Conventional wisdom to date has been that a rocky stock market bodes poorly for upper bracket housing.That's because, compared to other Buyers, upper bracket Buyers presumably have more exposure to stocks.
When stocks take a hit, so does their purchasing power.
Witnessing the latest stock market gyrations, I'm wondering whether at least some drained investors have decided that they want off the roller coaster.
Smart investors heed one maxim: 'buy low, sell high.'
Nothing is a better value in today's housing market than upper bracket homes (it doesn't hurt that mortgage rates are at record lows -- another side effect of stock and financial market turbulence).
P.S.: a half dozen or so sales do not a trend make, but in just the last two weeks, 7 homes on or near Cedar Lake, Lake Calhoun, and Lake of the Isles -- ranging in price from $900k to $3.3M -- have gone pending.
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