Luxury Buyers | ANNA MARIA ISLAND

As luxury buyers trend lower in age, what are they looking for?

Ten years ago, Bain & Co. was one of the first to recognize the importance that the Millennial home buyer would have on the luxury real estate market.  The oldest Millennial home buyer is now in their 40’s and looking hard to purchase real estate or additional real estate. Combined with the strength and wealth of the Gen X buyer, these generational groups are poised to become the largest group of luxury home buyers in the market.

They did not get here easily: the success they now have is often a result of hard work and savings. It can also be a result of legacies being handed down to these generations. Whether it is the natural succession of business or the created wealth from investments such as real estate, these buyers are intelligent, wary and looking to buy in today’s luxury real estate market.

According to the Institute for Luxury Home Marketing’s Luxury Market Report (March 2024) today’s buyer is prepared to purchase quickly but tend to want to purchase homes that are in high demand by other luxury buyers. Sellers, in high demand markets such as Anna Maria Island have to be prepared to sell in a buyer’s market. If it sounds as if I just said two different things, here’s a deeper explanation.

Buyers are seeing more luxury homes on the market but know exactly what they want and are willing to wait for the perfect home. One big trend is move-in ready condition, updated to the buyer’s eye, in an outstanding location.  Technology or SMART homes are very appealing to the buyers.  If a home does not meet the move in ready standards, the buyers will wait or will be much more aggressive in terms of price.

Very often, this buyer wants to purchase a home that will deliver immediate value and/or will be a property that they hold onto for a very long time, creating that family legacy home that so many dream to have. Ideally, if the home is a second home, it is easily reached as a family getaway.

Sellers who approach the market with an updated home will be in a better position to command their price. Even in a very upper end market, the numbers of buyers looking at high end properties is higher than it has been in the past as more and more wealth comes into the market. The market has shifted and sellers are now positioning their home to fill that buyer demand. Although we can still see strong prices and good market times, the buyer has more control in this market.

Here on Anna Maria Island, we head into the second quarter of the year with some very significant sales behind us. The beauty of our island remains very appealing to many different types of buyers.  The emerging importance of Tampa and Miami as tech hubs is bringing more jobs and creating more opportunities for younger buyers.  Now may be an excellent time for you to explore discussions about selling your home.  Call Hannah Hillyard for a detailed look at the market.  And you if are ready to purchase your dream, legacy property on the beautiful Gulf Coast, reach out to Hannah today.