Many wealthy clients traded in their luxury condos over the past 18 months for more space, privacy, and nature to escape the constraints of a job that they didn’t need to commute to. Others have been waiting to return to the city they love.
The Luxury Market Report last month revealed a trend of wealthy clients returning to urban living. This is likely due to softening of prices and the trickling in listings finally hitting the market after an entire year of low inventory.
Many first-time buyers of luxury homes are joining those who return to urban life, as well as a foreign investors.
What does this all mean for the market as it continues to shift? What are the opportunities this return to city life presents for luxury realty professionals?
Let’s take another look.
BUYER’S AGENTS MAY HAVE LITTLE MORE BREATHING ROOM
It’s nearly impossible for buyers agents to find homes for clients in the past year and a half.
The emergence of luxury condos means that buyer’s agents have the chance to work in urban areas where there is less competition to present an offer.
Even better? You can even make it a specialty if you are a younger luxury real estate agent who is looking to get specialized.
FIRST-TIME HOME BUYERS HAVE THE OPPORTUNITY TO ENTER THE MARKET
Many first-time buyers of luxury homes were priced out of market when inventory was low and the prices were high. This drastically reduced the potential buyers. These buyers may now have an easier opportunity to stake their claim in the top tier, as city property values are declining.
Prices may rise as more people take advantage of the opportunity to sell now. Buyers should move quickly and expect multiple offers. However, there may not have been as much competition for buyers a few months back or on larger single-family homes.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences Fort Lauderdale #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The Paramount Residences enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach.
