Synopsis: Luxury Consumer Survey

luxury montecito home

In Montecito, luxury lifestyle is built right in.

Realtor.com has released the results of their most recent survey of luxury home buyers, reporting on purchase motivations, amenity priorities and expectations. The numbers are encouraging, with 13% of home buyers looking to buy a luxury home and 26% considering a high-end luxury home. In the niche markets of Santa Barbara and Montecito, properties priced over $1M are considered luxury properties. The report also states that with such a large portion of homebuyers searching for high-end homes, trends in the entire market are being driven by the luxury sector.

A number of factors are motivating luxury homebuyers to make a move, chief among them being recent career success (19%) followed by retirement (17%). Investment and first time home buying were also catalysts to entering the housing market. Challenges homebuyers reported when shopping for a high end home were expected. Challenges included finding a property to meet family needs (40%), a limited inventory (20%) and access to mortgage loans (8%).

Buyers were also questioned on the most desirable amenities and what was the most important features of a home. Chef’s kitchens were the most desirable with 54% of homebuyers listing a fabulous kitchen as their top priority. That million dollar view! Second on the list of desired features was a beautiful view (44%) particularly of an ocean, the mountains or cityscapes. Size also matters. Square footage (38%) and a large master suite (36%) also made the list. Resale value was also taken into consideration with 36% of buyers indicating resale value as “very important” and 27% feeling resale value was “extremely important.”

For a further breakdown of luxury home buyers and information on homebuyers not looking for luxury real estate, view the full Realtor.com report.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s