The COVID-19 pandemic brought an unprecedented change in our lifestyle and spending behavior, luxury home trends included. As reported by Redfin, luxury home buying in the US saw sales surging to 60.7% year over year during the three months ending November 30 in 2020. The figure grew by almost four times over the three months ending February 29.
Early this year, Luxury Portfolio International also reported the top buyer behaviour shaping luxury home buying in 2021.
Work and play at home
According to Luxury Portfolio International’s report, 62% of luxury home buyers now prefer to work, live, and play at home, while 75% actively plan to do so. With the virus continuing to linger, luxury homebuyers and owners have opted to stay put and repurpose their homes for working, learning, living, and playing.
This luxury home trend will not end anytime soon. More people are looking for homes with a larger space for their home office and gym or wellness areas. A property with more space has more flexibility for owners to convert any room for any purpose that every family member can use.
Vacation homes as primary homes
Because of lockdowns and quarantine restrictions, 61% of luxury home buyers are likely to buy their second or holiday home abroad, while 76% are interested in obtaining dual citizenship. Having these will allow them to move and travel more freely.
Affluent consumers have also decided to stay in densely populated areas with private outdoor space and fewer crowds. Owners who chose to shelter in place in their second homes have put off going back to the city – essentially turning vacation homes into their primary residence.
The feeling of independence, security, and control
Another reason for luxury home buyers wanting more space and moving to a private community with complete amenities is their need for independence. 65% of them want to be more self-reliant, while 79% want to increase personal security.
Luxury buyers want to live in locations with a great internet connection, have enough indoor and outdoor space, and have accessible shopping centers and other facilities. Luxury homes also give home buyers a sense of security, safety, and privacy.
More fun things to do at home
84% of luxury home buyers want more fun things to do at home. Because of the pandemic, people would rather stay at home rather than risking exposure outdoors. This has increased the desire to crave spontaneity and eliminate boredom while being stuck at home.
Luxury home markets will likely continue to see an influx of buyers ready to purchase their holiday homes. The pandemic has proved that working and learning from home is feasible and provided luxury homeowners the flexibility to enjoy the perks of resort home life anytime.
Redesigning for the future
A recent study of 6,000 consumers provided insight into the future of home design. The survey, called “America at Home,” showed a shift in the motivation to buy a home, for example. Whereas buyers still listed a “safe space” as their top concern, they were also interested in freedom, stability, and the need to gain importance. Technology, better-equipped kitchen, and sanitization were the most desired home features.
Based on the study, homes of the future may offer “family bathrooms,” a roomier version of the cramped facility that traditionally interconnected children’s bedrooms. Guest bedrooms on the first floor had adjacent bathrooms and separate doors that opened to the patio or the outside – thus, a guest room could double as a quarantine room if needed.
If you’re looking for Bethesda, MD, luxury homes, Heller Coley Reed of Long & Foster Real Estate is your award-winning team. They’ll turn your luxury home buying dreams into a reality from a stunning array of luxury homes in Washington, DC, and the surrounding area. Contact them here, call 240.800.5155, or send an email to hellercoleyreed(at)gmail(dotted)com. Act now to get one step closer to buying the luxury home of your dreams.