Luxury homes have always included high-end extras for buyers with discriminating taste. From granite countertops with a waterfall edge to the restaurant-quality six-burner gas stove, luxury properties for sale have always featured the latest and greatest. With the arrival of the pandemic in early 2020 and nationwide stay-in-place orders, however, luxury home buyers shifted their priorities to extras that would help keep them entertained.
1. Large Lot: As The Atlantic reported in 2016, the size of the average American home has grown from 1,650 square feet in 1978 to over 2,500 square feet now, but the size of the lot that it was built on has decreased 13 percent, leaving very little outdoor space. Luxury home buyers today are realizing that they need that space and more in order to keep themselves and their families safely entertained at home during the pandemic.
2. Swimming Pools: When stuck at home with a big backyard, the next thing on any luxury home buyer's shopping list is a pool. They would not be alone in that thinking, however. There has been an unprecedented demand for in-ground swimming pools in 2020 as people find plenty of extra time on their hands to use them.
3. Sports Court: Another great use of a big backyard that is increasing in popularity in the luxury market is a sports court. A sports court is a flexible space with high impact, outdoor flooring that can be used for a variety of activities, including basketball, tennis, and just letting kids ride bikes in the backyard. Owners of luxury properties in northern parts of the country can even safely flood their sports court in the winter to create a hockey rink.
4. Mother-In-Law Suite: The pandemic has also led some luxury home buyers to realize that additional living quarters, like a mother-in-law suite, can be useful for both weekend guests and when self-quarantining away from other family members.
5. Protected Front Entry: Americans have been relying on online shopping and food delivery services more during the pandemic than ever before. In order to avoid spreading germs and to protect their purchases from would-be prying eyes, luxury home buyers are requesting protected front entries with an area for deliveries and package drop off. This should also deter any possible package theft that can occur when packages are left unattended.
The pandemic has not slowed down the sale of luxury home properties, but it has changed what buyers are looking for now and in the future. If you're interested in learning more, contact companies like Susan and Bradley Mohr: S&B Real Estate Group.
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!