Last Updated on February 10, 2023 by
America’s richest buyers are busy bidding at auction. INDIANAPOLIS, IN – While most home sellers on the national real estate market struggle to find willing buyers. Sellers of luxury homes find an enthusiastic audience at auctions.
Luxury homes are the fastest growing segment of the real estate market in the United States. Even as the rest of the housing market is in a recession and heading into rougher territory, the luxury housing market is vibrant.
However, a strong market for luxury properties does not guarantee overnight success for sellers of million dollar homes. The number of homes priced over 1 million or more in the United States is approaching 500,000. With the highest concentration of luxury real estate in Massachusetts, Florida, the US Virgin Islands and California.
Selling a luxury property can often be a long and expensive process. Knowing your buyer and creating a unique selling proposition for your property can shorten the sales cycle and reduce expenses significantly. That is why real estate auctions conducted by a professional and knowledgeable auctioneer are becoming the preferred method among sellers of luxury homes.
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Winning bidders at luxury home auctions pay cash.
And exactly who are these luxury home buyers. Let’s take a look: First of all, they can be recognized by their economic influence. A third are cash buyers, who are unaffected by interest rates or fluctuations in the economy. Of those who use a mortgage, nearly half made a down payment of 50% or more. And despite paying a high price for their home, 40% will spend more money on major home renovations.
These buyers can afford multi-million dollar homes for a reason; they are the best negotiators in the real estate market. When it comes to trading style, 62% provide minimal disclosure by playing “close up”, while 24% “play hard”, and only 13% say “money is not an issue.” The auction method for selling real estate levels the playing field, resulting in a fair sale price and terms that are acceptable to both buyer and seller.
Most luxury home buyers are “Baby Boomers.”
How would you recognize a luxury home buyer on the street? Good to start
Two-thirds belong to the baby boom generation (ages 43-67), but many don’t buy their first luxury home until they reach retirement at age 60. They are almost always married and two-thirds is “new money” as opposed to inherited wealth.
For one occupation, the vast majority refer to themselves as executives of large corporations, closely followed by entrepreneurs who own their own business. It is completed by doctors, lawyers, inventors, professional athletes, stockbroker, actor and musician. One in three buyers will come from more than 500 miles away.
Luxury home buyers spend more time at home.
Entertaining in style is very important to this group of buyers. They want party rooms for their children, as well as outdoor living rooms with fully equipped kitchens, grills, and fireplaces. State-of-the-art multimedia rooms and sports bars where they and their missions can cheer on their favorite teams.
READ MORE: What to Look For When Choosing the Right Luxury Home For Your Family
Having the energy for all this entertainment requires a good physical condition, so it is necessary to have a large space to exercise; Multiple exercise rooms, indoor lap pools, and indoor basketball and tennis courts are requested.
While fun and fitness are important, luxury home buyers are also practical, looking for spaces to reflect this sensitivity. His and hers office space, computer workstations located in the kitchen. Even the laundry room is more significant; Doing double duty as a second pantry, storage area away from prying eyes or gift wrapping center. And the whole package must be wrapped in security, which is the top priority. A luxury property should have color video / audio cameras that can be viewed from any television as well as the Internet. Buyers want panic buttons and bulletproof safe rooms and, of course, safes for valuables and important documents. http://agence.marketing-chine.com/
