Luxury Homes in Atlanta
The ultra-high-end real estate market in Atlanta is sizzling, meaning if you're in the market for a trophy home, now's a good time to buy.
Why the Growth?
Like the financial markets, the real estate market operates under the law of supply and demand. And by nature, there are a limited number of luxury homes for sale at any given time in a particular market. That limited inventory alone can help drive up prices as multiple buyers bid on a single luxury property.
Strong Job Market
In many metropolitan markets, such as Atlanta, low unemployment rates coupled with well-paying jobs have fueled the luxury real estate market.
In Atlanta, international buyers represent a growing percentage of the real estate market, including the luxury market. According to the National Association of Realtors (NAR); 2013 Profile of International Buyers, international buyers typically purchase higher-priced properties compared to domestic clients: international buyers spent an average of $354,000 versus $228,000 for domestic purchases. Due in part to the tight U.S. credit standards facing foreign buyers, the majority of international purchases are all-cash deals (63%). This can put other buyers who need financing at a disadvantage, since all-cash deals tend to move faster through the process.
Buying a Luxury Home
Buying a home with a price tag of more than $3 million can prove to be a bit trickier than navigating the run-of-the-mill real estate market.
There are pre-approval letters, specialized luxury brokers, due diligence, and the ordeal of proving you're a legitimate buyer.
Here is some insight into the best ways to begin the process of purchasing a luxury home:
Do Your Research:
Check out the market online to get an idea of what you do and do not want.
Get a Pre-approval Letter:
Everyone should have a pre-approval letter. A letter from the bank doesn't ensure you'll be approved for a mortgage, but it puts the seller's mind at ease if he take his home off the market to go under contract with you.
As the process moves along and the current owners accept a bid on the house, the appraisal process can be tricky. Appraising luxury homes can be difficult because in general there aren't too many in a particular area with the same types of amenities being sold at the same price point.
As with any real estate purchase, it is important to take the time to properly inspect a luxury home prior to purchase. In many cases, luxury homes are larger and have amenities that may require specialized home inspectors, such as:
Get a Qualified Real Estate Agent:
Elegance Realty specializes in luxury real estate in the Atlanta metro area, which is your best bet for finding properties that are for sale but that are not necessarily easy to find because of privacy concerns. Since we are familiar with the luxury market, we have inside information about listings before they hit the open market. Most residential real estate is valued using comparables - similar properties in the area that have recently sold. Valuing luxury properties can be a challenge since often there are no similar properties in the area. We will be able to help you determine the market value of a luxury property.
Request More Information:
So if you're looking to dabble into luxury real estate, schedule a free Luxury Home Buyer Consultation, secure financing, receive customized VIP notifications when new properties that match your criteria are listed for sale, or to schedule a tour, call us at 770-415-9973, or fill out the following form.
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Elegance Realty provides Professional Real Estate Services to Buyers and Sellers in the Atlanta GA metropolitan area.