What are you looking for in a Luxury Home?

ocean view

 

Luxury home sales of $1 million or more increased 44% over last year according to the National Association of REALTORS® in their recent home survey. The Wall Street Journal recent reported Luxury Home Sales were increasing more than any other type of home sales in the housing markets.

 

What are Luxury Homebuyers looking for in a Home?

A Smart Home

According to a recent survey, 66% are looking for a home which offers more technology integrated in the home’s system. Many homebuyers want the convenience of controlling their smart homes with their smart phones.

Luxury

60% of Luxury Homebuyers would rather have upgrades than more space in their homes. In fact 94% would go
without 1,000 square feet if their home had a better neighborhood, more grounds, or other luxury amenities.

Multiple Homes

53% of Luxury Homebuyers look for a “lifestyle” when purchasing their luxury home – they are looking for second/vacation homes which support their interests like skiing or other activities. 58% of those surveyed admit they currently own multiple homes which support their lifestyle activities.

Luxury Real Estate Agent

65% relied on a real estate agent to help them find insight into Luxury neighborhoods and 55% received advice on housing trends from their agent. 53% Luxury homebuyers said they enjoyed the personal touch of having a real estate agent working FOR them.

Jumbo Loans

Lenders are eager to comply with the Luxury Homebuyers when it comes to underwriting Jumbo loans. According to Inman News, Jumbo loan rates and terms have relaxed over the last 12 months to the point, they are very competitive to the interest rates for conventional loans. Lenders seem to be more confident about home prices. In fact, some Jumbo Loans will have a lower down payment requirement.

According to Realtormag.org, “The move by private lenders to increase low-down-payment jumbo loans comes as the Federal Housing Administration started reducing the amount of high-cost mortgages that it will insure in about 650 counties. As of Jan. 1, FHA loans in high-cost areas have been capped at $625,500, reduced from $729,750.”

Whether you are looking for your first Luxury Home, vacation home or 2nd home on the Outer Banks, enjoy the personal and professional service I provide. I listen carefully to all your needs, allowing me to quickly zero in on your preferences, saving you precious time. Buying will be fun, enjoyable, and easy! Call me today!!

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