Luxury home sales of $1 million or more increased 44% over last year according to the National Association of REALTORS® in their recent home survey. The Wall Street Journal recent reported Luxury Home Sales were increasing more than any other type of home sales in the housing markets.
What are Luxury Homebuyers looking for in a Home?
A Smart Home
According to a recent survey, 66% are looking for a home which offers more technology integrated in the home’s system. Many homebuyers want the convenience of controlling their smart homes with their smart phones.
60% of Luxury Homebuyers would rather have upgrades than more space in their homes. In fact 94% would go without 1,000 square feet if their home had a better neighborhood, more grounds, or other luxury amenities.
53% of Luxury Homebuyers look for a “lifestyle” when purchasing their luxury home – they are looking for second/vacation homes which support their interests like skiing or other activities. 58% of those surveyed admit they currently own multiple homes which support their lifestyle activities.
Luxury Real Estate Agent
65% relied on a real estate agent to help them find insight into Luxury neighborhoods and 55% received advice on housing trends from their agent. 53% Luxury homebuyers said they enjoyed the personal touch of having a real estate agent working FOR them.
Lenders are eager to comply with the Luxury Homebuyers when it comes to underwriting Jumbo loans. According to Inman News, Jumbo loan rates and terms have relaxed over the last 12 months to the point, they are very competitive to the interest rates for conventional loans. Lenders seem to be more confident about home prices.
Whether you are looking for your first Luxury Home, vacation home or 2nd home in Northern Utah, enjoy the personal and professional service we provide. We listen carefully to all your needs, allowing me to quickly zero in on your preferences, saving you precious time. Buying will be fun, enjoyable, and easy! Call us today!!
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