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Is Luxury Real Estate in the Eye of the Beholder? How to Define Luxury Real Estate in Today’s Market

What is luxury real estate? It’s a question that we struggle with every day. ¬†How do you define the market?

Is Luxury Real Estate in the Eye of the Beholder? How to Define Luxury Real Estate in Today’s Market

Luxury real estate is defined differently across different markets, as property values, median resident income and area development varies widely depending on the metro area. How can you interpret how luxury is defined in your area, and how can you leverage that information to better express your expectations as a homebuyer? Whether or not you fall into the real estate definition of luxury living, knowing how your market defines high-end properties will allow you to better understand the qualities you need and want in a home.

If you say a word enough times, it starts to lose its meaning. And in real estate, where the right description can draw buyers to a home on the market, using the right terms is crucial.

So when half the homes on the market are suddenly marketed as “luxury,” the definition of the word starts to melt away.

Luxury real estate is defined differently across different markets, as property values, median resident income and area development varies widely depending on the metro area. For example, the Los Angeles area has a significantly higher top end of the market and a higher cutoff point for buyers to afford these properties compared to smaller markets like Oklahoma City.

But the term luxury has been used to describe everything from the ultra-luxury homes of the world’s wealthiest 1 percent to a modest kitchen with new appliances. How can you interpret how luxury is defined in your area, and how can you leverage that information to better express your expectations as a homebuyer?

read more at finance.yahoo.com

 

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