As the opportunities to work from home keep growing, the desire to own a home with extra space for things like virtual school, and working out are on the rise.
In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares:
“In a snapshot of 2020, despite the devasting effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”
Searching in the Higher-Priced Markets
Some people are turning to the upscale housing sector for more space or finer features. The record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points.
The ILHM report continues to say:
“Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.
For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”
Are you interested in buying a home this year? Some higher-priced markets may have more homes to choose from than those at lower price points.
Javier Vivas, Director of Economic Research at realtor.com, notes:
“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”
Contact us today to explore your possibilities of owning your dream home and guide you through your homebuying process.