Buyers are Finding More Space in the Luxury Home Market
Just a year ago, larger homes with plenty of extra space and lots of posh amenities were not as highly sought after. Right now as many people have spent larger amounts of time in their homes resulting from the pandemic, larger numbers of home buyers are seeking out homes with more square footage, and a better-designed floorplan. At the top of must-have features for buyers now is: a home office, home gym space, theaters, and separated rooms allowing for a space to get away and be alone. Some buyers have found the space they are looking for in a new home in the luxury housing market.
The Institute for Luxury Home Marketing states that the last sixth months have seen a resurgence in the purchase of mega-mansions and estate homes, especially homes that offer the highly sought-after items above. They found this to be very different from the housing market trends last year. Last year they reported a significant decrease in the demand for large sprawling properties, especially where the interests of younger buyers were concerned.
In today’s current market conditions, historically low-interest rates and large amounts of equity in current homes are helping those who own a home move to a larger luxury home they may have never thought about purchasing before the pandemic.
The Institute for Luxury Home Marketing expects luxury home prices to strengthen as we continue into the third quarter of the year and investors continue to see large returns from the strong stock market. They also expect more and more affluent buyers that once searched for city skyrise penthouses to trade that in for sprawling country or suburb estates as they can now work from home. Right now large luxury homes seem to have everything buyers want.
If you are looking for more breathing room in a home that has features you can utilize for everyday life right now is an excellent time to invest in a larger home. There has never been a better time to move up into a luxury home like you have always wanted. You can meet all of your daily living needs while also getting some of those dreamy wants in your next home.
Homes in Parkland, Coral Springs, and Boca Raton have several nice luxury properties to appeal to all types of luxury home buyers. Please contact me anytime for help finding the perfect Parkland luxury home. I have extensive knowledge and experience in the local luxury home market.
If you have more questions about your home buying options and the luxury home market and purchasing please contact me right away.
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