The New Year is upon us. That means many changes, including what the luxury real estate customer is looking for in 2019. In my experiences of this past year working with affluent buyers I’ve noticed a change in what they are asking for. As always, they are looking to acquire one-of-a-kind properties with extraordinary amenities – those things that make a home truly “unique”.
Luxury Demanded Features
Here is what I feel will be of greater importance as we move into the future, and these things will have more influence from those who are coming from out of state or making international moves.
I believe we will see a continuation of a luxury home buyer trend that has been prevalent over the past few years. They have the means to make discretionary purchases for the “right” purchase. When there is an opportunity to buy a property that will enhance their lifestyle, create exclusivity, or provide opportunities to create family memories, then they will be moved to act. The luxury homes that have sold in the shortest amount of time always had a difficult to replace amenity – a pool in the perfect sunset location, a secret room behind the master bedroom, or a garage with a 4-ton hydraulic life built into the concrete slab.
As the world becomes more hight tech and data centered, the luxury buyer will demand even more. They want the most up-to-date, most accurate information at their fingertips. At the same time, they want real insight and service — something that only people, not computers or apps, can provide.”
Our luxury customers, now more than ever, have an expanding inventory, including never-before-seen legacy estates that are pushing the upper reaches of the luxury market. Fueled by an ever-growing technology sector, the maturing millennial consumer will be able to utilize their buying power to create a lasting impression on the market.
In down markets, luxury buyers, rightfully, become less willing to compromise on everything from price to location. Accordingly, the sellers in fringe neighborhoods will have to be more flexible on price in 2019, while the buyers of properties in the Idaho’s best locations will continue to pay top dollar. The luxury consumer will be more and more focused on tangible and durable value-add offerings like protected views, top-tier service, and ceiling height, and less likely to fall for gimmicks attached to property sales, whether they be on-site pet spas, golf simulators, or club memberships. ‘Location location location’ will be on the top of the luxury consumer’s mind.”
The luxury client will be more ready than ever to find their dream property. I expect them to be sophisticated and discerning about finding the right location, and patient when it comes to selecting the perfect home for their situation. If the luxury market shifts later this year (as many are expecting) we may see properties that meet those expectations see faster. Sellers that think that they can stretch their price will most likely be sold-around by better and more aggressive pricing within the market. Luxury sellers shouldn’t reach for the stars in terms of pricing in this market and should seek to sell at fair market value, within a pricing strategy of up to six months.
Thanks to big data, today’s luxury real estate customers are extremely informed and knowledgable. They know what they want, they’ve been biding their time, and they’re ready to buy when the opportunity exists. But while their smartphones may have helped them discover their dream homes, they’re counting on the insights and service of luxury real estate professional to help them make sure the deal gets closed. .
Alei’s experience and unceasing work ethic are some of the ways she has helped hundreds of families buy or sell a home. A cornerstone of her career is the ability to identify new business trends, leverage her vast database, stay on the cutting edge of marketing, and make lasting connections with those she meets.
Find out what dozens of luxury home buyer have learned. Working with Alei is a high quality experience. Let her be your luxury agent.