Bay Area Luxury home sales continue to surge despite the Covid-19 pandemic. Homebuyers are Finding More Space in the Bay Area Luxury Market.
Bay Area Luxury home prices may continue to strengthen further. Thanks to the affluent getting large investment returns from the currently strong market. Moreover, the demand for more land and larger spaces attracted homebuyers in the Bay Area. Only a year ago, additional space and luxuries had a very different feel for homebuyers. Nowadays, the pandemic has brought to light how valuable more square footage can be. Home offices, gyms, and theaters are becoming more popular. In addition, most families are finding the space they need for these upgrades in the luxury market.
Home Equity
Meanwhile, homebuyers may achieve their dream home through stable increases in equity. Clearly, today’s strong gains in home equity paired with record-low interest rates make it a great time to move up into the luxury market. Leveraging home equity makes an affordable down payment on a luxury home. Ultimately, the current low-interest rates are making mortgage payments easier to afford more than they have been in years.
Interest Rates
The low interest rates all translate to the home buyers increasingly looking for a home that has it all. The pandemic has shined a light on the importance of spacious housing, including the essential function of private indoor and outdoor space. However, demand for larger housing should not detract from the need to build more affordable housing. Ensuring affordability requires building not just more housing but smaller homes.
Compass Luxury Division
Developed with a discerning consumer in mind, the Luxury Division at Compass elevates all aspects of elite properties. The Luxury Division was developed to elevate the level of support, marketing, and presence of luxury properties. Compass agents are granted access to an extensive suite of integrated offerings geared toward creating intricate yet impactful exposure for luxury listings within the marketplace. From the preparation to the promotion, and the ultimate sale of a luxury property, all aspects are curated to meet the standard luxury commands.
