As people realize their needs are changing, some are turning to luxury housing to find their dream home. Investopedia helps define what pushes a home into this category. In a recent article, they point out that a luxury home isn’t only defined by its price. Location is also an important factor. It could be a condo at a desirable city address, a spacious home on the water, or one with access to luxury activities like arts and entertainment, high-end shopping and dining, and more. The home itself will also boast some of the finest features available.
According to the Luxury Market Report from the Institute for Luxury Home Marketing, there’s been a substantial increase in how many buyers are purchasing luxury homes over the past two years. It says:
“. . . North America recorded the fastest growth of demand during the first year of the pandemic. Also, demand has . . . consistently increased, andeven in April 2022, we saw a higher volume of sales compared to 2021.”
If you own a luxury home, it could be a great time to list your house today while demand is so high. But first, let’s understand where the demand is coming from.
What’s Driving the Heightened Buyer Demand for High-End Homes?
The same report says more people have reached a certain net-worth threshold, and that’s contributing to the increased interest in luxury housing:
“In 2020, we saw a 2.2% growth in the number of individuals with wealth of over $5 million in net value, but in 2021 that number grew by an outstanding 19.8%.
This total increase has resulted in the introduction of over 660,000 new individuals into the high net-worth bracket, which, combined with the existing affluent looking to both diversify and add new properties to their portfolio, provides a true insight into why the demand for luxury properties skyrocketed during 2021 and into 2022.”
So, if you’re looking to make changes to your real estate portfolio or are looking to sell your current house, it may be a great time to list and benefit from the high demand for luxury homes today.
If you own a luxury home and want to know how strong demand is in your area, let’s connect so you can capitalize on current market conditions while buyer demand for upscale homes is so high.
Author:DJ & Associates - DJ Jenkins Phone: 571-330-6010 Dated: June 12th 2022 Views: 16 About DJ & Associates -: If you're in the market for buying or selling your home, You Need a Great Real Estate Agent! With th...
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If you're in the market for buying or selling your home, You Need a Great Real Estate Agent! With the right agent by your side, you'll make smarter real estate decisions. Whether you are looking to buy your first home or your seventh, selling to upsize or downsize, as your local real estate agent DJ will provide you with targeted market knowledge and personalized service during each step of the home buying and/or selling process. Our network and tools for buying and selling homes are unmatched in your local market. What DJ brings to the table is a wealth of knowledge about Washington D.C., Northern Virginia, Maryland and access to a team of local industry professionals that will accommodate the type of transactions you will be certainly looking to receive. Her knowledge of marketing, negotiating and researching stems from her vast experience working and living in the DC Metro area.
As people realize their needs are changing, some are turning to luxury
"I am grateful I worked with DJ to sell my house and purchase my new home
It was a great experience. Before I put the house on the market she advised me on what to do to the property to get it ready to list. She introduced me to the right vendors and I used her transformation services to do small little touch ups, like painting, installing lighting and yardwork. The house looked so good, I wanted to stay, but since my family is expanding we moved to a bigger place. DJ helped me find my dream home as well. I received more than I expected for my home and the house was only on the market one day!