New York (May 23, 2023): Forbes Global Properties, a curated consumer marketplace of luxury homes and an invitation-only membership network of top real estate firms, has released this month’s Luxury Agent Poll. When asked about the primary factors influencing the behavior of buyers actively seeking properties priced at US$2 million and above, 32% of Forbes Global Properties domestic experts reported the buyer’s personal financial circumstances, followed by 29% citing a scarcity of inventory.
Agents went on to report that 16% of buyers claimed favorable property pricing, and 7% responded local economic stability.
The Luxury Agent Poll is a monthly extension of Perspectives, a comprehensive analysis of the worldwide luxury residential market garnered directly from Forbes Global Properties’ roster of more than 13,000 prominent local agents. As highlighted in the report, the frenzied speed that characterized the 2021 and top of the 2022 market was met with volatile financial markets, rising inflation, limited housing supply, and economic and geopolitical uncertainty gave sellers and buyers reason to pause, causing luxury real estate transaction activity to ease.
Underscoring the market at the time, Andy Nelson of Willis Allen Real Estate in San Diego, California, commented, “Buyers of luxury properties in 2022 watched their financial investment portfolio diminish, which created a cautious approach to purchase, and many stayed on the sidelines.”
The sentiment was furthered by Matt Fitzgerald of Slifer Smith & Frampton in Vail, Colorado, who then shared, “Sellers had to reduce their expectations of list price by 15 to 20% in order to motivate buyers to transact in this higher interest rate environment. Updated, well-located properties that are priced in line with current market dynamics are still seeing a strong amount of demand.”
The exclusive worldwide residential real estate partner of Forbes, Forbes Global Properties provides branding and marketing services to the world’s premier real estate firms and is now represented by more than 13,000 real estate agents across 440 locations. Members are thoroughly vetted, and the network is comprised of top brokerages with proven records of success in luxury property sales and recognized delivery of exceptional client service.
About Forbes Global Properties
Established and led by the world’s foremost independent luxury residential brokers and industry veterans, Forbes Global Properties is a curated consumer marketplace that connects discerning buyers directly to the world’s finest homes and the elite agents that represent them. Established in 2020, the invitation-only network spans 440 locations and comprises more than 13,000 property experts across the U.S., Asia, Australia, Canada, the Caribbean, Mexico, the Middle East, New Zealand, and Europe. For more information, visit forbesglobalproperties.com.
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