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Sales of luxury homes have been hitting records. Prices for luxury real estate have also seen significant increases over the last couple of years. It may seem incongruous that luxury markets are heating up, given that much of the world is still recovering from the 2008 financial crisis. Like the financial markets, the real estate market operates under the law of supply and demand. And by nature, there are a limited number of luxury homes for sale at any given time in a particular market. That limited inventory alone can help drive up prices as multiple buyers bid on a single luxury property. There is no one design, style or size that embodies a luxury home. Although it's difficult to quantify exactly what luxury means, most buyers think they know it when they see it. While the vast majority of homebuyers rely on the Internet at some point during their home searches, luxury homebuyers can be at a disadvantage when it comes to finding properties online. Many high-end properties aren't listed on internet search engines. And, in order to protect their privacy, many sellers avoid putting information and photos of the property on the internet. If you are in the market for a luxury home, a qualified real estate agent who knows the luxury market may be your best bet for finding properties that are for sale but that are not necessarily easy to find because of privacy concerns. An agent familiar with the luxury market may have inside information about listings before they hit the open market. And, an experienced agent will be able to help you determine the market value of a luxury property. Most residential real estate is valued using comparables - similar properties in the area that have recently sold. Valuing luxury properties can be a challenge since often there are no similar properties in the area.