- Despite the ongoing pandemic, the luxury market has seen one of its strongest years since 2008.
- This unexpected surge is largely attributed to buyers wanting homes with more space and high-end features, as well as record-low mortgage rates.
- Thinking about upgrading to a luxury home during 2021? Contact Linda Craft & Team to get started!
Here’s Why the Triangle’s Luxury Market Is Better Than Ever
As more potential buyers continue to identify their changing needs this year, some are thinking about upgrading to a new home with additional features and space. Believe it or not, the Triangle’s luxury market has seen one of its best years since 2008, and this success is expected to flourish into 2021.
Thinking about buying a high-end home this year? Here’s what you need to know before making a move.
More and more buyers are investing in high-dollar real estate
The ongoing pandemic stretched the traditional definition of “home” in more ways than one. Almost overnight, our homes became the place where we lived, worked, played, exercised, and studied—and some current owners are looking for more room to accommodate these long-lasting lifestyle changes.
A combination of low interest rates and high buyer demand allowed many homeowners to sell their properties and move up to a higher price point. And because purchasing power is higher than ever before, you might be able to afford a more expensive home than you expect.
High-end suburban areas will see the biggest increases during 2021
COVID-19 ushered in a mass exodus to the suburbs, especially as more and more people began working from home for the foreseeable future. In turn, affluent communities throughout the Triangle continued to grow—and this trend will likely continue well after the pandemic.
Some high-end buyers have even purchased second homes in the suburbs for additional space and privacy. Second homes—particularly in more popular communities—can also serve as a fantastic long-term investment.
Buyers and sellers are more active in the luxury market
Even if you aren’t thinking about moving soon, you’ve probably heard that housing supply in the Triangle has reached an all-time low. However, this isn’t the case for the luxury market. Over the last few months, we’ve seen a steady increase in new high-end listings, which makes it easier to find a home that suits your needs.
Thinking about selling a luxury home? There’s never been a better time to list and maximize your equity! And if you’re looking for a top-notch agent to help you every step of the way, Linda Craft & Team are here to help.
Buy or Sell a Luxury Home with Confidence
Whether you’re thinking about upgrading to a larger home or selling your luxury property, you can trust Linda Craft & Team’s 350+ years of experience. Give us a call at 919-235-0007 to start achieving your real estate goals.
Want to know how much your luxury home is worth? Request a free valuation to find out!