While more people continue to identify their changing needs this year, some are turning to the luxury housing sector for more space or better features. In their most recent Luxury Market Report, la Institute for Luxury Home Marketing (ILHM) shares:
“In a snapshot of 2020, despite the devastating effects of the coronavirus pandemic, the luxury real estate market has one of its strongest years since 2008. Compared to the forecasts of experts in early 2020, it is noteworthy how significant requirements for property type, location and amenities have changed in the midst of the pandemic.
With more opportunities to work from home and a growing interest in having extra space for things like virtual schooling, working and cooking more meals, the desire to own a home that can fulfill these needs continues to grow. Additionally, a record-breaking mortgage Estimates creates opportunities for homebuyers to extend their legs to higher prices or even expand their properties. The ILHM report goes on to say:
“Experts believe that the demand for exclusive housing outside the metropolitan areas will last until 2021; even with the introduction of vaccines, the pandemic was not over at all.
For those who have moved to the suburbs and more, it is unlikely to return to the city full-time, while the work of a domestic trend remains. Many of these wealthy homeowners are now making their secondary properties their primary residences for the foreseeable future. “
If you’re interested in buying a house this year, it seems that some more expensive markets may have more homes to choose from than those with lower prices. Javier Vivas, Director of Economic Research at realtor.com, notes:
“Interests, markets where new supply improves the fastest tend to be higher than those who have not yet seen improvement, suggesting that sellers are more active in the more expensive markets. “
If you are hoping to buy the home of your dreams, this could be the year to achieve that goal. Let’s connect today to explore your options.
Content previously posted in Keep Current Things