13-MONTH MARKET TRENDS

either self-made, or are now gaining wealth from their family; either through a direct inheritance or because of their parents’ relocation, to a less expensive home, will free up the sold property’s realized equity.

Today’s affluent buyers who are looking to diversify say that their desire stems from wanting to own a second home in a remote or resort-style location or to capitalize on an opportunity to move from one metropolis to another.

Growth in secondary city markets throughout North America has seen a huge jump over the last few years – due to major corporations moving in or expanding, a surge in technology company growth, and due to affordability of owning in the more luxurious locations within these cities.

The opportunity to own a home that offers five-star amenities whether it’s a fully appointed home with luxury features that include environmentally and sustainability focused attributes or a property with a larger yard, close to their lifestyle preferences with extraordinary views, these are all far more financially achievable in these new city locations.

Luxury and sustainability amenities will be the key drivers of the decision process for affluent buyers in 2022, together with a property being turnkey. Plenty will still be ready to pay a premium not to have to deal with renovations or even decorating, and in some cases, especially resort purchases, buyers are more than willing to buy all the furnishings too.

2022 will still prove to be an interesting year in the luxury real estate market as we have yet to see the return of international buyers and investors.

Still, the word “home” remains a top priority for many, and the world is finally ready to recognize the need for substantial social and environmental change.

The art of selling and buying in this market needs a critical and analytical approach, understanding the realities and setting expectations accordingly will ensure that goals are achieved. For homeowners looking to buy or sell in today’s market, we recommend working with a realtor who can capitalize on the preferences, trends, and demands in this dynamic and evolving environment.