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Survey of Luxury Housing Market trends

New article here on buyers trends in the 2007 Luxury home market. This is a must read for both agents dealing in luxury homes as well as consumers who are in the market today. dealing with a Luxury home purchaser in very different and unique as when compared to buyers in the normal price ranges. I hope all readers find the information useful. As always I'm here to help chrishill@remax.net

2007 Survey of Luxury Housing Market Trends Released

(PRWEB) The Luxury Home Council today released the results of The 2007 Membership Survey of Luxury Housing Market Trends. The survey's findings provide revealing insight into the trends of the luxury home market. Highlights from the report include:

The largest percentage of luxury home buyers falls into the 40-50 age group (48%) followed closely by the 50-65 age group (44%). These affluent buyers are what marketing experts describe as the "Baby Boomer" market, a 78 million strong segment of the population that has reached its peak earning years and is now benefiting from a rising stock market and historically high home prices.
The most common occupation of luxury home buyers is that of an entrepreneur (51%), followed by large business executive (46%) or medical doctor (24%).
The number one service affluent home buyers are interested in receiving from their luxury home specialist is help in finding a home (86%) followed by help in managing the transaction (56%) and expert counsel during a negation (43%).
The typical luxury home buyer makes a large cash investment in their home purchase amounting to over a third of the overall purchase price. In many metro markets this would exceed a quarter of a million dollars. This compares to the median amount financed by all buyers in 2006 of 91% of the purchase price.
The average luxury home buyer spends 11 weeks looking for a home and views 12 homes.
Luxury home buyers on average search for homes consisting of at least 3,500-4,000 square feet, with 4-5 bedrooms and 3-4 bathrooms.
When selecting a home to purchase luxury home buyers often search for a home that will provide a lifestyle, not just a place to live. The most popular amenities include gourmet kitchens (95%), master bedroom suites (86%), specialty construction items (66%), high end appliance packages (64%), home office suites (58%) and home theater rooms (55%).
By far the vast majority of luxury home buyers active in the market today are best described as "new money". This means that they are not merely living off the successes of past generations. This data is further supported by a report from research firm TNS which reports that the number of millionaires in the US has reached an all time high of 9.3 million households as of mid-2006.
The average listing price for luxury homes is nearly $900,000 dollars, or over four times more than the median price of all US Homes as of May 15, 2007 ($212,300).

To view the complete report visit http://www.luxuryhomecouncil.com/.

Provided by http://qrealestatepro.com/

Relocating to Mercer County ?

If you are Relocating to the Greater Mercer County Area, are looking for Homes for Sale in Mercer County and need help from a Professional Realtor, give me a call. Serving Robbinsville, West Windsor, Washington Twp., Hamilton in Mercer County. Along with Mercerville, Yardville , Hightstown East Windsor, Ewing twp .,Princeton Jct., also In Mercer. Millstone, Upper freehold, Allentown and the surrounding Monmouth County communities. In Burlington County towns such as Chesterfield, Mansfield, Bordentown Twp and City and the other near by communities.

I can be contacted thru 24 Hour Voice -Mail at 609-587-9300 x 318 or email at chrishill@remax.net , www.RobbinsvilleRealEstate.net/ar cell 609-575-6323

Posted by T. Christopher Hill on 06/08/2007 01:33 PM

Comments (4)

luxury homes, mercer county homes for sale, chris hill homes

4 Comments on Survey of Luxury Housing Market trends

JUN

2007

Thank you for posting this!

Great report and great data! 5 stars! As a luxury home owner (8000 sq ft., 8 bedrooms, 6 baths) I will say was very displeased with much of the service we received from the people we dealt with. I wanted a mortgage on the home and did not want to use a friend in the business because my secrets are my secrets! So I went to SouthTrust bank ... now Wachovia. It was obvious they were highly confused by my owning and operating so many companies. They wanted to go "stated" so they didn't have to wade through hundreds of pages of income and assets and multiple bank statements - so they wanted me to go stated and pay almost .5% more in interest! Then there was the "agent" who the builder required to coordinate the process. She was lost. From representatives of both companies I received service below what we give all of our clients. It is for this reason I usually originate most of the applications we receive for financing on properties $1,000,000 and up come to my desk at least at first. I can identify with the buyers, their busy schedules, their stacks of documentation and multiple streams of income. I was amazed when our new home was being built at the number of people who toured it and started the conversation by asking, "How much are the payments on a home like this?" That is a fragile question. You do not want to judge a book by the cover but by the same token you are thinking, "If you have to ask the answer is not relevant to your situation!" I said all this in my reply because your report is excellent and I would like to encourage your readers to have a full understanding of the types of buyers they may encounter when showing luxury properties.

JUN

2007

Very informative! Thanks.

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OCT

2007

With the current Real Estate market at a virtual stand still, many realtors have had to find fresh and innovative ideas for marketing themselves and for marketing their listings. I have worked on my website and posted blogs about real estate in order to drive up my name and recognition online. It wasn’t until about a month ago, when I was talking with fellow realtors, that I heard about Realty Video USA and learned about real estate video. TO be honest, I felt a bit naive about the topic. I just kept thinking “virtual tour.” I quickly learned that I was thinking wrong. This company has truly tapped into the next and best phase of Real Estate video marketing and is the big time video provider for all the major luxury home sites out there. This company, Realty Video USA, is doing what I haven’t been able to do for months- GET PROPERTIES SOLD! If you haven’t already heard about this amazing video marketing firm, you have to check out their website. I’ll be honest, at first I thought the price was a little steep- but I’d rather pay a small portion of my comission for solid, successful and top of the line marketing tool that gets results. I started to add up all the money I spend for printing and mailing out community flyers or my monthly fees for those fuzzy, lackluster virtual tours and I realized that for the the same price, I could get a quality, luxury real estate video tour, hassle free!! Fellow realtor, check them out! They’re all over the internet and in all the major luxury homes magazines.

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