{"id":18656,"date":"2021-03-24T13:49:44","date_gmt":"2021-03-24T13:49:44","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18656"},"modified":"2021-03-24T13:49:44","modified_gmt":"2021-03-24T13:49:44","slug":"how-much-home-is-too-much","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/how-much-home-is-too-much\/","title":{"rendered":"How Much Home Is Too Much"},"content":{"rendered":"

How Much Home Is Too Much<\/h1>\n
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Home buyers have been seeking more space since the pandemic, but in the luxury market, there still appears to be limits on how big buyers are willing to go.<\/p>\n

Homes in the top 1% by price that are between 5,000 and 10,000 square feet were the fastest-selling in the luxury sector in 2020, averaging 97 days on the market, according to realtor.com\u00ae data. In contrast, homes between 2,000 and 5,000 square feet averaged 102 days to sell. Homes larger than 10,000 square feet averaged 126 days to sell. So far in 2021, midsized luxury homes\u2014between 5,000 and 10,000 square feet\u2014are continuing to sell the fastest, averaging 110 days on the market. Larger homes\u2014more than 10,000 square feet\u2014are taking 127 days to sell, while homes between 2,000 and 5,000 square feet are averaging 113 days. \u201cMost people don\u2019t see a necessity for 10-bedroom homes right now,\u201d David Martin, CEO of Terra, a Miami-based development firm, told Mansion Global.<\/p>\n

Are Some Luxury Buyers Blowing Their Budget?<\/a><\/p><\/blockquote>\n

For some wealthy buyers who have moved from the city to the suburbs, greater space may have been their primary motivator. But they are finding there is such a thing as a home that\u2019s too large. \u201cThere is a sweet spot when it comes to square footage,\u201d Kim Bancroft of Daniel Gale Sotheby\u2019s International Realty on Long Island, N.Y., told Mansion Global. \u201cPeople are valuing experience over luxury goods, and putting their money toward homes with land and room for kids to play. But they want a manageable space that is not overwhelming.\u201d<\/p>\n

Property taxes can be another factor behind the appeal of midsized luxury properties in suburban areas. \u201cTaxes affect buyers, even at the luxury end,\u201d Bancroft notes. \u201cOn a huge, magnificent home, the taxes can be $90,000 a year, and buyers may be able to afford that but don\u2019t want to pay so much. Midrange homes are more manageable not only from a property and acreage perspective but also from a tax perspective.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cNot Too Big, Not Too Small: The Sweet Spot for Luxury Home Sellers<\/a>,\u201d Mansion Global (March 19, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

How Much Home Is Too Much Home buyers have been seeking more space since the pandemic, but in the luxury market, there still appears to be limits on how big buyers are willing to go. Homes in the top 1% by price that are between 5,000 and 10,000 square feet were the fastest-selling in the … <\/p>\n

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