Do you work with luxury homebuyers? Despite the current market conditions, affluent consumers have continued to make considerable purchases in the last 2 years and this will only increase in the next year. However, when it comes to homes many of these buyers have changed their attitudes and we must adjust to their new concerns and demands.
Believe it or not, buyers of upper-tier priced homes are looking for a value. They are not willing to pay what they would have in the peak of the market in 2006 and are more interested in a modest property. These buyers are still attracted in settling where they can live a “lifestyle,” but with that they wish to also enjoy safety and affordable cost of living.
Wealthy consumers are aware of the need for a significant amount of accurate information about the market and the property in which they are interested in. This means less interest in properties not yet under construction. Be prepared to provide these capable, potential customers with comprehensive analyses and histories.
I believe the luxury housing niche (top 10% of residential sales) will lead the housing recovery as the affluent increasingly unreserved about investing in residential real estate again.
As a member of the Million-Dollar Guild, The Institute for Luxury Home Marketing and a Certified Luxury Home Marketing Specialist, I can provide you and your buyers with valuable information on this market and sound, expert service.
And thank you for making me Your Orange County Real Estate Specialist!
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GRI GREEN
Past President, Orange County Association of Realtors