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The Luxury Market Is Attracting Buyers in 2021

The Luxury Market Is Attracting Buyers in 2021 | Simplifying The Market

As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares:

“In a snapshot of 2020, despite the devasting effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”

With more opportunities to work from home and a growing interest in having extra space for things like virtual school, working out, and cooking more meals, the desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points or even expand their real estate portfolios. The ILHM report continues to say:

“Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.

For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”

If you’re interested in buying a home this year, it appears that some higher-priced markets may have more homes to choose from than those at lower price points. Javier Vivas, Director of Economic Research at realtor.com, notes:

“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”

Bottom Line

If you’re hoping to buy the home of your dreams, this could be the year to achieve that goal. Let’s connect today to explore your possibilities.


Source: KMC

Posted in: For Buyers, Housing Market Updates, Interest Rates, Luxury Market, Move-Up Buyers Tagged: Real Estate

© Margo Borkin Real Estate 2010

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Margo Borkin Real Estate
13 hours ago
Margo Borkin Real Estate
It's the question every homeowner asks at one point or another: Should I sell or should I remodel? Here are a few questions to ask as you make the king-size decision.⁣
⁣
First up, Team Remodeling: ⁣
• Do I love my current home's location? ⁣
• Do I have space (inside and out) for an addition?⁣
• Will remodeling address my biggest concerns about my home? ⁣
• Do I have a place to temporarily move during the remodel (or the patience of a saint to live in an "under construction" house)?⁣
A YES to most of the above means remodeling is probably in your future.⁣
⁣
Next up, Team Time-to-Move:⁣
• Do you anticipate needing more space than a remodel can provide in the next 5 years? (more bedrooms, bathrooms, etc.)⁣
• Will remodeling put your home above neighborhood value?⁣
• Would you prefer a home that's closer to your everyday places (work, school, shopping) or do you desire a different school district or a larger lot?⁣

Resonate with these questions? Find a realtor and at the very least, take a look at what's on the market. Sometimes moving in one direction is just what you need to clarify your thinking.⁣
⁣
Whether you're leaning towards remodeling or moving, send me a message. I'd love to do a quick analysis on your neighborhood and give you the stats you need to go along with your intuition!

#oaklandcountymichigan #oaklandcountyrealestate #oaklandcountymi #oaklandcounty
#realestateexperts⁠
#iloverealestate⁠
#realestatexpert⁠
#realtorslife⁠
#realestateforsale⁠
#sellinghouses⁠
#realestateagent⁠
#realtorsofinstagram⁠
#realtorsofig⁠
#realestatelife⁠
#realtorsofinsta⁠
#instarealestate⁠
#realtorstyle⁠
#realestateblogger⁠
#realestateblog
... See MoreSee Less
Its the question every homeowner asks at one point or another: Should I sell or should I remodel? Here are a few questions to ask as you make the king-size decision.⁣
⁣
First up, Team Remodeling: ⁣
• Do I love my current homes location? ⁣
• Do I have space (inside and out) for an addition?⁣
• Will remodeling address my biggest concerns about my home? ⁣
• Do I have a place to temporarily move during the remodel (or the patience of a saint to live in an under construction house)?⁣
A YES to most of the above means remodeling is probably in your future.⁣
⁣
Next up, Team Time-to-Move:⁣
• Do you anticipate needing more space than a remodel can provide in the next 5 years? (more bedrooms, bathrooms, etc.)⁣
• Will remodeling put your home above neighborhood value?⁣
• Would you prefer a home thats closer to your everyday places (work, school, shopping) or do you desire a different school district or a larger lot?⁣

Resonate with these questions? Find a realtor and at the very least, take a look at whats on the market. Sometimes moving in one direction is just what you need to clarify your thinking.⁣
⁣
Whether youre leaning towards remodeling or moving, send me a message. Id love to do a quick analysis on your neighborhood and give you the stats you need to go along with your intuition!  

#oaklandcountymichigan #oaklandcountyrealestate #oaklandcountymi #oaklandcounty
#realestateexperts⁠
#iloverealestate⁠
#realestatexpert⁠
#realtorslife⁠
#realestateforsale⁠
#sellinghouses⁠
#realestateagent⁠
#realtorsofinstagram⁠
#realtorsofig⁠
#realestatelife⁠
#realtorsofinsta⁠
#instarealestate⁠
#realtorstyle⁠
#realestateblogger⁠
#realestateblog
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Margo Borkin Real Estate
1 day ago
Margo Borkin Real Estate
Our next FAF (Frequently Asked Friday) is often a source of confusion when buying a home. Let me clear it up once and for all!⁣
⁣
Q: Can you show me any house on the market or only the ones you have listed?⁣
⁣
A: Any licensed real estate agent (that’s me!) can show any home that’s listed for sale in the Multiple Listing Service (MLS)—not just the ones they have listed. ⁣We can also arrange showings with for sale by owner properties, and even "pocket listings" that may not be fully on the market yet.
⁣
So while you’ll see an agent’s name and brokerage firm on the listing, that agent isn’t the only one who can show the home. (In fact, it’s advantageous NOT to use the listing agent. As a buyer, you need a dedicated advocate all your own. Not one already looking out for the seller.)⁣
⁣
See a home you like and want to schedule a showing? Stop thinking about it and get inside it—send me a message and let’s go check it out!⁣
... See MoreSee Less
Our next FAF (Frequently Asked Friday) is often a source of confusion when buying a home. Let me clear it up once and for all!⁣
 ⁣
Q: Can you show me any house on the market or only the ones you have listed?⁣
 ⁣
A: Any licensed real estate agent (that’s me!) can show any home that’s listed for sale in the Multiple Listing Service (MLS)—not just the ones they have listed. ⁣We can also arrange showings with for sale by owner properties, and even pocket listings that may not be fully on the market yet. 
 ⁣
So while you’ll see an agent’s name and brokerage firm on the listing, that agent isn’t the only one who can show the home. (In fact, it’s advantageous NOT to use the listing agent. As a buyer, you need a dedicated advocate all your own. Not one already looking out for the seller.)⁣
 ⁣
See a home you like and want to schedule a showing? Stop thinking about it and get inside it—send me a message and let’s go check it out!⁣
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Margo Borkin Real Estate
2 days ago
Margo Borkin Real Estate
Don't ask me how to pronounce them though 🤣
⁣
1. Arabesque: a decorative pattern with overlaid flowers, foliage, fruits, or scrolls. ⁣
2. Bolster: a cylindrical-shaped pillow.⁣
3. Hygge (pronounced ‘hoo-guh’): a word that describes a feeling of coziness and a sense of contentment or well-being.⁣
4. Etagere: a freestanding or hanging set of open shelves designed for decorative objects.⁣
5. Settee: an upholstered piece of furniture long enough to seat two people.⁣
6. Wainscoting: Interior wall paneling that covers the lower part of a wall.⁣
7. Kelvin: the unit of measurement that relates to the color of a light source. The higher the number, the closer the shade is to sunlight.⁣
8. Feng shui: A method of Chinese design based around energy forces. It's intended to bring homeowners in harmony with their environment.⁣
⁣
This should give you a leg up when working with a designer. But remember, it’s ALWAYS right to ask if you aren’t sure what something means. It’s your home, and you deserve to not only understand but to love where your designer is heading!⁣
... See MoreSee Less
Dont ask me how to pronounce them though 🤣
⁣
1. Arabesque: a decorative pattern with overlaid flowers, foliage, fruits, or scrolls. ⁣
2. Bolster: a cylindrical-shaped pillow.⁣
3. Hygge (pronounced ‘hoo-guh’): a word that describes a feeling of coziness and a sense of contentment or well-being.⁣
4. Etagere: a freestanding or hanging set of open shelves designed for decorative objects.⁣
5. Settee: an upholstered piece of furniture long enough to seat two people.⁣
6. Wainscoting: Interior wall paneling that covers the lower part of a wall.⁣
7. Kelvin: the unit of measurement that relates to the color of a light source. The higher the number, the closer the shade is to sunlight.⁣
8. Feng shui: A method of Chinese design based around energy forces. Its intended to bring homeowners in harmony with their environment.⁣
⁣
This should give you a leg up when working with a designer. But remember, it’s ALWAYS right to ask if you aren’t sure what something means. It’s your home, and you deserve to not only understand but to love where your designer is heading!⁣
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