At the beginning of every year, there are new trends, styles, and designs that make their way to the forefront of popular taste. In the real estate industry, luxury real estate is usually the first to test out new trends and designs before the traditional market. Whatever doesn't make a name in the luxury real estate will probably not get into the traditional real estate market either.
The average cost of getting a luxury home increased with about 4.7 percent in the last quarter of the previous year, but the trends and features associated with such homes remained the same. This year expect an increase in the cost of buying a luxury home, but these homes come with more sophisticated trends and features. Most of these features are deemed a necessity and no longer exclusive to luxury homes.
Technology has come to stay in luxury homes because millennials are the ones dominating the luxury real estate market. In 2019, expect technology as one of the essential features in every luxury home. Smart apps, cameras, remotely controlled gadgets, etc. are all necessary items every luxury home should have in today’s market.
Privacy is a feature that is non-negotiable especially among celebrities and high net worth individuals. You pay a higher price to get a home that keeps neighbors and prying eyes away. Your home is your abode, and you should be able to wind down without being worried about anyone walking to your front door unannounced. Individuals who own luxury homes want privacy with aesthetically designed gates, hedges, and walls.
A pool is an essential package that comes with owning a luxury home, but homeowners do not want pools that take up most of the backyard space. The trend for this year are pools that look like glorified Jacuzzi pools that should serve a purpose. A pool is essential, but it should be smaller.
Upscale Design Bathrooms
Luxury homes for this year would incorporate spa-like bathrooms with floor-to-ceiling windows that would allow homeowners to have a magnificent view of their surroundings. Gazing out your window at the picturesque view outside while having a bath or shower is soothing. The expansive windows would allow natural light in and allow for natural ventilation.
Security like privacy is non-negotiable. Most luxury homes come with remotely controlled gadgets like lights, pools, fireplace, air conditions, security cameras, window blinds, televisions, etc. all controlled from your iPad or phone. There are also safes in these homes that are smart technology for keeping valuables and unlocks the same way you open your phone.
What is trendy will change throughout the year, but it always promises quality to the luxury real estate market.
The Internet has changed the way you shop, but it has also changed the way retailers market their goods. No longer do families travel downtown on a Saturday afternoon to do their summer or back-to-school shopping. Nor is the mall the ultimate location to find all the current fashion and hang out at the food court. What was trending last week is now so-last-week. To understand the shift in the retail markets you need to know how people are shopping today and who is doing the purchasing.
Generation Z is too big to ignore
The buying powerhouse in the United States has now shifted from what was the largest consumer base, the baby boomers, to Generation Z. Their buying dollar estimates are in the billions, and they are an educated group with definiteness of purpose. They possess a comfort level with technology that no generation before has. Since birth, they have had access to an ever-changing landscape of innovation and groundbreaking advancements in almost every segment of their lives. This ever-evolving environment has them expecting change and developing and adapting skills to navigate their lives. When you want to get their attention, you will need to think less about branding your product and more about this generation as individuals.
Tied to technology but living in reality
This generation Z lives both online and offline and sorts through massive amounts of information continually. They are making choices on how to spend their time, who to spend time with and what to purchase, all at lightning speeds. So, you may wonder, how does a retailer get information to them about a product or service? They need to be on point. Generation Z appreciates the bottom line about what your product does, and they will decide if they are interested. Trying to convince them or, if they think you are working too hard to sell them; that is a turn-off. Besides, generally, they want to support companies with quality products that also promote a cause or give back in some way. They are globally-minded and take up for humanitarian and other causes with passion and commitment.
Word-of-mouth or Instagram?
Social media and its many platforms have created a massive impact on how Generation Z spends its money and how they pass the word along about products and companies. The trending influencers can cause ripples across a market within hours. The marketing world has changed are you prepared to serve this new powerhouse of consumers?
This week try to see how often you use your mobile devices to be a consumer. If you're in the housing market, seek out a real estate professional with a mobile presence to promote to young buyers.
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Why are you selling?
It is your investment, and you can do whatever you want with your house, but it’s helpful to scrutinize your reasons for wanting to sell. You might feel that your new station in life warrants a bigger home in a Beverly Hills-type neighborhood. However, will you be able to keep up with the mortgage for such a house? Some sell because they need a fresh start after a break-up or have got a job in another state.
If prevailing market conditions are unfavorable and you don’t have to sell immediately, wait another year or two.
Will I get the right price?
Ask yourself, if you were to sell today, would you at least break even on your investment? That is, will you be able to pay off the outstanding balance of your mortgage with the proceeds from the sale? If your answer is no, it might be best to wait until the prices climb a little.
To get an idea of what the current going price of your house is, try and find out the sale prices for similar properties in your neighborhood. However, first, contact your lender to get an accurate picture of your outstanding balance.
Is it the right time for you to sell?
The real estate market is a volatile one. The beginning of last year was a good time to put your home on the market as prices had risen, occasioned by high demand. During the second half of the year, however, there was a slow-down in that rise thanks to ballooning interest rates on mortgages. So should you sell this year?
The rising interest rates will discourage folks from making new applications, but the fact remains, housing is in short supply across the country. So people are still in the market for homes now. Moreover, while interest rates are rising, they are still relatively low. You may as well take a chance on the present than speculate on the uncertain future.
What’s the condition of your house?
To fetch the best price in the market, you need to sell your house in tip-top condition. That means investing in extensive renovations depending on its current state. You might have to replace a raft of broken tiles, redo the flooring or begin weeding out the garden.
Ask for a statement of your house loan from your lender if you’re seriously contemplating flipping your house.