Do you even have to leave the comfort of your home? If current luxury home buyers were the litmus test, the answer would be “hardly.” Over half a year of staying at home is driving an increase in the amenities that the luxury market has come to expect in high-end properties. Old standards such as security and in-home recreation are now complemented by flexible layouts and “Zoom rooms.”
Selling in this environment of changing demand can be challenging. Learn more about what buyers expect to see in post-pandemic luxury real estate.
Square footage and privacy
At the beginning of the year, most luxury buyers were willing to settle for a smaller home as long as it had a variety of amenities and a central location. Now, after more than six months of living through the effects of the coronavirus, it seems that the tides have shifted once again.
Recently, industry trends show that more space is once again an in-demand feature for luxury real estate. But unlike before, luxury buyers are not just looking for bigger homes. They’re looking for them in suburban or remote areas far away from major metropolitan areas and dense populations.
A yearning for privacy also ties in with this renewed interest in square footage. Single-family homes on large lots are highly valued, and buyers also want more distance from neighbors.
Indoor/outdoor recreation
The home has become a substitute place for nearly every recreational activity people used to do in parks and lifestyle centers. Luxury buyers don’t wish to forego these luxuries even if they’re also stuck at home. As a result, buyers are actively searching for homes that let them unwind in private, indoors and out.
Outdoor pools, home gyms, game rooms, and spacious, fenced-in yards are among the must-have recreational amenities for luxury buyers in the current market. Living rooms that extend to an outside deck or barbecue area have always been popular, but even more so these days. Properties that are closer to nature and have amazing views to boot can count on fetching a premium.
Layouts for remote work
The post-pandemic workplace may never look the same again. Experts from around the world have seen the demand for remote work rise significantly in companies and their employees. While it is still too early to predict exactly which trends will permanently take hold, working remotely will continue into the near and medium term in one way or another.
Recognizing the need for proper setups at home, high-net-worth buyers are putting a premium on features and design layouts that are conducive to productivity.
The open floor plan has lost some of its sheen, as buyers’ preferences place more value on the physical separation of work from leisure. Features sure to win over buyers include:
- “flex rooms” that transition from one purpose (work) to another (entertainment) over the course of homeownership
- a video conferencing room with great acoustics, soundproofing, and lighting
- movable partitions — sliding screens, folding doors — that balance access with privacy, aesthetics with comfort
Health and wellness spaces
The current environment is driving a doubling down on healthy living. Part of the wellness amenities luxury buyers are looking for help buyers and their families keep the pandemic from affecting the sanctity of home life.
Aside from large tubs, separate walk-in showers, and smart features, buyers want to see spa bathrooms with touchless faucets and toilets. Decontamination stations at main entry points, like the garage and mudroom, are also surging in popularity.
Seamless automation and security
Home automation and a full security system have been a given in luxury markets of the past years. Luxury buyers in 2020 want to see a more complete presence of devices from these categories throughout a home.
For security, buyers want to see front doors outfitted with smart locks. Additional features such as keyless entry and biometric scanners (fingerprint or retina) are also welcome. Window sensors and surveillance cameras round out home security.
Home automation means more than installing a smart lighting system. Buyers want even more savings and convenience with smart-integrated devices. Smart thermostats with pre-programmable settings contribute to comfort and efficiency. Multi-room audio systems facilitate communication and offer the unique aural experience of a whole-house system.
An experienced selling agent can help you choose the right luxury upgrades or devise the best way to sell your house fast. As the Owen & Co., LLC Real Estate team, we have been assisting clients in listing their homes along the coast of Mississippi for over 30 years. Reach out to us today at 228.822.9870 or at info(at)owenandco(dotted)com to get started.
