According to a recent
"The luxury homebuyer 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
Reasons to upgrade
Realtor.com also asked respondents why they wanted to upgrade to a luxury home. A recent career advancement was the most cited reason, at 19 percent. Not far behind at 17 percent were the luxury property buyers who were newly retired, followed by 14 percent who wanted to make an investment and 12 percent who were first-time home buyers.
What counts as a luxury home?
If one is considering a high-end new home purchase, they likely know that the price tag requires more extensive financing. However, what one regards as a luxury property may differ from other home buyers. Based on regional variations, Realtor.com discerned what respondents considered a high-end price tag. Respondents from the South Atlantic, North Central and South Central regions said a luxury home cost
Chef's kitchen (54 percent)
Views of oceans, mountains or cityscapes (44 percent)
Square footage (38 percent)
Expansive master suite (36 percent)
The importance of securing financing
When these features are combined with the average luxury price of a county, which can vary greatly, the parameters of luxury homes are much different between locations. However, what remains constant is the need for an appropriate home loan. Of the respondents looking to trade up, 8 percent said access to a mortgage loan was a key challenge for purchasing a luxury property.
If prospective homebuyers want to take some of the hassle out of purchasing a high-end home, contact
Read the full story at http://www.prweb.com/releases/2014/05/prweb11839645.htm
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