Corcoran Global Living
Mike Lagoyda, Corcoran Global LivingPhone: (707) 888-9921
Email: [email protected]

How Conventional Home Sales are Different from Luxury Transactions

by Mike Lagoyda 05/26/2021

Photo by AVANTECTURE on Unsplash

Buying a luxury home is about more than just finding the right mortgage. Whether you are buying or selling, you should know that there are some key differences in the way that high end luxury homes are sold. Discovering the differences in the way that the luxury home market operates can ensure that you get the best possible outcome from your purchase. If you want to enjoy the lasting comfort and benefits of living in an amazing high end home and still get the best possible deal, here's what you need to know: 

Seasons don't matter: Conventional home sales follow specific seasonal trends, but according to Realtor.com, the high end market is not as impacted by the time of year that a home is listed. This is often because home buyers who are tied to a more conventional price range are also tied to trends -- they want to buy and move in summer, while school is out, need to work around regular jobs and don't have another home to retreat to for the holidays or vacations so that deals can be worked out. Luxury home sellers can afford to list a home and wait for the right buyer, so there is often no influx of homes at specific times or seasons. 

More staging, more perks: Luxury homes simply show better than their conventional counterparts, thanks in large part to the staging and design included in the listing process. For buyers, this means a chance to see the home fully furnished and in immaculate shape. For sellers, this means better selling prices and in many cases a faster turnaround time. Expect to spend more time per home, for more personalized experiences when you shop around -- looking at 10 conventional homes in a weekend is likely possible, but you may only get to 2-3 luxury homes, since you'll spend more time touring and more time checking out all the home has to offer. 

Fewer contingencies: In some markets, contingencies are not always acceptable anyway, but no matter where a luxury home is located, offers that are tied to contingencies may not be as appealing as those that come without strings attached. Sellers can usually afford to wait for the right offer, and have no reason to compromise or put a deal at risk, while buyers may be prepared to purchase or finance the home without having to add contingencies to offers. 

Discovering how luxury home sales differ from conventional ones can help you make the most of the process and come away with the results you truly want. You'll know what to expect, set aside the right amount of time and avoid common errors as you explore this rapidly growing but still exclusive marketplace. 

About the Author
Author

Mike Lagoyda

I am passionate about helping people which is why I'm passionate about real estate. Owning your own home is part of the American Dream. It is stability. It is community. It is also one of the greatest tools available to generate wealth & create a legacy for your family.  

As a Senior Associate at Corcoran Global Living I offer concierge-level service to Buyers & Sellers of Real Estate in Sonoma County. By leveraging new technologies, social media, and old-fashioned hustle, I take care of all the details providing my clients with a personal experience designed to take the stress out of the real estate transaction.  

Whether you are looking to buy your first home, re-size to meet your current needs, or invest in real estate to build wealth for your future. I would be honored to help you navigate your real estate journey with integrity, wisdom & vision.