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What Luxury Home Buyers Want

By Mike Wheatley | April 28, 2014

The two amenities luxury home shoppers want the most are a chef’s kitchen and a sprawling views, particularly of oceans, mountains, or cityscapes, according to a new survey by realtor.com.

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photo credit: Photo Dean via photopin cc

Fifty-four percent of luxury home buyers voted for the chef's kitchen, while 44 percent flagged the views. Thirty-eight percent also say the square footage of the property is a key attribute, and 36 percent say having an expansive master suite is important.

“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,” says Barbara O’Connor, chief marketing officer at Move Inc., which operates realtor.com.

“We are seeing large portions of buyers throughout the country — from 23 percent in the Northeast region and 23 percent 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.”

Forty percent of luxury buyers say the biggest challenge in searching for a high-end luxury home is to find a property that meets their family’s needs; 20 percent say it’s limited number of properties offered.

What’s prompted their search for a luxury home? The realtor.com survey found that 19 percent of luxury home shoppers say a recent success in their career has prompted their home search, while 17 percent say they entered the market because they’re newly retired.

Other popular motivations for a luxury home: 14 percent say they are entering the luxury market as an investment, and 12 percent say they have entered the market to purchase their first home.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
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