When it comes to purchasing a luxury home, there are a few secrets you should know to purchase a nice luxury home at a great price. The luxury home market is a little different than the general single-family home market.
Secret #1: Shop During the Off-Season
First, if you want to save some money on the purchase of your luxury home, you will want to time your shopping when there is less demand in the market. In most marketplaces, the off-season is during the wintertime.
When it is cold and dark outside, people are less likely to go and visit homes. Add in the business of the holiday season, and there are just fewer buyers around. If someone has a luxury home on the market currently, they are likely motivated to sell and may be willing to drop the price to sell the house.
The seller may also want to sell the home for financial reasons before the new year rolls around, so if you are looking for a great deal on a luxury home, you should shop during the wintertime.
Secret #2: Look for a Motivated Seller
Second, keep your eye out for a seller who is motivated to move their home. One way to assess if a seller is motivated to sell their home is a price reduction on the property. A seller usually only drops the property price if they want to sell the house and it is not moving.
A drop in the price could mean that the seller is willing to accept any good offer. This could allow you to score a home at a reduced price or ask for specific assistance with the closing arrangement.
As luxury homes can cost millions of dollars, even a small drop in the price can represent really big savings. Look for a luxury home that has been on the market for a while if you want to get a good deal.
Secret #3: Make a Straightforward Bid
When you find a luxury home that you like, make a straightforward bid. You want your bid to be appealing. Find out why the seller is getting rid of their property, and see what you can do to craft your offer to fit their needs.
For example, offering a large deposit could help you get a deal on the home. Offering a shorter closing window could be appealing for a seller who wants to get rid of the home quickly. You could also reduce the contingencies in your offer.
When it comes to buying a luxury home at a great price, look for a home on the market during the off-season, and look for a motivated seller. Make your bid straightforward, and make sure it meets the seller's needs to ensure your bid is accepted.
For more information on purchasing luxury homes, talk to a real estate agent in your area.