AriZona Real Estate insider!

So you want today’s luxury home buyer to consider your property or make a strong offer then you must have a chef’s kitchen, luxury pool, & outdoor living because that’s on top of today’s Luxury Home buyers wish lists!

Realtor.Com did a survey about Today’s Luxury Home Buyers Wants, Needs, Price, and the features they are looking for in their next Luxury Home Purchase.  I love these types of surveys because it really lets you in on what the buyer is thinking and wants.

In Arizona the Luxury Home Buyers consider the outdoor living & Amenities the #1 priority, a Chefs kitchen #2.

Do not hesitate to call/text 480.458.8007 or email LavishPadBoutique@gmail.com if you are considering buying a Luxury Home in the Phoenix area.  Check out our Arizona Luxury Home Buyers Guide.

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 +

READ THE FULL ARTICLE: Realtor.com® Survey: 13% of Consumers Ready to Buy a Luxury Home

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.

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