Buyers Are Finding More Space in the Luxury Home Market

Dated: October 1 2020

Views: 6

Buyers Are Finding More Space in the Luxury Home Market | MyKCM

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”

This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:

“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”

For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:

“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.

Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs.

Bottom Line

If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.



The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Blog author image

Kathleen Comerford

Let The Comerford Group Be Your Key to Your Real Estate Success! I am a Broker and REALTOR, connecting buyers and sellers around the world. The Comerford Group is able to provide customers with excep....

Latest Blog Posts

How to Set Up the Perfect Home Office

For some, it’s a dream to work from home. But once you finally get your remote job, you might be surprised to learn that kicking back on the couch isn’t going to get the job done. Having

Read More

Sarasota Named One of the Best Places to Live in the U.S.

The U.S. News and World Report's annual "Top 10 Best Places to Live in the U.S." report has ranked Sarasota No. 9 in their 2021-2022 edition. The list ranks metro areas taking into account

Read More

Older Homes, New Trend: Tips for Improving Comfort and Energy Efficiency

Older homes tend to require upgrades that houses constructed after standards for energy efficiency came into widespread use do not. Buying an older house may mean living in a property with history

Read More

7 Best Tips for Homeowners in Florida During the Summer Months

The summer months in Florida can be grueling and especially hard on our homes.  Homeowners in Florida can avoid any added stress and unforeseen repairs with regular  maintenance checks.

Read More