Selling Or Buying A Luxury Home On The Main Line Of Philadelpha
Selling Or Buying A Luxury Home On The Main Line Of Philadelpha
Industry leading real estate agent Lee Buzalek his elite team of specialists have been in the real estate industry for 30 years, selling homes along the Main Line, from Bryn Mawr to Malvern. We had the chance to talk with Lee about the Main Line home market and what buyers and sellers can expect.
How would you describe the market on the Main Line?
In that area, I’d say it’s dynamic and exciting. Demand is up and there is a shortage of quality inventory in the luxury home market particularly in the $700,000 to $1,500,000 range. We have had numerous situations recently where correctly priced homes have had multiple offers made. There was lack of confidence in the general economic picture a few years ago but today confidence is much higher, people are willing to invest in their future and buy the home of their dreams without the concern over them loosing value due to chaotic market conditions.
How has the market changed for sellers?
More sellers understand when their house goes on the market it has to be in better condition. You need to make a good first impression, and that starts curb appeal including the front door. Inside must be uncluttered. Buyers now are more demanding, wanting a move-in condition home. Fewer people are willing to put in the effort and energy that goes into fixing a house up. The paint colors might not be the ones the buyers like, but they won’t need to paint. They can paint rather than have to paint.
What are the biggest mistakes sellers make?
“I’m not giving my home away” is too often stated by uninformed sellers. Pricing their house too high because they are emotionally attached to it is the most common error most sellers make. If nearby houses with the same number of bedrooms, bathrooms, and in a similar condition as theirs is and is on the market for the same price, the fact that you made a few improvements to yours doesn’t mean you’ll get more money, but it may sell faster. Also, sellers can look at what comparable neighborhood houses sold for a few years ago but current competition is the only barometer that should be considered.
The realtor can give an objective opinion where the house should be positioned in the market and how the house should be marketed and marketing is really the key. In our digital age a buyers search begins in the comfort of their home so an outstanding internet presence is a necessity. Professional photographs and a professional video is an absolute requirement and not a luxury.
A realtor primary responsibility to their client is to counsel their client as to the reality of their particular market and to encourage them to take the emotion out of the deal and also make them knowledgeable a bout the competition. The prospective buyer has no emotional attachment to their house; they want to purchase a home that suits them at the market price. Remember, the buyers are buying a home. Some of the little extras you as a seller have created are the gravy helping the house sell faster but not necessarily at a better price. There are the dual variables of speed of sale and final price. If you can sell a house quickly, you can save on carrying costs. Those carrying charges over six or seven months may eat away at the higher price. It is the best way to price your house correctly.
What can a buyer expect?
Buying a luxury home can differ quite a bit from typical house shopping. Here are ten tips to abide by in order to make the process as smooth as possible.
1. Expect Competition
In the current market, do not expect to be the only person making a bid on the house you are interested in. If the property was good enough for you to notice it, chances are others have too. Be prepared to entertain counteroffers and wait your turn to enter into more in-depth negotiations. The Lee Sells Houses Team will be with you every step of the way right from locating your perfect home through the offer stage, to negotiations and to final settlement.
2. Do Not Rush a Seller
The type of person who owns one of the Main Line luxury homes for sale most likely has some business experience. Pushy tactics are only guaranteed to deter them from the idea of a sale. Make your offer as compelling as possible for the home you want, and give the seller plenty of time to mull it over.
3. Keep Your Needs at the Forefront and Your Wants in Check
Even though we buy homes out of pure necessity, getting blinded by amenities is all too tempting. Make sure that any home you are genuinely interested in can meet all of your requirements in a house. Keeping a list of necessities can help reign in your desire for something pretty. What you like might overshadow something you actually need.
4. Buy for the Long Term
There are exceptions, but many luxury properties are generally not suited for a quick sale. Any home you buy should be purchased with the intent to live there for an extended period of time.
Consider how there sale value and overall state of the property will be in ten or fifteen years down the road. Remember to plan ahead for any major life changes that can occur, such as the onset of mobility issues.
5. Do Not Overlook a Hidden Gem
Try to ignore factors of a house that can easily be changed. Many luxury home buyers are quickly turned off by ostentatious décor or questionable design decisions. Instead, look at the property and the layout of the house itself. While you should never have to factor in major renovations as part of a sale, use your imagination and see the potential behind any quick fixes.
6. Keep Personalities Out of the Decision
Never let your emotions cloud your judgment. No matter how much you happen to love or loathe a seller or their agent, remember that they do not come with the house.
7. Exercise Due Diligence
It is a smart move to have a real estate attorney inspect your title before signing. Aspects like mineral rights, easements and encroachments can all create confusion and even possible disputes down the road. You must be certain that you are buying what you think you are buying.
8. Be Ready to Prove Your Purchasing Power
Luxury homes can cost a pretty penny. The last thing a seller wants is for a sale to fall through because the buyer could not muster up the funds. Do not be offended if a seller or their agent requests proof of assets before entertaining any serious offers.
9. Shop Around for a Good Mortgage Rate
Mortgage rates are hovering near all-time lows, something you should take advantage of. Take as much time as you spent looking for a house to find an acceptable mortgage. So-called jumbo mortgages for luxury homes can have many different perks to compare and contrast between mortgage companies. The Lee Sells Houses Team has worked with most of the top mortgage professionals in the area and would can recommend several if you would like us to do so.
Without an expert at your side such as those agents from the Lee Sells Houses Team, navigating the luxury market can easily overwhelm you. A savvy agent from the Lee Sells Luxury team will be able to help throughout the bid process. We will find comparable properties to let you know what you should be paying. Our real estate professional will also have plenty of advice in regards to the closing process once you do find a house.
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"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area."