Luxury Market Attracting More Buyers in 2021

2020 definitely had many of us re-evaluating our living situations. Do to spending so much time at home people have realized that they may need a bigger space or even an upgrade in features which is leading us to see a bigger boom in the luxury market.

A desire to create a home sanctuary has been sparked by more opportunities to work from home. With working from home comes with the need for extra space for things like home gyms, bigger kitchens, extra office space, etc. Pair that with the low mortgage rates it has created the perfect environment for homebuyers to dab into those higher price points.

Also helping the luxury market boom is the fact that the higher priced homes tend to be staying on the market a little longer so there is more to choose from than lower priced homes.

The Institute for Luxury Home Marketing (ILHM) shares:

“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.”

So if you’re looking to buy the home of your dreams it is looking that this is the perfect year to do it!