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Buyer ResourcesReal Estate Market

The Luxury Market Is Attracting Buyers in 2021

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Gordon Eatherton Jr ,02/19/2021

As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In Northern Colorado 211 Luxury homes were sold in 2020, compared to 118 in 2019 (luxury in this case being defined by homes priced over $1 million).  In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares:

“In a snapshot of 2020, despite the devastating effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”

With more opportunities to work from home and a growing interest in having extra space for things like virtual school, working out, and cooking more meals, the desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points or even expand their real estate portfolios. The ILHM report continues to say:

“Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.

For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”

If you’re interested in buying a home this year, it appears that some higher-priced markets may have more homes to choose from than those at lower price points. Javier Vivas, Director of Economic Research at realtor.com, notes:

“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”

If you’re hoping to buy the home of your dreams, this could be the year to achieve that goal. 

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3 Reasons We’re Definitely Not in a Housing Bubble
Northern Colorado Buzz: February 2021
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Gordon Eatherton Jr
Real Estate By Gordon
Broker Associate/Partner, The Group
O: 720-412-4620
E: geatherton@thegroupinc.com

Seeking a Luxury Home?

Here are a few homes available throughout Northern Colorado.  The salt water pool is included, in case you were wondering. 

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5635 Rainshadow Ln, Loveland

5635 Rainshadow Ln, Loveland

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1817 Seashell Ct, Windsor

1817 Seashell Ct, Windsor

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2440 E County Road 30, Fort Collins

2440 E County Road 30, Fort Collins

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4069 Grand Park Dr, Timnath

4069 Grand Park Dr, Timnath

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3350 Paddy Lane, Loveland

3350 Paddy Lane, Loveland

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7669 Vantage View Pl, Fort Collins

7669 Vantage View Pl, Fort Collins

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Gordon Eatherton Jr.
401 West Mulberry Street Fort Collins
Colorado 80521
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geatherton@thegroupinc.com

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