Luxury townhome purchases might have a fairly good chance among first time home buyers. Around 32 percent of all people looking to buy homes are first time buyers. In other words, a third of all home purchases are first time purchasers.
Luxury homes are a complicated market. 34 percent of all recent buyers obtaining a new home are doing so because of their old home. In order to avoid renovations or existing problems with plumbing or electricity they opt to find a new home according to the National Association of Realtors.
Homes For Sale
Milennials are also a rising sector in the possible market. Over the course of the next decade they should be drastically altering the landscape. Over 23 million new households will be formed during that decade according to the Harvard Joint Center for Housing Studies. That means older homes, new construction homes, and single family homes have an increased chance to be purchased in the next several years.
Custom home communities are a great example of possible luxury townhome divisions. Regardless of the size of the project it is important that the entire lifeline of the asset be appropriately monitored and cared for. If possible the entire process can be managed by a highly qualified team of professionals with the single purpose of assisting their customer.
Food for thought about the upcoming future, over 80 percent of residential growth will be in suburban communities over that same 10 years. According to the U.S. Census Bureau, 612,000 newly constructed homes were sold in 2017 alone. So the individual should determine the help they want in pursuing this dream.
Luxury Townhome Living
Custom home builders can really step up their game with an active online presence. Especially among that Millennial market. The National Association of Realtors found that 56 percent of all buyers 36 or younger found their homes online.
Finding something online is a constantly changing event. It is not just about having a simple web page for people to link to. There are so many more steps involved with servicing the needs of a customer in this modern era.
For example, nearly 40 percent of all surveyed by the NAHB want to pursue an environmentally friendly home. That means a large section of possible purchases are automatically disqualified by the customers’ preferences. It is of dire importance to realize the dependency on the individual customer for a sustainable business model.