Changes in the Luxury Real Estate Market
The Luxury Market Report is out for 2020 and shows how much of a change in the real estate market for Luxury Homes over last year.
According to the report, “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.”
The good news for the Desert area is the experts predict a stronger luxury market; however, it will still be more of a seller’s market.
“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. Although it is important to understand, for cities that are not densely built up or offer communities that have larger properties with yards and green space, it is predicted that these will remain or become popular again with the affluent who are not willing or wanting to leave their metropolitan lifestyle.”
Changes in the Luxury Market
There are indications the real estate market will be catering to more modern clean-line designs, five-star service levels, and curated wellness amenities. Smart-Home technology will become even more popular as well as larger gourmet kitchens, spacious and private yards, tastes focusing on relaxation and luxury. This will affect what buyers will be looking for and what updates homeowners will make on their existing homes.
If you're looking to sell or buy a luxury home in the Desert, you need to work with a professional who can provide you with knowledge about our local Desert Market. You need an agent who knows how to leverage technology and strategies to provide the best buying and / or selling experience.
So find out what all the talk is about. . . .
Give Mary a Call. . .
Mary Williams, That is!
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