Articles Tagged "Luxury"
26
What Goes Up - Goes Up Further | A Letter from our London Office
Nick Churton of Coach Realtor's London office looks to a genius to make some sense of the current international real estate market and offer some pointers for the future.
What Isaac Newton, who formulated the laws of gravity in the middle of the 17th century, would have made of the current gravity-defying real estate market is anyone's guess. But, no doubt, like most people he would have been flummoxed.
Even a genius like Newton, who worked from home during the plague of 1665/66, would have had difficulty making any sense of this market. Despite a global killer pandemic, tens of millions of people out of work, nations in lockdown, travel halted and national treasuries handing out trillions in support of businesses, jobs and mortgages, the real estate market booms. It should, by any calculation, have plummeted like an apple from a tree. Instead, the market didn't fall; it held itself in suspended animation for a while before surging upwards.
By any estimation the market should at least have mirrored the slowdown experienced after the great recession of 2008. But from the Antipodes to the Americas, and from Europe to the Far East, residential property prices in many countries are soaring. According to the Organization for Economic Cooperation and Development (OECD), it's the fastest year-on- year growth in the past two decades.
But perhaps we can learn something from Newton, whose third law stated that to every action there is an equal and opposite reaction.
Covid made homeowners and homebuyers react by moving from cities and buying larger homes in less crowded areas where they could work from home. At the same time interest rate cuts kept mortgage repayments manageable and vaccines have generated confidence.
It wasn't long ago that real estate professionals were preparing for the worst. Now the market, which is experiencing low inventory levels, is seeing increasing values with selling prices often well exceeding their asking prices.
Whilst most pandemic market activity has been in domestic markets, the international market has also been defying gravity. Despite travel restrictions, international buyers have been buying property sight unseen. Many homebuyers have been re-evaluating their lives or bringing forward plans to buy an overseas bolthole or permanent home. But this is just the tip of the iceberg; once travel opens up the signs are that there will be a super-surge of demand and activity from international buyers.
Growing numbers of sight-unseen global sales, ultra-competitive bidding on most listings and incidence of gazumping are all sure signs of a property market in boom mode. But let's give Newton the last word in trying to make sense of what is going on. He said, "I can calculate the motion of heavenly bodies, but not the madness of people".
22
10 Insider Secrets for Buying a Luxury Home
The word "luxury" means something different to everybody. It could be an estate in the Hamptons or a loft in Manhattan. It's important to remember that luxury is subjective, but there is one constant--the process of buying a luxury home is a bit different from a typical home search. Whatever your definition of luxury may be, our luxury home REALTORS® offer these tips before buying your Long Island dream home.
- Understand the Search Process
In many cases, luxury homes are unlisted. This is to protect a seller's privacy, and these properties are often found through your real estate agent's personal connections rather than typical real estate listing websites and publications. - Depend on a Local Expert
Having a great buyer's representative who is familiar with local communities is essential when it comes to buying a luxury home. Look for a local REALTOR® with experience in luxury markets, a knowledge of the local markets, and a complete understanding of all the financial implications involved. - Look Beyond the Photos
You've heard "Don't judge a book by its cover." When it comes to buying a home, don't judge a home by its listing photographs. Often times, large homes don't photograph well. Seeing a home in person is often the only way to truly appreciate it. Google Maps is also a great tool to explore the property and the surrounding area. - Use a Lender With Which You Have a Relationship
It makes the buying process much easier by working with a lender with which you already have a relationship and understands your portfolio. - Document Everything
Financial documentation is critical for buying any house, but all the more so when buying a luxury home. There is so much more scrutiny in the high-end real estate market today. Make sure you have proof of funds ready to submit with your offer, whether you're getting a loan or paying with cash. - Don't Neglect Title Insurance
Title insurance is important because it means that you'll be insured against any unforeseen problems, and choosing the right title company makes all the difference. Ideally, it should be a company that is local, but well-known. - Hire Advisers You Can Trust
You need someone who has experience, connections, and expertise, but above all, you need someone who is trustworthy and has your best interests in mind. Look for an agent who will make skilled and thoughtful suggestions. - Consider New Construction
If you find a luxury home that you love, remember to mind your surroundings. Find out if any construction is planned around you, and if so, how it will influence your property's value and your enjoyment of your home. - Don't Skip the Inspection
A skilled, detail-oriented inspector is important no matter what home you're planning to buy. But it's even more crucial for a luxury home. You need a professional inspector who understands all the special needs that come with a luxury home. This can potentially save you from sinking huge amounts of money into a property with unseen defects. - Remember That You Can Negotiate
Luxury homes command a particular price for various reasons--the view, the surroundings, the amenities, or any of countless individual points--but that doesn't mean the price is set in stone. Ask your REALTOR® to research comparable properties that have recently sold nearby before you make an offer. If it turns out that the home you're considering is overpriced, don't be shy about negotiating.
Contact our real estate experts at Coach Realtors to learn more about purchasing one of Long Island's luxury properties. Our team is here to help you every step of the way!
Privacy Policy / DMCA Notice / ADA Accessibility
