When it comes to the luxury real estate market, buyers are a little more discerning.
And they’re not just looking for larger, more spacious properties either. With more money involved, they’re looking for top-of-the-line amenities, systems, and features that you just can’t find in the average property — or the average agent.
Are you catering to buyers in the luxury real estate market? Want to start?
What Today’s Buyers Are Looking for in the Luxury Real Estate Market
- A great location – First and foremost, luxury buyers want a top-notch location — one that’s safe, secure, and has gorgeous scenery and sweeping views. Depending on the market, they might also be looking for a beach- or waterfront property, if it’s available. Luxury buyers typically want easy commutes to their jobs — often high-pressure careers in big cities — as well as quick access to cultural amenities and hotspots.
- Entertaining amenities – Luxury buyers are typically entertainers. They love to host parties and gatherings, and they wont home features that can make doing that easier, more fun, or more convenient. On the outside, this includes things like kitchens (complete with wood-burning pizza ovens, no less), as well as things like patios for seating, fire pits for gathering around, and pools to jump in and cool off during the hot summer months. Indoors, double-ovens, large islands, and even built-in bars are top entertaining amenities for luxury real estate buyers.
- Specialty rooms – In the luxury market, not every space has to come from necessity. Though of course luxury buyers want the basics — kitchen, living room, bedrooms, and maybe a dining room — many want far more fun and exciting spaces specialized just for one specific activity or use. Media rooms, for example, are particularly popular with luxury buyers. These typically come with large-size viewing screens, comfortable lounge seating, adjustable lights, and advanced sound systems. Other luxury buyers — especially those who travel — might be interested in an in-home wine cellar where they can store their exotic wines safely and at the proper temperature.
- Smart home elements – Luxury buyers want the latest technology and features integrated into their homes — ones that can make their lives easier, more convenient, and more affordable. This includes things like smart thermostats, smart locks, and phone-activated tools that allow owners to adjust their lights, turn on or off security systems, and even play music in their home all from their phone
- Energy efficiency – Most luxury buyers aren’t looking to cut corners or fit into a super tight budget, but that doesn’t mean they don’t want to save cash where they can. Having eco-friendly features like tinted windows, LED lighting, and even solar panels can help cut down on utility costs, saving buyers tons of money in the long run — especially on expansive properties. As an added bonus, it also allows the buyer to cut down on their energy usage and carbon output, something that might be important if they’re particularly environmentally concerned.
- Fitness facilities – Whether it’s an infinity pool on the balcony or a full tennis court in the backyard, today’s luxury buyers are looking for a convenient, accessible way to work out all from home. In luxury condo and co-op developments, they want access to community fitness amenities that feel exclusive, private, and convenient.
- Relaxing respites – On that same note, luxury buyers also want somewhere to relax and recover after those workouts — or after a long day at the office. Top-of-the-line bathrooms are hugely popular in the luxury markets, ones with built-in spas, heated flooring, dual showers, and spacious tubs where owners can kick back and take a load off. His and hers vanities and sinks are a must, and energy-efficient toilets, tubs, and other features are a big plus.
- Character – Luxury buyers don’t want cookie-cutter homes that just anyone could buy. They want properties that feel special — that come with some sort of unique character or charm. This might mean older properties with lots of vintage flair or it could be a home that’s as high-tech and green as they come — it all depends on the buyer.
- A full-service agent – Buyers at a lower price point might be willing to go all online or DIY their home search, but for those with lots of cash on the line? They want the full-service approach. They’re looking for an agent who will dedicate lots of time, energy, and resources to their home hunt and who will have their absolute best interests at heart. They also likely want an agent with the right tools and tech in place to make their purchase an easy, convenient, and seamless one.
There’s no doubt that luxury buyers are more discerning than most — but that doesn’t mean they can’t be pleased. Want to make doubly sure your luxury real estate clients are happy? Then send them to a top mortgage lender like Embrace Home Loans. We’ll give your buyers the five-star treatment they’re looking for.