COVID Buyers: The Luxury Home Trend
Since the decline in March due to COVID-19, buyers are returning to the market. Interest rates are at a record low, making home buying achievable for many who were previously unable to take that step. Additionally, the luxury market is experiencing a particular boom at this time. Las Vegas real estate agents in particular can benefit from this upswing. Understanding why can help you tap into the market and help buyers find the luxury properties they are looking to call home.
Many companies sent their employees to work from home during the height of the pandemic. They have found that their workers can remain productive when working remotely which saves the company on the cost of office space. As a result, these permanent remote workers now have the option to live anywhere in the country. They are opting to relocate out of expensive areas while maintaining a luxury living. California buyers, for example, are moving to areas like Salt Lake City, Las Vegas, Boise, Portland, and Phoenix.
Millennials represent the largest group of homebuyers at 37% according to the National Association of REALTORS® 2019 Home Buyers and Sellers Generational Trends Report. Many in this group are looking for smaller spaces that are easier to maintain. Luxury condos are a draw because millennials tend to take a minimalist approach to living. With smaller families, they need less space than a large home. A luxury condo also provides access to onsite gyms, yoga studios, and proximity to outdoor activities to feed their health-conscious lifestyle.
While buyers are returning to the market, sellers need to meet the demand. In the wake of COVID-19, make sure clients know about the current market conditions. Implement virtual practices for showing luxury homes to potential clients so both the buyer and the seller feel safe.
Become a part of the current real estate market with help from Key Realty School. Visit KeyRealtySchool.com to start working towards your license or to continue your education.
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