I recently had the pleasure of being interviewed by real estate professional, Brian Loebker, from the Sarasota, Florida region. In this particular video snippet, we talked about trends and how luxury clients often respond to real estate trends. If you’re a luxury real estate agent, you need to be aware of how real estate market changes will influence the decisions of your clients.
Here in Cape Cod, we’re selling a lot of high-end real estate and our prices have not recovered since 2008. So while a lot of other markets have overheated price-wise, we have been pretty static.
A lot of the properties we’re selling now in the high-end are selling for less than what people paid for 10 years ago. Thus, it’s a great time to be a buyer, but not a seller.
The San Francisco, Boston, and Florida markets are doing incredibly well. The New York market was also performing well, but after new tax policies, their market has taken notice. Some from the financial sector are moving to South Florida.
Why Are We Seeing These Trends?
High-end buyers are extremely value conscious and astute buyers. Click To Tweet They don’t want to overpay. This whole caricature of wealthy people lighting cigars with $50 bills could not be further from the truth. When we deal with wealthy people, we learn how they became wealthy people. You learn that they don’t throw money around when they purchase and they understand the maxim of real estate investing. They also understand that you don’t make money when you sell, you make money when you buy.
Thus, everybody wants a great buy and that’s what you’re able to get here in Cape Cod right now. The bottom line is that it’s a value conscious market. People are intelligent in this realm and they don’t throw money around. They want to get a good buy and good value. They also value the process and expertise. Ultimately, they want someone who will be a trusted advisor in their journey to find Luxury Real Estate.
Until next time make it a great week.