Luxury homes are becoming popular among buyers over the recent years as they provide high living standards.
Luxury homes feature high-end materials and amenities. The amenities in a high-end property will typically include open floor plans, large pools, and smart home features. These properties are situated in a desirable location with large square footage.
Meanwhile, luxury homes are becoming attainable by more than just the wealthy! For instance, Bay Area realtors are noticing a growing demand in luxury real estate. This is a pleasant surprise after expecting sales to plummet due to the pandemic. After months of social distancing and working from home, people in the Bay Area seem to be reevaluating where they live. A strong luxury market appears to be on the horizon.
The coming months are expected to have a better luxury sales performance. Since the market seems to have begun to bounce back. One reason for the success in sales could be that people who can afford luxury homes are considering getting out of the city to avoid the coronavirus. They want to invest their money in real estate which is now an important necessity in the current situation. If the trend in people wanting to away from where they work continues, the market will strengthen. It is very typical for luxury house sales to decrease in summer then spike back up in autumn after a surge in new listings.
The boom is part of heightened buying activity in less-populated areas across the Bay Area, all fueled by the same motivation: people seeking more open spaces after months of shelter in place order during the pandemic. Having an excellent agent is critical when you are looking for a luxury property. Developed with a discerning consumer in mind, the Luxury Division at Compass elevates all aspects of elite properties. Call us today to explore your opportunities.