Although the pandemic caused devastating effects, the luxury market is continuing to show unprecedented strength. With preferences changing because of the pandemic, we are currently witnessing new demands for diverse locations and property types. With people changing their needs during these uncertain times, more buyers are turning to the upscale housing market for greater space.
We have growing interest in possessing extra space for work or school, and also more needs in the kitchen now that we are cooking a majority of meals at home. We have more opportunities in the current financial market, with mortgage rates hitting record-lows. This allows buyers to have more stretching room while making the decision to purchase the home and expand their real estate portfolio.
In their recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares: “Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021.”
If you have interest in buying a home in the luxury market, higher priced homes may have more valuable options accessible to you. If you are hoping to purchase your dream home this year, Seven Gables will help you achieve your goal. Connect with a trusted Advisor to learn more about how you can enter the luxury market today!
