Survey: Affluent homebuyers will give up space for amenities

Luxury homebuyers think real estate is a better investment than the stock market

The vast majority of luxury homebuyers used an agent, are willing to give up square footage for an amenity they want and wouldn’t live in a home that isn’t tech-friendly, according to a survey commissioned by Better Homes and Gardens Real Estate.

The online survey of 500 affluent homebuyers, conducted by Wakefield Research between May 20 and June 4, also showed that most luxury homebuyers believe homeownership is a more sound investment than the stock market, would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage.

Wealthy couple image via Shutterstock
Wealthy couple image via Shutterstock

“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, in a statement.

Luxury homebuyer survey statement Percentage of respondents agree
Used an agent for real estate services 96%
Willing to give up 1,000 square feet of living space in their next home for a lifestyle amenity they want 94%
Believe their house is the best on the block 93%
Wouldn’t live in a home that isn’t tech-friendly 87%
Homeownership is a more sound investment than the stock market 75%
Consider a “smart” home more important than a “green” home 66%
Rather have upgraded home than more square footage 60%
Own multiple homes 58%
Homeownership is a bigger indicator of success than their job or title* 57%
Prefer owning multiple “lifestyle” homes to support recreational activities like skiing and theater-going 53%

Source: Online survey of 500 luxury homebuyers between May 20 and June 4, 2013, conducted by Wakefield Research *Of those luxury homeowner survey respondents who have jobs

A majority of the affluent homebuyers surveyed said they used an agent for neighborhood lifestyle insight (65 percent) as a source of advance info for new listings (64 percent), as a go-to source for housing trends (55 percent) and for support through the homebuying process (53 percent).

More survey results:

Luxury homebuyer survey statement Percentage of respondents agree
Used an agent for neighborhood lifestyle insight; advance info on new listings; advice on housing trends; personal support through the homebuying process 65%; 64%; 55%; 53%
Willing to give up 1,000 square feet in next home for living in a better neighborhood; a house with “character”; more land; access to dining and entertainment; shorter commute 54%; 51%; 44%; 39%; 38%
Consider luxury home “essentials”: garden oasis; outdoor fireplace or fire pit; separate guest house 53%; 50%; 47%

Source: Online survey of 500 luxury homebuyers between May 20 and June 4, 2013, conducted by Wakefield Research


Related Articles