U.S. News & World Report interviewed Robyn Erlenbush and Richard Smith, president and CEO of Realogy Corp. (ERA’s parent company), last week when they recognized that the luxury housing market is buzzing. As Robyn points out in the article Luxury Housing Markets Heat Up, in our local market, we have already seen the same number of closings and pending sales three months into 2012 as we did halfway through 2011.
Activity is increasing in luxury markets across the nation. "These are high-end buyers that have been sitting on the sidelines for long enough and pricing is not going to get any better," Richard Smith says. "These are people who are smart enough to know that you can't really call the bottom of the market—you can get close, but if you miss it, prices start escalating pretty quickly."
While not all of our clients are shopping in the top tier of the market, we think that this is one more sign that the housing market as a whole is on the mend.
Read the complete article here
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