So you want today’s luxury home buyer to consider your property or make a strong offer then you must have a chef’s kitchen, luxury pool, & outdoor living because that’s on top of today’s Luxury Home buyers wish lists!
Realtor.Com did a survey about Today’s Luxury Home Buyers Wants, Needs, Price, and the features they are looking for in their next Luxury Home Purchase. I love these types of surveys because it really lets you in on what the buyer is thinking and wants.
In Arizona the Luxury Home Buyers consider the outdoor living & Amenities the #1 priority, a Chefs kitchen #2.
Do not hesitate to call/text 480.458.8007 or email LavishPadBoutique@gmail.com if you are considering buying a Luxury Home in the Phoenix area. Check out our Arizona Luxury Home Buyers Guide.
Percentages of surveyed consumers currently considering a luxury home purchase:
- 13% of respondents stated that they are looking to purchase a high-end luxury home;
- 26% said they might be considering a high-end luxury home;
- 61% revealed they are not looking for a high-end luxury home.
Most popular price points at which surveyed consumers stated that luxury housing begins, by U.S. region:
- Northeast (ME, VT, NH, NY, NJ, MA, CT, RI, MD, DE, PA) $1 million +
- Pacific (CA, OR, WA, AK, HI) $1 million +
- Mountain (MT, ID, WY, CO, UT, NV, AZ, NM) $1 million +
- South Central (AL, MS, TN, AR, LA, TX, OK) $500,000 +
- North Central (KY, OH, IN, IL, MI, WI, MN, IA, NE, KS, ND, SD) $500,000 +
- South Atlantic (VA, WV, NC, SC, GA, FL) $500,000 +
READ THE FULL ARTICLE: Realtor.com® Survey: 13% of Consumers Ready to Buy a Luxury Home
Of the survey respondents who are currently looking for a luxury home:
- Most popular reasons high-end buyers started their luxury home search:
- 19% shared that recent career success prompted their home search;
- 17% of luxury home buyers indicated they entered the market because they are newly retired;
- 14% indicated that they are entering the market as an investment;
- 12% revealed they have entered the market to buy their first home.
- Biggest challenges of searching for a high-end luxury home:
- 40% of luxury buyers cited finding a property that meets their family’s needs;
- 20% shared their biggest challenge is the limited number of properties offered;
- 11% tout ultra-unique properties with limited universal appeal;
- 8% are challenged by gaining access to mortgage loans.
- Most important home features when considering a luxury purchase:
- 54% of luxury buyers indicated a chef’s kitchen as an important feature;
- 44% consider the home’s views of oceans, mountains, or cityscapes as significant;
- 38% responded that the square footage of the property is key attribute;
- 36% included the presence of an expansive master suite as an important factor.
- Importance of resale value to those in the market for a luxury home:
- 35% indicated it is very important;
- 29% shared it is neither important or unimportant
- 27% of luxury buyers said resale value is extremely important;
- Only 8% consider resale value to be unimportant.
- Regional breakdown of current luxury home buyers:
- 23% live in South Atlantic (VA, WV, NC, SC, GA, FL);
- 23% are in the Northeast (ME, VT, NH, NY, NJ, MA, CT, RI, MD, DE, PA);
- 18% live in North Central (KY, OH, IN, IL, MI, WI, MN, IA, NE, KS, ND, SD);
- 15% are in the Pacific (CA, OR, WA, AK, HI);
- 14% live in South Central (AL, MS, TN, AR, LA, TX, OK);
- 7% selected Mountain (MT, ID, WY, CO, UT, NV, AZ, NM).
Of the survey respondents who are NOT in the market for a luxury home:
- If respondents had an extra million dollars to invest in a home, they would use it in the following ways:
- 28% would sell their current home and purchase a new home;
- 23% would keep their current home and purchase either a new or vacation home;
- 14% indicated they would purchase several homes;
- 14% would purchase their first home.
- If respondents were in the market for a luxury home, they indicated the following priorities for their property search would be:
- 55% of respondents desired a view;
- 45% fancied an chef’s kitchen;
- 32% indicated an outdoor living area (outdoor kitchen, living room, fire pit, bar) would be key;
- 29% wished for a luxury pool (infinity, grotto, water slide) as imperative.
- If these respondents were in the market for a luxury home, their most desirable locales for purchase would be:
- 37% would buy a waterfront property;
- 19% would like a countryside property;
- 14% would choose a mountainside property;
- 13% desire a suburban property.
- The respondents not currently in the market for a luxury home indicated that their top stylistic preferences would be:
- 13% would want a traditional home;
- 13% would prefer a contemporary home;
- 11% would select a coastal home;
- 11% would choose a modern home.