The Value of Collaborating to Create a Client’s Dream Home in Today’s Market

I heard yesterday that the AVERAGE home price in the United States is currently at $500,000.   At half a million dollars, it is challenging for many first time home buyers to get financing with higher rates and stipulations, and then to furnish a home. 

Many of us work with high-end luxury home buyers, but if you have a heritage client, you will often inherit their grown children, looking to buy their first home or apartment, and in need of your services. 

I think that now more than ever, having a discussion about the value of creating a client’s dream home versus the current market value trends is imperative.   So, what determines the value of a home?  Is it a place that represents a starter home or are you thinking about raising a family in a forever home?  Are you a serial entertainer, hosting extended family and many guests?   All of these are questions that should be carefully evaluated when it comes to the underlying value of the property and the lifestyle requirements. 

In today’s market, buyers  must evaluate the market and the resale value of a property.  I had a zoom call with one of my dear friends today, who has purchased land in Utah and wanted me to review the plans and elevations from her architect.  It is a 7,000 square foot home with many bells and whistles.   The cost to build their home is now a million dollars higher than anticipated, as we weighed square footage costs, fixture and appliance allowances, windows, and the overall lifestyle they wish to have when moving to their forever – after sixty home. 

There are record-breaking sales in many “tony” zip codes that are setting new list price standards.   The real estate market is showing us a remarkable evolution in the current buyer pool, not only looking at square footage but also seeing new preferences.   Bedrooms on main levels, elevators and bathrooms that are accessible, have come into play.   Many baby boomers are forecasting into the future and assessing their needs to age in place.  Attributes, such as those mentioned above, will directly impact the attractiveness of a listing for a huge demographic that is shopping for real estate.  Space for a gym, home office and mudroom/flex space have also become common-place features that many homebuyers of every age search for. 

Historically, a sale over $3 million was considered a luxury, yet now it has become the new standard, eclipsing the previous benchmark of $2 million. This paradigm shift underscores the escalating demand for high-end properties in tony zip codes.   The purchasing experience will continue to be an investment in lifestyle, building community and creating meaningful relationships, as well as a solid financial investment.   An interior designer can be your guide from touring properties through the design process for renovations.  Our goal is to be a partner in architectural and design excellence, while maximizing one of your largest investments – your home.   

 
If you are considering a new home or a renovation project,  we invite you to book a discovery call to explore how we can bring your vision to life with creativity, precision, and unmatched expertise. You can contact us by emailing info@dcistudio.com.