Luxury Home Market

Dated: November 26 2020

Views: 50


Buyers Are Finding More Space in the Luxury Home Market

Buyers Are Finding More Space in the Luxury Home Market | MyKCM

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”

This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:

“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”

For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:

“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.

Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs.

Bottom Line

If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Blog author image

Edward Parker

My pledge to you is honesty, integrity, passion, and commitment. I’m excited about helping my clients reach their real estate goals. I have brought my experience has a retired Homicide Detective to ....

Latest Blog Posts

Mortgage Process

The Mortgage Process: What You Need to Know [INFOGRAPHIC]Some Highlights:Many buyers are purchasing a home with a down payment as little as 3%.You may already qualify for a loan, even if you&

Read More

Now Is The Time For Your Luxury Home

Dreaming of a Luxury Home? Now’s the Time!If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for

Read More

Luxury Home Market

Buyers Are Finding More Space in the Luxury Home MarketA year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how

Read More

Young Homebuyers

Confidence Is the Key to Success for Young HomebuyersBuying your first home can seem overwhelming. Thankfully, there’s a lot of great information out there to help you feel more confident as

Read More