“Today, the health crisis has brought to light how valuable more square footage and carefully designed floor plans can be.”
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.
To view original article, visit Keeping Current Matters.
Is It Time to Buy a Smaller Home?
There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.
Why a Real Estate Professional is Key When Selling Your House
Real Estate professionals have the skills, experience and expertise to navigate the highly detailed and involved process of selling a home.
Using Your Tax Refund To Achieve Your Homeownership Goals This Year
If you’re getting a refund this year, here are a few tips to help with your home purchase or sale this season.
Balancing Your Wants and Needs as a Homebuyer Today
Crafting your home search checklist may seem like a small task, but it can save you time and money.
There Are Several Great Reasons to Consider Buying a Condo Today
Talking with an expert real estate advisor is the best first step to determining if condo living might work for you.
The Best Week To List Your House Is Just Around the Corner
If you’re ready to move fast, you may want to shoot for April 10th-16th as your target goal.