The Luxury Market Is Attracting Buyers in 2021

Dated: February 10 2021

Views: 127

As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares:

“In a snapshot of 2020, despite the devasting effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”

With more opportunities to work from home and a growing interest in having extra space for things like virtual school, working out, and cooking more meals, the desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points or even expand their real estate portfolios. The ILHM report continues to say:

Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.

For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”

If you’re interested in buying a home this year, it appears that some higher-priced markets may have more homes to choose from than those at lower price points. Javier Vivas, Director of Economic Research at realtor.comnotes:

“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”

Bottom Line

If you’re hoping to buy the home of your dreams, this could be the year to achieve that goal. Let’s connect today to explore your possibilities.

Blog author image

Bill Forrest

Forrest Team of REALTORS is a Georgia Tradition Real Estate is nothing new to Bill. His license first was held at his family’s firm Dee Forrest and Company REALTORS over 24 years ago just outside A....

Latest Blog Posts

The Three Graphs Showing Why You Should Sell Your House Now

There’s no doubt that 2021 is the year of the seller when it comes to the housing market. If you’re a homeowner thinking of moving to better suit your changing needs, now is

Read More

Experts Say Home Prices Will Continue to Appreciate this Year

It’s clear that consumers are concerned about how quickly home values are rising. Many people fear the speed of appreciation may lead to a crash in prices later this year. In fact, Google 

Read More

MCP and the Midtown Connector Transportation Improvement Project

Learn More About the Midtown Connector Transportation Improvement ProjectImage courtesy MCP FoundationThe MCP Foundation launched its introduction to a series of community engagement events

Read More

Frog Sculpture Lands at Midtown’s 10th and West Peachtree Intersection

On loan from Atlanta Botanical Garden, this mosaiculture exhibition will greet visitors as they enter the district.From Midtown Alliance05/06/2021BY ELLIE HENSLEYMidtown is taking a giant leap

Read More