Buyers Are Finding More Space in Luxury Homes

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Real Estate

Before the pandemic, 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 have become more popular,  as well as designs with sustainable materials and outdoor living spaces, and some families are finding the space they need for these upgrades in the luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

"Luxury properties have never been more popular, prices have been driven upwards by increasing demand and decreasing inventory, and homeownership has never been more valued."

 

Luxury real estate prices may continue to strengthen further into 2022, 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 a resurging pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.

 

"It is not just the size of homes that are getting bigger, but their internal infrastructure and outdoor facilities too. As affluent buyers seek more space, they are also driving a shift in home design and amenities.

Buyers are ready to invest more into their homes than ever before and are often ready to pay top dollar for homes that are not only move-in ready, but also come equipped to match their lifestyle requirements.

Bigger homes allow for more flexibility in how living space can be divided; from providing access to the great outdoors through the installation of floor-to-ceiling windows, creating private spaces for working and learning from home, to installing multiple recreation facilities. Many have also shifted to ensuring that their homes are not just energy efficient but now have sophisticated air, water, and heating management systems."

 

Luxury developers have recognized that these trends now have to be an important aspect of their designs in order to continue to cater to the affluent, and not just for single-family homes, but equally for luxury apartments and exclusive estates that share community spaces.


Clearly, today’s strong gains in home equity paired with 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.