What a difference a year can make. The spring housing market is booming and we’re finally on the path to returning to some semblance of normalcy.
Coldwell Banker Global Luxury® recently released this year’s The Report, which offers insights into the 2021 luxury market from a survey of Coldwell Banker Global Luxury property specialists around the world.
While it’s no secret the events of this past year had a big impact on many buyers’ decisions in 2020, The Report found a shift in affluent home-buying trends and lifestyle preferences throughout the world. Across locations and property types, people were seeking refuge during uncertain times, and that was reflected in their decisions to purchase homes that provided stability and comfort.
The Report found that several top trends emerged in 2020, with family, health, space and security becoming the new luxuries. In addition, more than half of surveyed Luxury Property Specialists named “more square footage” as the new #1 amenity.
Here are a few other key findings from the survey:
- 2020 was the year of the single-family home.
- Turnkey homes are king.
- Second-home markets soared.
- Most buyers wanted outdoor living spaces, pools, home offices and warmer styles, such as traditional over modern.
The top preferences expected to have staying power over the next five years include: the home office (27.5%), demand for a second home (22.5%) and the desire for single-family detached homes (22.5%).
We hope these insights give you a clearer picture of the market so you are better prepared to make real estate decisions. If you have any questions or are planning to buy or sell a home soon, contact me today to schedule an appointment or visit ColdwellBankerHomes.com.