As more and more people are continuing to see a change in their daily lifestyle needs and how their home works for them in this new lifestyle since the pandemic, more and more people are looking to the luxury home market. Right now people want more space and higher quality features so they can be comfortable and enjoy spending long periods of time at home.
The Institute for Luxury Home Marketing (ILHM) recently put together a Luxury Market Report, in that report, they stated the luxury market in 2020 saw its strongest year since 2008.
The Luxury Real Estate Market is Becoming More Attractive to Buyers in 2021
There are many more opportunities to work from home and a large number of students still in virtual learning or hybrid learning programs where they are home part of the week. This has led more people to be at home for most of their time instead of out of the house for most of the day.
This combined with gyms being closed or at limited capacity causing people to turn toward at-home workout routines, cooking more meals at home, and finding hobbies to do from home is causing people to look at and desire homes that offer more space and rooms that allow for dedicated areas to do these things. The current shockingly low mortgage interest rates are also lending a hand in potential buyers being able to afford more home than before the pandemic.
The ILHM has also reported that luxury housing experts are expecting the demand for high-end homes to increase throughout 2021. They see the work-from-home opportunities continuing to stay the same even as more businesses begin to open back up and more vaccines become available. This means a switch in primary residence focus for buyers of luxury homes. Fewer and fewer buyers are interested in staying in smaller multi-family complexes.
Though the number of homes for sale is lower than typical the luxury housing market has the best available inventory for interested buyers. This is great news for anyone hoping to purchase a luxury home, though it is still a sellers’ market in many areas around the country. There are also a large number of people looking to lease luxury properties as well.
If you are considering but reluctant to purchase a luxury home there are some great luxury home lease options in the Hollywood Hills area. Leasing a luxury home gives a reserved and careful buyer the opportunity to live in a home without purchasing the home first. It allows you to decide if moving to a larger home really is right for you and if the specific location is one that you will love. This is made possible through a lease that has the option to buy at the end or the option to move on to another property.
For luxury homeowners, a luxury lease is a beneficial way to cover the expenses of the home while you are living somewhere else instead of the home sitting empty while it is on the market. It gives interested buyers who are unsure of making a large investment an opportunity to fall in love with your home.
More Advice for Property Owners
- What to Expect in a Luxury Property Manager
- How to Spot Rental Scam Listings
- 5 Tips to Marketing a Luxury Lease Home or Vacation Property
- The Pros and Cons of Renting a Home with Friends
- What are the COVID 19 Rules for Landlords in California?
- Leasing Your Hollywood Hills Home or Estate
- Can I Lease a Luxury Home in Malibu?
- The Difference Between Leasing and Renting