What classifies a luxury home as a luxury home? It could be anything from a 15,000 square foot Victorian mansion to a 5,000 square foot modern home tucked on top of a hill. Luxury is a term that people tend to classify themselves.
About Luxury Homes
In 2013, luxury home sales in the United States reached an all-time high which is a huge rebound from the financial crisis. Even with the limited number of luxury homes, there continues to be a steady stream of bids coming in.
The Internet Is A Common Source For Real Estate
The Internet is one of the most common sources that people go to when they are looking for a home. Because of its convenience, people can take a look at several properties without even stepping outside their door. When it comes to shopping around for a luxury home, it is a whole different story. Many sellers choose not to put their information and photos online to protect their privacy.
Hire An Experience Real Estate Agent
If you are looking into purchasing a luxury home, you will need to talk to a real estate agent that is familiar with the luxury market. Hiring someone that has little to no experience with that market would be a mistake. Make sure that they can determine the market value of the property. An experienced agent will be able to look into the values and surrounding neighborhoods and provide detailed and helpful information for you.
Luxury Homes Take Longer To Finance
When you are looking for financing options, expect mortgages to take longer to be approved. Because of this, it is recommended to obtain your financial approval before the process.