SAN JOSE, Calif., April 24, 2014 /PRNewswire/ -- Nationally,
13 percent of surveyed consumers are ready to buy a luxury home and
another 26 percent are considering a high-end home purchase,
according to the Luxury Homebuyer Survey conducted by realtor.com®,
a leader in online real estate operated by Move, Inc. (NASDAQ:
MOVE). Survey data reveals the buying motivations of
transaction-ready consumers and others considering purchase, as
well as provides insight into their preferred luxury property
amenities and resale expectations. Realtor.com® surveyed more than
1,500 visitors to its website from March 17
to April 2.
Percentages of surveyed consumers currently considering a
luxury home purchase:
- 13% of respondents stated that they are looking
to purchase a high-end luxury home;
- 26% said they might be considering a high-end
luxury home;
- 61% revealed they are not looking for a high-end
luxury home.
Most popular price points at which surveyed consumers stated
that luxury housing begins, by U.S. regions:
- Northeast (ME, VT, NH, NY, NJ, MA,
CT, RI, MD, DE, PA)
|
$1 million
+
|
- Pacific (CA, OR, WA, AK,
HI)
|
$1 million
+
|
- Mountain (MT, ID, WY, CO, UT, NV, AZ,
NM)
|
$1 million
+
|
- South Central (AL, MS, TN, AR, LA,
TX, OK)
|
$500,000 +
|
- North Central (KY, OH, IN, IL, MI,
WI, MN, IA, NE, KS, ND, SD)
|
$500,000 +
|
- South Atlantic (VA, WV, NC, SC, GA,
FL)
|
$500,000 +
|
"The luxury homebuyer is an important contingent of today's real
estate market, as luxury homes tend to drive trends throughout the
entire balance of the marketplace," said Barbara O'Connor, chief marketing officer for
Move, Inc. "We are seeing large portions of buyers throughout the
country – from 23 percent in the Northeast region and 23 percent in
the South Atlantic – eyeing luxury homes. This means sellers,
builders, and certainly REALTORS® should all pay particular
attention to desired luxury amenities such as chef-quality kitchens
and master suite features to close deals for them."
Of the survey respondents who are currently looking for a
luxury home:
- Most popular reasons high-end buyers started their luxury
home search:
- 19% said recent career success prompted their
luxury home search;
- 17% entered the market because they recently
retired;
- 14% got into the market as an investment;
and
- 12% entered the market to buy their first
home.
- Biggest challenges of searching for a high-end luxury
home:
- 40% of luxury buyers cited finding a property that
meets their family's needs;
- 20% shared their biggest challenge is the limited
number of properties
offered;
- 11% tout ultra-unique properties with limited
universal appeal; and
- 8% are challenged by gaining access to mortgage
loans.
- Most important home features when considering a luxury
purchase:
- 54% of luxury buyers indicated a chef's kitchen
as an important feature;
- 44% consider the home's views of oceans,
mountains or cityscapes as significant;
- 38% responded that the square footage of the
property is a key attribute; and
- 36% included the presence of an expansive master
suite as an important factor.
- Importance of resale value to those in the market for a
luxury home:
- 35% indicated it is very
important;
- 29% shared it is neither important or
unimportant;
- 27% of luxury buyers said resale value is extremely
important;
and
- 8% consider resale value to be
unimportant.
- Regional breakdown of current luxury home buyers'
locations:
- 23% South Atlantic (VA, WV, NC, SC, GA, FL);
- 23% Northeast (ME, VT, NH, NY, NJ, MA, CT, RI,
MD, DE, PA);
- 18% North Central (KY, OH, IN, IL, MI, WI, MN,
IA, NE, KS, ND, SD);
- 15% Pacific (CA, OR, WA, AK, HI);
- 14% South Central (AL, MS, TN, AR, LA, TX, OK);
and
- 7% Mountain (MT, ID, WY, CO, UT, NV, AZ,
NM).
Of the survey respondents who are NOT in the market for a
luxury home:
- If respondents had an extra million dollars to invest in a
home, they would use it in the following ways:
- 28% would sell their current home and purchase a new
one;
- 23% would keep their current home and purchase either a new
or vacation home;
- 14% would purchase several homes;
and
- 14% would buy their first
home.
- If respondents were in the market for a luxury home, they
indicated the following priorities for their property search would
be:
- 55% desired a
view;
- 45% fancied a chef's kitchen;
- 32% want an outdoor living area (outdoor kitchen, living
room, fire pit, bar); and
- 29% wished for a luxury pool (infinity, grotto, water
slide).
- If these respondents were in the market for a luxury home,
their most desirable locales for purchase would be:
- 37% would buy a waterfront property;
- 19% prefer a countryside property;
- 14% would choose a mountainside property; and
- 13% desire a suburban property.
- The respondents not currently in the market for a luxury
home indicated that their top stylistic preferences would be:
- 13% - a traditional home;
- 13% - a contemporary home;
- 11% - a coastal home; and
- 11% - a modern home.
For complete survey results including: complete amenity
priorities of the luxury buyer, consumer willingness to break
budgets, reasons for current home shopping or perceived
market-by-market ranking for luxury real estate, please contact
Lexie Puckett at 805-557-3151 or
Lexie.Puckett@move.com
Supporting Resources
- Read more about realtor.com®
- Follow @realtordotcom on Twitter
- Like realtor.com® on Facebook
ABOUT realtor.com®
Operated by Move, Inc., (NASDAQ: MOVE), realtor.com® helps
connect people with the content, tools and expertise they need to
find their perfect home. As the official website of the
National Association of REALTORS®, realtor.com® empowers consumers
to make the smartest decisions when it comes to finding a home by
leveraging direct connections with more than 800 MLSs to deliver
the most accurate and up-to-date listing information in
neighborhoods across the country, and by making timely and
meaningful connections between consumers and
REALTORS®. Whether through desktop, mobile, or tablet
versions, realtor.com® is where home happens.
ABOUT MOVE, INC.
Move, Inc. (NASDAQ:MOVE), the leader in online real estate,
operates: realtor.com®, the official website of the National
Association of REALTORS®; Move.com, a leading destination for new
homes and rental listings, moving, home and garden, and home
finance; ListHub™, the leading syndicator of real estate listings;
Moving.com™; SeniorHousingNet; SocialBios; Doorsteps®; TigerLead®;
Top Producer® Systems and FiveStreet. Move, Inc. is based in
San Jose, California.
Forward-Looking Statements
This news release may contain forward-looking statements,
including information about management's view of Move's future
expectations, plans and prospects, within the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. These statements involve known and unknown risks,
uncertainties and other factors, which may cause the results of
Move, its subsidiaries, divisions and concepts to be materially
different from those expressed or implied in such statements. These
risk factors and others are included from time to time in documents
Move files with the Securities and Exchange Commission, including
but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other
unknown or unpredictable factors also could have material adverse
effects on Move's future results. The forward-looking statements
included in this press release are made only as of the date hereof.
Move cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Move
expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances.
SOURCE realtor.com