A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has shown how much more square images and carefully designed floor plans are worth. Home offices, universal rooms, gyms and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.
La Institute for Luxury Home Marketing (ILHM) explains:
“With quarantine concerns still highly heeded by many luxury buyers, we are seeing large expansive estates return.
For example, the last six months have resurfaced in the purchase of mega-mansions and oversized houses – specifically real estate that offers space (both inside and out), separate home offices, gyms and private amenities such as swimming pools, yoga. studios, and recreation rooms. “
This was not the case nowadays last year, as the most recent Luxury Market Report of ILHM emphasizes:
“Just a year ago, we reported that demand for large properties, mega mansions, private estates and luxury ranches had been significantly reduced in previous years; especially from the younger generation of luxury shoppers. “
For today’s buyers looking for larger homes, steady increases in equality could be what enables movement. Taking advantage of home equity makes it easier to pay the down payment of a luxury home, and current low interest rates plus mortgage payments affordable than they have been in years. The ILHM report also notes:
“Luxury real estate prices may strengthen further in the third quarter as the rich continue to see large investment returns from the currently strong stock market.
Along with the low interest rates, the giving (and insisting) policies of working from home implemented by many employers, and the worries of the pandemic, all translate to the rich increasingly trading in their urban lifestyle for a home that has it all. “
Clearly, today’s strong gains in domestic equity along with record low interest rates drop an excellent time to step up into the luxury market to meet those changing needs.
If you’re ready to get some breathing space in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.
Content previously posted in Keep Current Things