Demand for luxury homes surged as buyers looked to invest in comfortable, well-appointed spaces to ride out the pandemic. A study found some generational differences in amenities affluent consumers said would help them get more satisfaction from their houses.
Conducted by Luxury Portfolio International and YouGov, the study found buyers outnumber sellers three-to-two. Knowing what buyers might want based on their life stages can help sellers with their marketing pitches and give agents an edge in helping their buyers on the hunt.
Here a few key takeaways, by generation.
Millennials (ages 24-41): They’re looking for balance, and they like separate spaces to serve life’s demands, the study found. Amenities they desire in a $1 million+ home include a wet bar, formal living, dining rooms, and a butler pantry/storage.
Generation X (ages 42-55): An increased sophistication level will appeal to Gen Xers. Perhaps more toward the prime of their careers – with all the demands that entails – these buyers want to be able to relax at home. Sought-after indulgences: Spa/hot tub, dual primary closets and bathrooms, and a dedicated home office.
Boomers (ages 56-74): These buyers are looking to relax and really enjoy resort living at home, with a focus on wellness. They want outdoor kitchens, swimming pools, gym/fitness areas, steam showers and home offices.
The authors of the report noted that “age and life stage plays an influential factor in how well the home is working for its owners.”
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