The personal luxury market is forever changing with trends that show increasing consumer demands for things like personalizing, accessibility and secure service when buying luxury goods. These consumer requests can transform into the luxury real estate market where we can equate these needs in how and what they are looking to purchase in particular. Here is a closer look at these demands and how it pertains to behavior in the luxury real estate market.
When talking about real estate, accessibility can really parlay into two different things. The first has to do more with digital technology and the “ease” of obtaining what they need specific to the purchase of a sale. In other words can clients text their agents easily for communication or book appointments easily online? Can they search easily for luxury listings that fit their criteria? This type of access to information and scheduling ranks high of importance. Secondly, accessibility can also mean proximity with regard to where they want to live. Today’s luxury buyer is prioritizing living near amenities of interest such as gyms, restaurants and places of employment.
As more and more business is conducted online these days, data security has become increasingly important. Particularly with the affluent buyer, not only do they share the same concern for data security as everyone else, but they also tend to value discretion even more so. These clients will be looking to conduct business with individuals that employ the tools that practice safe processes.
Historically luxury has been relative to objects such as cars or jewelry. Nowadays that has taken a shift to where affluent individuals are seeking luxury purchases to display more of their identity like in the way they think and what they care about. We can see how this shift has been evident with the affluent millennial buyer. These individuals are more focused on quality “per square foot” and how it improves their lifestyle. In other words a home’s finishes, amenities and location can be of higher value than its size. When purchasing a home it is more about the big picture of both what and where the home is together that forms a great lifestyle.
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