Buying a home in any market can be a competitive, exciting process, full of surprising twists and turns. Whether you're a veteran homebuyer or someone preparing to buy their very first home, there's a lot to learn about real estate. Luxury real estate is in a category of its own, with exclusive changes to the way people find, view, and purchase these homes.
If you're planning on looking for Parker luxury homes
, it can be helpful to do some research ahead of time. By prepping for the luxury home market, you'll be equipped for any eventuality and be more likely to enjoy the journey, as well as the eventual destination. These things you might not know about buying Parker luxury real estate will help set you up for success in your home-buying adventure.
1. Luxury homes could be listed privately
According to data from the National Association of Realtors
(NAR), 97% of buyers in 2020 used the internet as a vital part of their home search. With the vast majority of buyers heading online to find potential homes to purchase, it makes sense that many sellers would opt to feature their properties on real estate listing websites.
However, luxury homes are in a class by themselves, and many sellers who have luxury properties to sell choose to feature them exclusively on private websites in order to protect their privacy. In most cases, luxury home sellers rely heavily on their realtors to market and sell their properties. This is one reason why it's important to work with a realtor in your home search. They can give you insights into luxury homes that might not be listed publicly, so you can access listings that fit your criteria without fruitlessly scrolling real estate websites.
2. Luxury homes might take longer to sell
In Parker, Colorado, the real estate market is hot, with many buyers vying for the same home and sellers anxious to sell quickly. However, things are slightly different in the luxury home market. With luxury homes, sellers often don't feel so pressured to sell quickly. Rather, sellers sell when they are ready, and buyers buy when they are ready, with many sellers adopting the mentality that they can afford to wait and see what offers end up on the table.
3. There's usually more room for negotiation in luxury real estate
Negotiation is a common part of most real estate transactions. Typically, buyers will ask for some sort of concession after making the initial offer, and sellers generally do their best to accommodate within reason. Negotiations tend to be even more common in luxury home sales. Sellers have the capital to make almost any repair, renovation, or upgrade that a buyer asks for. Assuming they are happy with the offer presented, they likely won't think twice about conceding.
Working with an experienced realtor is important for this stage since they can act as a go-between for you and the seller, assisting with your asks and concessions and ensuring that everyone makes a deal they are happy with.
4. Tours can reveal more than listing photos
Everyone who's looked for a home online can relate to the feeling of scrolling to that one perfect photograph that seems to encompass everything beautiful about a home. Photos can make or break a buyer's perception of a home before they've even visited the property for a showing. As most buyers rely on listing photos to reveal pertinent details about a property and grounds, these photos should ideally be well-lit and perfectly framed, executed by an expert real estate photographer who is well-versed in showcasing homes. However, with luxury properties, you'll likely learn a lot more about the home through video tours
and 3D imagery than through standard photographs.
Tours give prospective buyers a better sense of the home's scale, mimicking the experience of walking through the property. They also offer an in-depth look at the luxury home's elegant finishes and unique touches, giving buyers an idea of what it might be like to live there.
5. A local realtor makes all the difference
If you're looking for luxury real estate, you'll need to work with a realtor who has a deep understanding of the local market. Your realtor can not only alert you to luxury homes that are privately listed, but they can also review each property with you, giving you a better idea of each home's pros and cons. Buying luxury real estate often requires a full team of experts, from a financial advisor to a specialty contractor. When you work with a realtor who specializes in Parker luxury homes, you'll have access to these experts, thanks to your realtor's deep network of connections.
6. Everything needs to be documented
In general, it's always recommended to keep track of everything related to a real estate transaction. From offer documents to home inspection paperwork, keeping detailed records of every agreement and proposal protects everyone involved. In luxury real estate, it is particularly important to document everything.
There's a great deal of scrutiny in the high-end market, and often, various individuals are involved. Work closely with your financial advisor to keep copies of every document you sign. It can be helpful to maintain a binder specifically dedicated to your real estate transaction, so you can safely store every document as you progress through the process.
7. Local connections are vital
Any real estate transaction calls for multiple parties, from lender representatives to contractors. While a realtor often recommends some of these experts, buyers often find contractors through internet searches. However, when buying a luxury home, try to keep these connections on a local level. This can ensure a smoother sale since many experts in the market likely already know each other and have an established workflow. Again, your real estate agent can assist with this, getting you in touch with local experts who might be of help with your new luxury home purchase.
Tasha Carrington can help you find luxury Parker real estate
The luxury real estate market can open up a world of possibilities for those willing to dive into the specifics of the industry. If you're ready to start your search for Parker real estate, reach out to Tasha Carrington. An expert Colorado realtor, Tasha has the hyper-focused local knowledge that you need to find and purchase the luxury Parker home that is right for you.
Tasha can personally guide you through the real estate process with impeccable attention to detail and the highest level of care and attention. Contact Tasha Carrington
today to start your home search!