Explained: The Luxury Home Buying Trends

Explained: The Luxury Home Buying Trends

Let it be known that any successful person rates their time as their most valuable asset, so it is imperative to protect their time; which is their most important asset.

Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money. An online survey conducted by 683 Coldwell Banker Previews International property specialists revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professionals, and 14 % are entertainers, entertainment executives or professional athletes. More importantly, wealthy home buyers require their real estate agents with a very tailored and specialised skill set. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customised services while 44 % said that the luxury home buyers want their agents to a have good network and work relationship with executive assistants, CPAs and attorneys.

Furthermore, wealth customers pay a good amount of money to know the insights of the real-estate market: be it latest or the upcoming trends, everything is fair game when it comes to particular customers. According to a study conducted by Spring Hill Realty, 17% of the sales associates indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish a personal rapport with their clients.

While the above stats may present a behavioural approach to wealth customers in a more numeric way, sometimes it is necessary to highlight these points in a more intimate way. Following is the list of 7 features, which majority of the affluent clients rate higher in their list of things-which-a-house-need-to-have:

  • Walk-In closets – What’s the point of being the man or woman that has EVERYTHING if you have no place to put it? If you’re going to make your over the top purchases for clothes, shoes, purses, and jewellery, you need a place to display it all. Nowadays luxury home buyers prefer to have separate rooms to put their pride and joy purchases on display, with walls lined with mirrors and excellent lighting to admire themselves at every angle. These aren’t just any walk-in closets like the ones you might pay an extra $10 per month for in an apartment. These are the types of walk-in closets that make studio apartments look like regular walk-in closets. The bigger the better, especially if it’s big enough for someone to set up camp in for a few days. We just hope it never actually comes to that if you do have a big walk-in closet.
  • Luxurious Master Bedroom – The average person spends eight hours a day in their room for sleeping, so kicking up the master bedroom a notch is key. If someone is going to spend? of the rest of their life in this room, you might as well make it a knockout. You should have a space big enough for a king size bed or bigger. If Shaquille O’Neal thinks it would be comfortable, it should be big enough for you.
  • Home Gym – As mentioned earlier wealthy clients or self-made millionaires rate their time as their most prized asset. Joining a gym, paying for a membership every month, driving to the gym, changing in the locker room in front of other dudes, working out in front of everybody — it’s all a hassle. So, investing in a home with a private fitness area including all of the equipment they could possibly need to keep their body in top shape, from weight lifting equipment, to cardio.
  • Home Theatre – State of the art movie theatres are becoming more and more prevalent in multi-million dollar homes, including personal IMAX movie theatre installations that can run over 7 figures.
  • Ideal Location – As mentioned earlier, a study conducted by Spring Hill Realty reveals that wealthy customers are willing to pay lots of money for the insights of the current trends and that means they pay careful attention to the address with the best ZIP codes.
  • Hot Tubs – Another bonus is having an outdoor hot tub, but not one of those cheap ones that anybody can get for their back porch. We’re talking about the ones that are built in-ground and often connect to the pool itself. Even more of a bonus is if you can have the grill built into the hot tub if that’s possible or at all safe.
  • State-of-the-Art Kitchen – Restaurant style kitchens are becoming more and more popular in the world’s most expensive houses. It doesn’t matter if you’re eating a frozen pizza or a 12-course meal in there, it just has to look like it’s capable of the latter.
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