The luxury real estate market has been booming throughout much of the country lately and one unavoidable takeaway is that more buyers are looking for turnkey homes than ever before. For many, the advantages of moving into a property that’s already finished to the highest standards are worth paying top dollar for. Here are just a few reasons why this trend will continue for the foreseeable future.
Construction and Appliance Shortages
For starters, far-ranging shortages of construction materials and home appliances make it increasingly difficult to build your dream house these days. Rather than dealing with inevitable delays and compromises throughout the process, purchasing a turnkey residence is far more desirable, even if it means having to navigate a seller’s market with short supply.
Immediacy is Everything
For today’s buyers, the ability to move in immediately is a major draw that trumps all else. Fewer people are open to the idea of taking on a long-term renovation or restoration project, meaning a home that’s in exquisite condition right now is often the first choice. With limited options available to discerning buyers, a steep price will not deter them from a property that’s move-in ready.
Worth vs. Value
One explanation for this is that it’s a classic case of worth versus value. Even when the asking price far exceeds the value of a home in normal market conditions, many high-end buyers consider it worth paying extra for a luxury property where their family can feel comfortable from the start.
There’s no denying that buying a new home is already a stressful process, but even more so when you have to spend a few months redoing the kitchen or updating the bathrooms before moving in. Simply eliminating that stress is a common reason for buyers limiting their search to strictly turnkey properties.