In a new survey, realtor.com® uncovered the priorities, buying motivations and expectations of transaction-ready luxury home buyers. According to the survey, 13% of respondents said they’re ready to buy a luxury home and another 26% are considering a high-end home purchase.  

Percentages of surveyed consumers currently considering a luxury home purchase:

• 13% of respondents stated that they are looking to purchase a high-end luxury home;
• 26% said they might be considering a high-end luxury home;
• 61% revealed they are not looking for a high-end luxury home.

Most popular price points at which surveyed consumers stated that luxury housing begins, by U.S. region:

• Northeast (ME, VT, NH, NY, NJ, MA, CT, RI, MD, DE, PA)                           $1 million +
• Pacific (CA, OR, WA, AK, HI)                                                                        $1 million +
• Mountain (MT, ID, WY, CO, UT, NV, AZ, NM)                                               $1 million +
• South Central (AL, MS, TN, AR, LA, TX, OK)                                               $500,000 +
• North Central (KY, OH, IN, IL, MI, WI, MN, IA, NE, KS, ND, SD)                  $500,000 +
• South Atlantic (VA, WV, NC, SC, GA, FL)                                                     $500,000 +

“The luxury home buyer is an important contingent of today’s real estate market, as luxury homes tend to drive trends throughout the entire balance of the marketplace,” said Barbara O’Connor, chief marketing officer at Move, Inc. “We are seeing large portions of buyers throughout the country – from 23% in the Northeast region and 23% in the South Atlantic – eyeing luxury homes.”

“This means sellers, builders, and certainly REALTORS® should all be paying particular attention to desired luxury amenities such as chef-quality kitchens and master suite features to close deals for them.”

Of the survey respondents who are currently looking for a luxury home:

• Most popular reasons high-end buyers started their luxury home search:

• 19% shared that recent career success prompted their home search;
• 17% of luxury home buyers indicated they entered the market because they are newly retired;                        
• 14% indicated that they are entering the market as an investment;
• 12% revealed they have entered the market to buy their first home.

• Biggest challenges of searching for a high-end luxury home:
  • 40% of luxury buyers cited finding a property that meets their family’s needs;
  • 20% shared their biggest challenge is the limited number of properties offered;
  • 11% tout ultra-unique properties with limited universal appeal;      
  • 8% are challenged by gaining access to mortgage loans.

• Most important home features when considering a luxury purchase:
  • 54% of luxury buyers indicated a chef’s kitchen as an important feature;
  • 44% consider the home’s views of oceans, mountains, or cityscapes as significant;
  • 38% responded that the square footage of the property is key attribute;
  • 36% included the presence of an expansive master suite as an important factor.
  • Importance of resale value to those in the market for a luxury home:
    • 35% indicated it is very important;
    • 29% shared it is neither important or unimportant
    • 27% of luxury buyers said resale value is extremely important;
    • Only 8% consider resale value to be unimportant.   

• Regional breakdown of current luxury home buyers:
  • 23% live in South Atlantic (VA, WV, NC, SC, GA, FL);
  • 23% are in the Northeast (ME, VT, NH, NY, NJ, MA, CT, RI, MD, DE, PA);
  • 18% live in North Central (KY, OH, IN, IL, MI, WI, MN, IA, NE, KS, ND, SD);
  • 15% are in the Pacific (CA, OR, WA, AK, HI);
  • 14% live in South Central (AL, MS, TN, AR, LA, TX, OK);
  • 7% selected Mountain (MT, ID, WY, CO, UT, NV, AZ, NM).

Of the survey respondents who are NOT in the market for a luxury home:

• If respondents had an extra million dollars to invest in a home, they would use it in the following ways:
  • 28% would sell their current home and purchase a new home;
  • 23% would keep their current home and purchase either a new or vacation home;
  • 14% indicated they would purchase several homes;
  • 14% would purchase their first home.          

• If respondents were in the market for a luxury home, they indicated the following priorities for their property search would be:
  • 55% of respondents desired a view;
  • 45% fancied an chef’s kitchen;
  • 32% indicated an outdoor living area (outdoor kitchen, living room, fire pit, bar) would be key;
  • 29% wished for a luxury pool (infinity, grotto, water slide) as imperative.
  • If these respondents were in the market for a luxury home, their most desirable locales for purchase would be:
    • 37% would buy a waterfront property;
    • 19% would like a countryside property;
    • 14% would choose a mountainside property;
    • 13% desire a suburban property.

• The respondents not currently in the market for a luxury home indicated that their top stylistic preferences would be:
  • 13% would want a traditional home;
  • 13% would prefer a contemporary home;
  • 11% would select a coastal home;
  • 11% would choose a modern home.

Realtor.com® surveyed more than 1,500 site visitors. – read original –

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Bill Salvatore is a member of Heroes Home Advantage, a cash back program for Real Estate buyers and sellers. The program honors Veterans and Active Military Members, Fire Fighters and First Responders, EMTs and Emergency Medical Personnel, Nurses, and Teachers. Through the Heroes Home Advantage program, Realtors give a portion of their commission back to the hero in the form of assistance with closing costs.

Bill is also President of the Phoenix Chapter of VAREP, Veterans Association of Real Estate Professionals. VAREP is focused on education and employment, making real estate transactions smoother and easier for Veterans and Military Personnel, and instructing other real estate related professionals in the best procedures for dealing with these transactions. VAREP is a nationwide non-profit association with an impressive presence in the Phoenix area.

In founding AZVHV, Arizona Veterans Helping Veterans, Bill has spread his dedication to Veterans and Military throughout the real estate industry. An increasing number of local professionals have joined Bill in offering discounts to these heroes, not only when buying or selling a home but in all aspects of homeownership. AZVHV has developed a wide range of services and is gaining momentum every year. Membership is free. Bill’s only requirements are that businesses be legitimate and willing to offer a discount on their services to Veterans and Military Members.

You can contact Bill at Realty Executives East Valley, 1166 E Warner Rd. Suite 117, Gilbert AZ, 85296. Direct Phone: 602-999-0952. E-Mail: golfarizona@cox.net. Web site and blog: www.yourValleyProperty.com.