After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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You have your sites set on a luxury home, so don't let the falsehoods get in the way of making the best decisions as you shop. Here is a look at some of the biggest myths about luxury home buying and the truths you should know as a buyer.
False: Luxury homes are usually cheaper when located in a suburban neighborhood.
Luxury homes situated in suburban locations can have a lot of draw for prospective buyers. Many people love the idea of having a luxury home, but they also want to immerse their family in a more traditional neighborhood setting. Therefore, it is actually common to see the prices a bit higher for luxury homes in suburban neighborhoods because they can be in high demand.
False: You are better off to wait for the price to come down when you spot a home you're interested in.
The prices of luxury homes can definitely come down the longer they are on the market. Because there may be a smaller group of interested buyers for these homes, the assumption is often that they do not sell as quickly, which is not true. There may not be as big of a target prospect audience looking for these homes, but there are also not as many of these homes, so they do not often linger on the market for a long time. If you see something you like, it is best to go look at it and show your interest before another buyer comes along.
False: You can't do any negotiating on the price with a luxury home.
On the contrary, you can usually do just as much negotiating for a luxury home for sale as you can with any standard home. These homes are given price points according to fair market value and what the seller wants to get, but it is actually a little rare to find a seller that is not going to be willing to negotiate at least a little.
False: The prices of luxury homes usually go down when the weather warms.
The opposite is actually true—or at least partially. Prices for luxury homes may not change much from one season to the next. BUT, what you may see, is a buyer that is more willing to accept a lower price during the colder parts of the year simply because there may not be as much interest. People tend to shop for homes more when the weather is nice and after the holidays are over. More interest looks like more buyer options in the eyes of a seller so they may be a little less inclined to negotiate.
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