According to a recent article in the REALTOR® Mag, the housing market is primarily driven by luxury home buyers who have the money to purchase luxury homes. Luxury home buyers have secure and strong incomes and large portfolios …. and they want big homes.
Back in 2007 when MacMansions were popping up all over the place, the median priced new home was 2,295 square feet. However, when the real estate market started declining, home sizes did, too. The Luxury Home sales market dropped 35.5% in 2008 alone. The median size of the Luxury home fell to 2,159 in 2009.
However, as the economy started to turn the corner, luxury homes started to get bigger in 2012 with a new peak of 2,384 square feet and the homes had 4+ bedrooms!
Currently Luxury homes have large gourmet kitchens and massive master suites.
What else is on the check-list of must haves?
- Wine cellars
- Home entertainment rooms | movie-theater seating
- Security Systems
- Home as a 2nd or Vacation/destination home (lake front, ocean front, golfing community)
The NY Times recently reported about the Luxury housing market, “Affluent buyers have been flocking to real estate, according to the Mortgage Bankers Association, with applications for home loans of $625,000 to $729,000 up 56.7 percent from August 2012 to August 2013. Mortgage applications for more than $729,000 were up 41 percent.”
Now is the PERFECT time to sell (or buy) your home in Northern Utah – Ski Season is in full swing and there is so much going on bringing in vacationers. And you know, once they visit, they’ll want to keep coming back.
Do you want to know what your home is worth? Click here for a FREE property valuation report!