are beginning to see steep discounts. Despite the beginnings of an economic recovery buyers are struggling to come up with the money for the large down payments and qualify for big jumbo mortgages. With homes languishing on the market sellers are beginning to capitulate by cutting prices to move their properties.
The million plus market seems to be ripe for falling home prices. Until now the drops in real estate have been primarily the lower end properties. The miss match of supply and demand is highest in the million plus market. The best deals will be on homes that might need a bit of work or are not in the most highly sought after locations.
Many finance experts suggest not waiting and predict that mortgage rates are due to rise form the historic lows that are being offered today. The result is that buyers with access to lots of cash can find some fabulous deals right now on the home of their dreams that might not have been attainable three years ago.
