Over the years, the number of rich people in terms of their wealth has increased. It is in tandem with the thought rich get richer, though nobody has any intention to understand why this happens. It happens because of the various investment and risk-taking opportunities available and affordable by the rich people.
Though the people supporting the socialist and communist views would propagate this situation in a different dimension of increasing social inequality, it is essential to understand that this aspect of the ‘rich getting richer’ affects the overall economy. This wealthier segment has a direct relation with the movement in the luxury real estate market. Therefore, it can be easily concluded that the luxury real estate market activity directly relates to the rising income of the rich and ultra-rich society.
While movement in the luxury real estate market is being discussed, a fact that needs to be understood is that the luxury real estate market is a niche market. The buyers, as well as the sellers, are limited. Further, the properties that are considered for movement (in terms of ownership) too are limited. Though the investment capability of this stratum of the population is high, the properties due for sale and purchase have a considerably higher period of being in the market (remains up for sale in the market for a long time).
Some of the reasons why the luxury real estate properties remain up on sale for a considerably more extended period include:
- Involvement of hefty investment: Investments, whether small or big, requires consideration. However, when the investment involved is relatively high, the pros and cons of such investments need even more thorough consideration.
- Too many buyers and sellers’ specifications: Since the buyer and the seller profile in this luxury real estate market has enormous purchasing power. They can list down various specifications and stick to them. Compromise is undoubtedly not in the cards!
- Improper alignment of buyers and sellers: Most of the times, the right buyer cannot meet the right seller (depending on what the buyer wants or aspires for both in terms of price and quality or other factors) and vice versa
While the first two points are situation and person-specific and vary on a case to case basis, the third point is where the market intermediaries such as luxury realtors and real estate agents can help. The Luxury real estate market has a considerable share in the Scottsdale area of Arizona, USA. Therefore, the Luxury Realtors of Scottsdale has an essential role in managing the area’s luxury real estate economics.
Luxury Realtors of Scottsdale are certified luxury real estate agents of Scottsdale. They are active members of the National Association of Realtors (NAR) and pay a subscription regularly to continue being a certified member of the association. As members of the NAR, these certified luxury realtors of Scottsdale collectively act towards enforcing the professional code of ethics in the luxury real estate market. Further, these certified realtors have an underlying purpose of protecting and advocating for the rights of all the stakeholders of the real estate business, including the buyers and sellers of property.