Over the last few years, we’ve seen a massive increase in the number of people searching for luxury property. Research suggests that this increase is mainly down to affluent millennials. In the past, millennials chose not to spend money purchasing property; instead, they chose to spend it in other ways or save it for the future. However, they are now choosing to search for their dream home.
Unfortunately, while this may be true, the statistics show that very few luxury properties sell. This is because luxury home buyers will not settle for anything less than perfect. So, what are buyers looking for in the luxury real estate market? Keep reading below to find out:
The Perfect Location
The first and perhaps most important thing buyers look for in the luxury real estate market is the perfect location. Take Hawaii as one example; while there might be lots of Wailuku homes for sale, buyers may not be attracted to them if they are not located in the right area of Wailuku. Buyers want a property close to amenities as well as being in a private location. Thankfully, the good news for people looking for homes for sale in Wailuku is that the real estate market is strong. There are, in fact, lots of luxury Wailuku homes for sale, including Wailuku condos and apartments.
A Move-In Ready Property
While some luxury home buyers will not shy away from a renovation project, most want a move-in-ready property. They do not want the hassle of updating the property to make it livable. Despite this, most luxury home buyers do like the idea of being able to put their own stamp on a property.
Home Automation Technology
Another thing many luxury home buyers look for when searching for a property is home automation technology. In fact, it is the top most desirable feature of a luxury home, with over 81% of people saying they look for it when searching for a home.
It’s Not All About the Size
Since the COVID-19 pandemic, we have witnessed a considerable change in preferred house sizes. Just ten years ago, supersized homes were highly sought-after; however, this is no longer the case. Many luxury home buyers are now purchasing much smaller homes than they would have in the past. In fact, research suggests that smaller luxury homes sell 19 times faster than larger homes.
The Added Extras
Although traditional features such as gyms and spas are great, most luxury home buyers expect more from a luxury home. Not only do they want their property to be energy efficient and eco-friendly, but they also want it to have good quality lighting.
As you can see, buyers are looking for numerous things in the luxury real estate market. As well as wanting a property in the perfect location, they also want a property ready to move into. Because of this, it can take years for buyers to find a property that they fall in love with.