As we approach the upcoming spring season, you may already be receiving inquiries from homeowners about the potential of selling their home.
Based on our recent market report, there are strong indicators – from growth in number of listings to an uptick in sales volumes during the last quarter of 2023 – that spring could see a more active market, especially if interest rates continue to decrease. In fact, one of our Institute Members just reported that he will be signing 11 new listings over the next two months.
This increase in activity is great news as we know there is still pent-up demand from affluent buyers ready to purchase, but the lack of inventory has often proved to be the major challenge during the last year. However, there is a significant difference between today’s purchaser and those frenzied buyers you may have encountered during the pandemic years.
Today’s buyer is far more discerning. The current buyer philosophy is that a home needs to be more than just beautiful and functional design. The affluent are searching, and prepared to wait, to find a home that matches their lifestyle expectations, is move-in-ready, and provides “an experience.”
To achieve top dollar, sellers need to understand that buyers are looking at the intrinsic value during their property search and adding some or all of the features and amenities listed below. Here are five of the top trends that are checking the boxes for affluent buyers:
Homeowners and developers should look to redefine spaces within their properties that offer more bespoke and tailored experiences. Finding ways to define the essence of luxury living is the key to connecting with a growing demand by the affluent to have more intangible amenities and features that will enhance their lifestyle.
It’s not simply about making a room beautiful, it’s about adding thoughtful touches that create a canvas for an extraordinary experience. A simple example would be turning the exercise/work-out room’s bathroom into a five-star wellness retreat.
Tech-Friendly Smart Homes
Smart homes are on the uptick and for many affluent buyers, finding homes where technology has been both implemented and integrated is no longer considered a perk, but an expectation.
This technology is no longer about convenience, but about creating a space that understands your preferences and adapts to your changing lifestyle needs. Learning your habits and preferences so that lighting, temperature, and music can be adjusted seamlessly to match your mood is no longer a dream, it’s a reality. It’s now integrated into homes to provide a living experience that is intelligent and innovative yet also elegant and luxurious. Welcome to the integration of AI!
Privacy and Security
These two requirements have always been of paramount importance among the affluent, but in today’s world the addition of digital security as well as physical has seen an increase in demand for even better infrastructure.
Demand for gated communities, luxury apartments with high-tech and physical security, as well state of the art systems in homes is on the uptick. In the digital world, especially for those who work from home, there has been a surge in demand for added security to protect the home’s digital footprint too.
In addition, privacy has become part of the design philosophy for buyers who crave a refuge from the busy world. The inclusion of spaces within the property that offer a sanctuary, whether it’s a private den or a separate building on the grounds, is a feature that could become a deciding factor.
Design is moving to the global stage. Properties that incorporate local heritage with international design elements from various cultures are connecting with the affluent buyer at a very different level.
Luxury buyers are often well-travelled and appreciative of cultural influences. Fusing local architectural design with contemporary finishes but adding softer influences such Scandinavian “hygge-type” furnishings and Asian-fusion touches connects with the globally minded and their culturally rich values. This is not to say that a homeowner should rush to change their interior design, but hiring a professional stager who can select the right combination of pieces to showcase your home’s cultural flexibility and integration creates a unique and aspirational experience for the buyer.
Green Grows Bigger
Open space, greenery, tranquility, and space to get away from busy city life are still top of the list for affluent buyers.
Homeowners are even more environmentally conscious and sustainable features are now very much part of the modern buyer’s expectations. From energy-efficient systems and solutions to smart home automation and high-tech security, amenities that offer cost savings and help the environment are high on the list of preferences.
Buying a property that harnesses renewable energy, promotes efficient waste management, and uses sustainable materials is not just a market trend, it has become the conscious choice that has redefined what luxury means.
To understand more about the habits and requirements of the modern day affluent, check out the products and services available in your member portal that focus their trends.
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