On March 11, 2021, we talked with real estate agents and their offices about the state of the luxury market in North America and we looked at some key market trends in U.S. real estate. Despite Covid, it is an exciting time to be in real estate and we enjoyed having a conversation with agents about their experiences, too.
Speaker, Byron Burley, President of sales for North America – Oceania made the presentation. The team at ListGlobally has noticed a surprising number of agents mentioning the resilience of their local markets and the uptick in the interest they are seeing for luxury properties.
Webinar participants included clients of ours through a partnership we have in place with their brand, CRM or MLS. This partnership is important because ListGlobally provides global exposure for their real estate listings and access to millions of international buyers, at a lower price. ListGlobally clients differentiate themselves from other agents through our powerful hub by enjoying the ListGlobally advantage.
We introduced some topics and invited participants to comment. Here are some of the discussion points:
For some, there is a renewed optimism with the recent outcome of the elections in the U.S. There is a general assumption that inter-country relations will normalize, which will lead to more consumers having confidence in purchasing abroad.
The impacts of Covid on the real estate market are a new experience for all of us. The Covid lockdowns have created some interesting challenges in the industry and have led to many people working from home. Despite restrictions, the real estate markets in many major urban centers flourished in 2020. At ListGlobally, we have seen an increase in the number of listings being published and properties are coming off the market quicker. See our 2020 Report for more details.
We’ve all gotten a bit less formal as Zoom meetings replace the boardroom. The reality is that many share their office space with family and pets present and home spaces are being reconfigured to accommodate work, exercise, and other activities.
Mental Health has been a common topic lately, especially as North America enters its second year of pandemic measures. People have been leaving the stresses of urban life for a simpler existence out in the suburbs.
As Millennials enter the housing market in greater numbers, they're approaching it in a much different way than previous generations of home buyers. For example, technology plays a big part in millennial house-hunting, with this generation turning to mobile devices to search, view properties and communicate with real estate agents.
If you missed it, take a look at the full presentation to see how these factors affected agents - and more!
While the rest of the world is speculating on how markets will recover in 2021, it appears that luxury markets are doing well in these times and are expected to continue to do so. Limited inventory of move-in ready, luxury homes has forced prices up and high-end homeowners, who for years have rented out their investment properties, are now putting them on the market knowing that they can command top dollar from affluent clients.
Here are some interesting stats about the US housing market data through February 21, 2021:
The discussion then turned to what may be driving this activity in the luxury market. Some factors include a surging financial market and an appreciation of luxury real estate values. The work | life balance may have already been a trend that was expediated and cemented by the pandemic in 2020. As we move forward, there is an expectation that this will be a lasting trend and suburban, rural, and resort locations will be the beneficiaries. The trend for multi-functional open concept living has now been replaced with adapting the home to create more private and quieter spaces, as we now work, exercise, and entertain within the home environment.
We wanted to focus on major U.S. cities (other than New York City, Los Angeles, and San Francisco) that are really starting to see keen interest from consumers, like Austin and Tampa.
The continued popularity of vacation homes is indicative of the rise in remote work due to the coronavirus pandemic. The demand for second homes represents the K-shaped economic recovery with many lower-income Americans suffering financially, while many high earners benefit from skyrocketing home values and well-performing stock portfolios.
United States statistics show:
Next, we took a look at the trends and data from foreign buyer activity.
Luxury Market - Austin, Texas
The luxury market in Austin is really picking up. A few reasons were discussed:
The luxury real estate market’s success in both Tampa Bay and Florida as a whole, is just one example of how some industries that rely on people with disposable income, have been flourishing during the pandemic.
Top states where luxury listings are located as of February 2021.
ListGlobally recently launched a dedicated luxury network, providing agents with access to leading luxury portals like Mansion Global, Juwai, Belle Demereurs, Properties Le Figaro, and others. The audience for these portals is 50+ Million consumers monthly. For more on Luxury by ListGlobally visit our website:
We thank those agents who participated in the webinar and look forward to hosting future discussions where we can share expertise and experiences.
ListGlobally operates the largest global network of property portals in the world, advertising across +100 property portals in over 60 countries, reaching a monthly consumer audience of over 200 Million potential buyers.
Questions? We invite you to reach out to us or open a chat with us on listglobally.com.
Contact our ListGlobally Team and we will help you get started with your enhanced global marketing strategy.
If you are a Real Estate Professional or property seller and you’d like to expand your international network, advertise, or engage with international property buyers, contact us at ListGlobally.