Shoppers

Sales of Luxury Homes Soar as Low Rates, Stay-at-Home Shoppers Fuel Market

Sales of high-end homes climbed 41.5% year over year in the third quarter, according to online real estate broker Redfin (NASDAQ:RDFN), the largest year-over-year jump since at least 2013.

In a news release Monday, Redfin said that sales of luxury homes, defined as the top 5% of market values, as well as sales of second- and third-tier houses climbed year over year, while sales in the bottom two buckets fell by 4% each. The median sale price of a top-tier luxury home in the U.S. in the quarter was $862,700, up 6.5% year over year, while the median price of a house in the bottom tier was $90,000.

A for sale sign in front of a house.

Image source: Getty Images.

In a typical downturn, it is the luxury market that takes the biggest hit, but as Redfin chief economist Daryl Fairweather noted, “This isn’t a normal recession.” Changes in behavior driven by the coronavirus pandemic are pushing more high-end buyers into the market, while keeping first-time buyers away.

“Remote work, record-low mortgage rates, and strong stock prices during the pandemic are allowing America’s wealthy families to gobble up expensive houses with home offices and big backyards in the suburbs,” Fairweather said. “Meanwhile, scores of lower- and middle-class Americans have lost their jobs or are still renting in the city because they’re essential workers and have to commute into work, so they’re unable to reap the benefits of homeownership.”

The number of homes for sale in the luxury bracket climbed 8.4% year over year, while the inventory of homes available for sale in the bottom three tiers fell by 7.9%, 7.6%, and 4.8 %, respectively.

Houses across the spectrum are selling faster than ever, with the median days on the market falling for every price tier.

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Shoppers are obsessed with this $79 white kitchen trolley from Kmart

Why shoppers are obsessed with this $79 white trolley from Kmart that’s perfect for ANY kitchen

  • A white kitchen trolley from Kmart is being praised by customers online 
  • The $79 product is ideal for those who have limited kitchen space 
  • It’s built with a drawer, side hooks, basket, wine rack and wheels at the bottom
  • Many use it to store kitchen gadgets including air fryers and milkshake machines

A $79 white kitchen trolley from Kmart with multiple storage compartments is being praised by customers across Australia.

The trolley has a table top, drawer, wine rack, basket, side hooks and is built with wheels that can be locked into place.

Several shoppers shared images to the Kmart Homes, Ideas and Hacks Facebook group to reveal how the trolley has helped save kitchen space and add style to their homes. 

A $79 white kitchen trolley from Kmart with multiple storage compartments is being praised by customers across Australia

The trolley has a small table top, drawer, wine rack, basket and side hooks

The $79 Kmart trolley has a small table top, drawer, wine rack, basket and side hooks (pictured)

‘Loving my white kitchen trolley, ideal for small houses,’ Jeanette said online and placed her air fryer and milkshake maker on the bench top. 

Another customer had a similar idea and placed her thermomixer on top and other gadgets at the bottom.

‘Brought the white kitchen trolley from Kmart yesterday for the thermomixer, loving the space it gives me,’ shopper Shannon said and posted a picture.

The trolley itself is 86 centimetres high and 57 centimetres wide, making it the perfect addition to any kitchen

The hooks on the side can be used to hold towels, the basket is ideal to store root vegetables and the bottom space can store other items

The trolley itself is 86 centimetres high and 57 centimetres wide, making it the perfect addition to any kitchen

The hooks on the side can be used to hold kitchen towels, the basket is ideal to store vegetables and the bottom space can store other items or food products such as bread.

The bench top can also be used

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A Kitchen Cabinet Shopper’s Dream Come True

Oftentimes, when a homeowner steps into a home design supercenter, he or she is caught like a deer in the headlights by the choices that surround him or her. Appliances are likely at one end of the store while fixtures tend to be clear across the other. It’s not usually a customer-friendly setup. Fortunately for homeowners who are in the market for new kitchen cabinets, the kitchen cabinetry section is typically situated right smack dab in the center of the store.

So the new kitchen cabinetry seeker heads front and center and once again gets caught in the glare of the myriad kitchen cabinet choices that assault him or her. That’s why it’s best to walk into a home design supercenter armed with a game plan, and the Internet is the perfect place to start. By first browsing an online kitchen cabinet showroom, you walk into the retail outlet with a firm idea of exactly what you’re seeking. That way, you can hone in quickly on the styles, finishes and features that have already appealed to your design senses.

A reputable cabinet manufacturer will also have a link to an idea book that you can send away for, free of charge, to draw inspiration from. Jam packed with kitchen cabinet inspiration, this full color book will afford you ideas for making your dream kitchen a reality. In addition, it will provide you with information on the manufacturer’s kitchen cabinet selection, cabinet construction and kitchen planning tips.

In addition, an online kitchen cabinet showroom allows shoppers to mix and match other kitchen components, such as countertops, finishes and hardware so they can customize the look for their kitchen … all from the comfort of their own home.

Before stepping foot in a home design supercenter, it also helps to have a …

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