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January Luxury Market Report Summary: Market On the Rise

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It’s a brand new year, and if you’re wondering how to sell luxury listings in 2020, look no further than your own backyard. Our January report reveals that luxury home sales are on the rise in the US and Canada, with the majority of buyers coming from the states. 

In addition to an increase in sales, the market is also showing an increase in both listing price and sold price. One prediction is that the market will continue to strengthen going into Spring.

Whether or not you’re already a Certified Luxury Home Marketing Specialist, this is good news. These trends show confidence in the market, meaning that both affluent buyers and sellers are actively looking for your expertise to help them buy and sell.

So if you don’t already have your Certified Luxury Home Marketing Specialist certification, this is a great year to earn it and get access to its exclusive benefits and network. With the market picking back up and trends moving quickly, having your designation will help you stand out and give you the tools you need to solidify your success.

Either way, let’s take a look at what this month’s report means for your luxury home marketing strategy. 

Hone In on Your Feeder Markets

Since the market is seeing plenty of transactions happening within the US, staying connected to your feeder markets can help add listings to your inventory. 

Understanding why prospects are relocating to your local market (or away from it!) can help you fine-tune your marketing strategy to put you on their radar. Are you in a favorable tax state? Or on the flip side, if you’re in a state like California or New York experiencing higher taxes, could your practice benefit from becoming the go-to Certified Luxury Home Marketing Specialist for those wanting to list their home and escape the new financial burden? 

Strengthen Your Marketing to Attract the Wave of New Millennial Luxury Home Buyers in Tourist Communities

Our January report showed that millennials are now dipping their feet into the pool of luxury real estate, and they prefer to purchase their second home in communities historically known for tourism. 

Since most young professionals aren’t tethered to a central office location and have the advantage of working remotely, they’re seeking longer-term stays in places like ski towns and beach cities and don’t need to worry about the availability of employment offered in those areas.

If you’re a Certified Luxury Home Marketing Specialist, you can use your exclusive access to OWL, the Online Wealth Lookup tool, to get a “snapshot” of this new wave of luxury buyers. This can be especially useful for helping you quickly assess credibility, begin your qualifying process, gain leverage in negotiations, strengthen relationships, and earn trust.

Position Your Marketing to Help Luxury Buyers and Sellers Find Balance Between Work and Play

In 2019, health and wellness were major trends in luxury real estate, and that will continue into 2020. Last year, we saw that the wealthy are quite literally looking to buy a “lifestyle”—and not just the kind of lifestyle that a luxury home can afford them, but rather a lifestyle that comes with the community that the home is in. 

More than ever, the wealthy value time and experiences over grandiose displays of material wealth. Bringing this concept into every single listing and sales conversation will significantly help with your marketing strategy and your ability to win listings and buyers.

Listings that lead with the story of a property and its community will have an easier time keeping the interest of a potential buyer.

How Earning Your Certified Luxury Home Marketing Specialist Designation Can Give You an Advantage In 2020

Earning and renewing your designation gives you access to the Institute’s exclusive online training to help you and refresh your knowledge all year long. 

You also receive continuing education at our sister school, McKissock, for no additional cost. That means you’ll have the opportunity to consistently fine-tune your skills so that you can become one of our next real estate success stories. 

In addition to continuing education, CLHMS members have exclusive access to tools that help them win clients, improve their marketing, connect with peers, and brand themselves. 

Visit our website to learn more about the benefits of earning or renewing your CLHMS designation.

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