Just WHO buys "luxury" homes? Yes I Ken tell you, thanks to a great recent study! The Luxury Home Council released The 2007 Membership Survey of Luxury Housing Market Trends. The survey's findings: (To see the full report, go to http://www.luxuryhomecouncil.com.)
-Occupations: entrepreneur (51%), large business executive (46%) and medical doctor (24%).
-The largest percentage of luxury home buyers is in the 40-50 age group (48%), then the 50-65 age group (44%). They are the "Baby Boomer" group: 78 million strong of the US population.
-The typical luxury home buyer makes a cash downpayment of over a third of the purchase price. Compare this to the median amount financed by all buyers in 2006: 91% of the purchase price.
-The greatest majority of luxury home buyers in the market today are of "new money," meaning that they are not merely enjoying the cash of past relatives/they have made the money themselves.
-Luxury home buyers on average want homes with at least 3,500-4,000 square feet, 4-5 bedrooms/3-4 bathrooms.
-The average listing price of a luxury home is almost $900,000 - more than four times the median price of all homes sold in the US as of Mid-May 2007: $212,300.
So, if you have the luxury, go buy luxury! Say "Yes I Ken!" There are great homes across the US just waiting for you. We have many right here in the DC area. Call me for input or assistance! I have a stunning one with a Washington Monument view coming on the market very soon!
Ken
Ken Courtade, Yes I Ken!, ABR, GRI, CRS, Keller Williams, Arlington, VA, Northern VA, DC, MD
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