Buying An Atlanta Luxury Home
Buying An Atlanta Luxury Home has a lot of nuances to the newer buyer. We’ll go into more depth below, but the definition of luxury varies from market to market. The Atlanta Luxury Market is basically anything over $500,000. This wouldn’t buy you anything in Hawaii. The Atlanta Luxury market has different segments just like the regular home market.
First things first – Check your Financing.
If you are going to finance any of your home purchase then you’ll want to get with a loan officer as soon as possible. Jumbo loans are different then the more common ones at the “normal” buying level. Don’t be surprised if your agent or the seller requires a proof of funds letter or approval letter from your lender. As the price increases so do the requirements for viewing the property.
You’re A Rare Commodity… but
The seller may think their home is unique or may want to be more discreet. This may mean appointments during certain times. Again, the higher the price, the more exclusive and rigid the requirements. In the Atlanta Luxury market there is often more then 1 year of inventory, meaning longer selling cycles. However, home sellers at these price points rarely “HAVE” to sell making the negotiations less predictable.
Buy Like “The Donald”
I remember during an interview with Donald Trump that he said he didn’t give an employee (I think it was his son) a raise because they didn’t ask. The same goes for negotiating. Just because it’s Luxury, or should I say, BECAUSE it’s luxury you should expect to pay more, but you should also expect some negotiation. The higher the price on a luxury home, the smaller the buyer pool for that property. This means that you have a little bit more leverage. Keep in mind that most sellers in the “luxury” market do not “have” to sell. Just remember if you want a discount, you need to ask.
Don’t Forget To Inspect
We highly recommend appraisals and inspections. The appraisal is much harder as the price goes up but should be part of your due diligence. Inspections should almost be mandatory. In addition, an extended due diligence period may be necessary to get specialist on the different or unique systems the home may have. By the time most home buyers consider something in a the Luxury market they have bought a few homes. In addition, they might be used to some prestige in their life due to their success. Buying a luxury home is a bit unique depending on the market. Hopefully this blog post will help you in buying a luxury home (and hopefully you will be using the Jarvis Team).
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Some Homes To Consider If you Are Buying An Atlanta Luxury Home
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