One year ago, homebuyers had a different perception of space and amenities. The health crisis of today has shown how important it is to have a well-designed floor plan and more square footage. Multi-purpose rooms, home offices, gyms, and theatres are all becoming more popular. Some families are now looking for the space they require in the luxury market.
The Institute for Luxury Home Marketing explains.
“Quarantine concerns remain top of mind for many luxury buyer, so we see large, sprawling estates making a comeback.
The last six months have seen an increase in mega-mansions and estate-size houses. These properties include those that provide space, separate home offices, gyms, private amenities like swimming pools, yoga studios, or recreation rooms.
Last year, this was not true. The Luxury Market Report from ILHM highlights:
“Exactly one-year ago, we reported that the demand for large properties and mega mansions as well as luxury ranches has decreased significantly over the past few years, especially among the younger generation of luxury home buyers.”
Steady increases in equity may make it possible for buyers to purchase larger homes. It is easier to pay the down payment for a luxury home by using home equity, and mortgage payments are more affordable now than ever before. The report by ILHM also noted:
“Luxury property prices could continue to rise into the third quarter as investors continue to reap the benefits of the strong stock market.
The low interest rates and policies that allow employees to work from home, as well as the concern of the pandemic, have led to an increase in the number of people who are willing to trade their city lifestyles for homes with all the amenities.
Today’s record-low interest rates and strong gains in equity make fall an excellent time to enter the luxury market to meet your changing needs.
Let’s get in touch if you are looking to increase the space in your home.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for homes for sale in Rio vista Fort Lauderdale we are the real estate team for you!