A recent survey conducted by realtor.com has found that a growing number of home buyers are interested in purchasing a luxury home. While the reasons for this trend toward luxury homeownership are varied, the items that buyers want to see in luxury homes is pretty consistent around the country.
According to those who were surveyed, a home needs to be priced at $1 million or more to be considered a “luxury” home in Massachusetts. When it comes to a home within this price point, 55% of those who are interested in buying a luxury home expect a home with a great view. Meanwhile, 45% expect the home to offer a chef’s kitchen, while 32% are looking for a home with an outdoor living area. 29% are interested in a home with a luxury pool. Respondents were also quite clear about where they wanted to live, with 37% interested in waterfront property, 19% looking for a countryside home, 14% interested in mountainside property and 13% wanting a suburban home.
Among those surveyed, a total of 13% said they were currently in the market for a high-end luxury home. 26% of respondents said they were considering a high-end luxury home, while 61% were not in the market at all. Of those who were in the market for a luxury home, the most popular reason for the home search was because of recent career success, with 19% listing this as their reason for looking for a luxury home. 17% of respondents were recently retired, while 14% were interested in purchasing the property as an investment. Meanwhile, 12% said they were in the market to purchase their first home.
Of those who were currently in the market for a luxury home, 23% lived in the Northeast region. This region includes Massachusetts as well as Maine, Vermont, New Hampshire, New York, Connecticut, Rhode Island, Maryland, Delaware and Pennsylvania. The Northeast region tied with the South Atlantic region as the most popular choices for those who were interested in making a luxury home purchase.
Among those who are interested in purchasing a luxury home, 40% reported that they biggest problem was finding a property that suits the needs of their family. 20% felt there were not enough properties to choose from, while 11% said the properties lacked universal appeal and 8% said they were having trouble obtaining a loan.