Luxury Markets & Buyer Trends
Coldwell Banker Real Estate LLC, a Realogy brand, along with the Coldwell Banker Global Luxury® Program—with insights from The Institute for Luxury Home Marketing—recently released an in-depth report of emerging luxury markets and buyers: The Report: 2021 Global Luxury Market Insights. Search homes for sale in Flying Horse, Colorado Springs, CO at http://www.rehava.com
For example, the luxury real estate market showed its resilience through a dynamic year as the market accelerated many ongoing trends that were already occurring. The report highlights the achievements of 2020 and uses the rich insights from 78 luxury property specialists across 65 markets. With these timely perspectives, our luxury property specialists can prepare for what’s to come in 2021 and continue to act as trusted advisors as many shifting buyer trends and preferences are here to stay.
New Trends Amid the Pandemic
In addition, several new trends surfaced in 2020 amid the pandemic, according to the report. Buyers sought out properties with access to the outdoors, privacy and additional space. Demand for mega mansions, estates and other luxury compounds increased. Of the property specialists surveyed for the report, 55% said more square footage was the No. 1 amenity that “flipped demand in 2019 to 2020.” Additionally, a new demographic known as Trailblazers are driving the shifting buying trends. They are migrating away from urban centers. They are seeking out smaller, hidden-gem towns in the suburbs and second-home destinations.
Meanwhile, over the next five years, survey respondents predict these trends are here to stay. The home office (27.5%), demand for a second home (22.5%) and the desire for a single-family detached home (22.5%).
Year of Transformation for Luxury Market
In short, 2020 was a year of transformation for the luxury real estate market. We saw record-low interest rates paired with demand at an all-time high for single-family homes. This results in extremely low inventory levels and multiple bidding wars across several luxury markets. The emergence of a new affluent demographic and type of home buyer fueled this growth driven by shifting lifestyle preferences. Many of the trends we saw at the forefront in 2020 will continue to evolve in the years to come.
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