Real estate is not just about purchasing your dream home, but also making a sound investment. While there are always ups and downs in any market, here are several characteristics that often help to create resiliency.
Desirable Amenities
There are certain things that people will always be willing to pay a little extra to live close to. For some, that may be access to outdoor recreation and nature, while others prefer having fine restaurants and high-end retail on their doorstep. The common characteristic, however, is that these are amenities that cater to ones lifestyle.
High-Paying Job Market
Where theres a healthy real estate market, theres almost always a high-paying job market that attracts an influx of wealthy professionals. Tech hubs, in particular, are poised to benefit from this for years to come. While second home markets and vacation destinations are an exception because they dont typically rely on the local job market, they could likely benefit from a new wave of tech workers in the future, with the rise of remote work.
Renowned Institutions
From world-class hospitals to prestigious universities, theres no denying that renowned institutions have a positive impact on the local real estate market. They attract talent, create desirable jobs and provide residents access to important services like high-quality healthcare and education. Institutions of this caliber are an essential characteristic for a real estate market to continue attracting high-end buyers.
Local Culture
Like anywhere, its important for luxury markets to have a strong sense of local culture if theyre going to remain an attractive place to live. After all, this is what makes a location unique and sets it apart from living somewhere else. Whether it has a vibrant artistic community or is celebrated for its regional cuisine, the local culture can provide any market with an X-factor that draws people in.
Published with permission from RISMedia.
