As travel restrictions continue to ease, more domestic and international buyers are beginning to analyze their options in a changing world. One segment of the market that is likely to see a lot of activity is the luxury housing sector. In particular, the vacation home market is projected to continue growing exponentially. Given the new work-from home economy, many of these vacation home buyers are opting to stay in these residences for extended periods of time as compared to before the pandemic.
The millennial push
Millennial buyers will continue to be a dominant force in the housing market for the foreseeable future. Interestingly, many of these millennials have delayed a home purchase until their 30’s. In doing so, many have been skipping the entry level home and instead moving into step-up homes. In some cases, some of these millennial buyers have even been purchasing homes in the million dollars-plus range. Overall, millennials tend to prefer less flashy and less opulent designs for their luxury homes. However, these buyers place a premium on technology and smart-home amenities. Not surprisingly, with more time being spent at home, an emphasis on lifestyle continues to be placed in all home searches.
In summary, the pandemic has certainly fueled the vacation home market. In many cases, these vacation homes are becoming extended stays for many of these buyers. In South Florida, we are seeing an increase in the length of stays in these seasonal or vacation homes. Moving forward, we expect to see continual strong demand in the luxury and vacation home market throughout South Florida.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!