The Fed’s quarter-point hike doesn’t mean the average 30-year fixed mortgage will be a quarter point higher.
Mortgage rates didn’t move last week, but more borrowers made applications to refinance, possibly worried rates will move higher.
Whether you’re treating yourself to the home you’ve always wanted or looking to expand your investment portfolio, finding a luxury home is much different from a regular home sale. This is a piece you’ve been saving up, in one way or another, for your entire life. It’s a big decision with lots of money at stake, so it’s important that you think about everything before buying your dream home. Everything about luxury homes, especially when finding your perfect one, is a little different from the regular housing market. Here are a few simple tips for looking through luxury homes for sale and settling on the one that’s right for you.
1. Find a Qualified Real Estate Agent
The very first thing you need to do when looking at Miami or Beverly Hills homes for sale is to find a real estate agent who knows the luxury market. Since many luxury homes exist in their own listings, or even off the usual internet listings, it’s important to have someone on your side who has both the knowledge and the connections to get you into viewings that work for you. The luxury market works even more on a ‘who you know’ basis, so you’ll need someone to open those doors. Find the right real estate agent and you’ll be well on your way to your perfect luxury home.
2. Take Your Time with Financing
Financing for luxury homes is also a little different from regular mortgages, mainly in the fact that they take longer and are quite a bit larger. Before you even start looking at luxury homes for sale, be sure to get your financing plans underway. That means shopping around to different brokers and banks to get the best deal possible, and finding a mortgage that won’t overextend, but set you up for a realistic and exciting future. And since luxury homes vary wildly in price, it’s important to have your finances locked down early so you know your budget. From there, a great real estate agent can help find a place that fits your needs and wants.
3. Learn How to Search
Since luxury homes are often sold by people who would rather stay private, especially in areas around Los Angeles, you’ll need to learn about the search process to find the most amount of homes to choose from. It’s a little more complicated than simply typing “luxury homes for sale” into Google and seeing what comes up. Find the right listing pages, which should be run by credible sources, and start looking at what’s available. Be sure to poke around and get some advice from your luxury real estate agent on where to look. Looking at many different houses can also help you get a feel for cost, so you can go into viewings with a better handle on how much a property should go for over how much you are willing to pay.
4. Figure Out Your Priorities
Before you start looking at luxury homes for sale, it’s always a good idea to settle on the things you want and need in a home. Everyone’s list is different, but be sure to include size, number of bedrooms, expectations on the kitchen and amenities, neighborhood, and lot size in your list. From there, figure out your architecture style and other things on your wants list. Then head to the listings and see how your list matches up with some of what’s available. Once you have looked at a lot of listings, your initial ideas of what you want will surely change. This is a good thing. Be sure to track your needs and wants for your home. And when you seriously consider homes, be sure you know the difference between your wants and your needs, what you must have and what you can do without.
5. Be Patient
Finding a luxury home is a much longer process overall, and many people can get impatient in the process. But it’s important to note that there are fewer homes, more variation in style, and many other factors that can extend your buying process. It’s important to be patient throughout the whole thing. Those who get impatient can often end up with purchases they regret, which should never happen when buying luxury homes. Check listings often to see the luxury homes for sale in the neighborhoods you want, and never get pressured into something you don’t absolutely want. This is your luxury home, after all, and it needs to fill you with joy.
No matter the reason for buying your luxury home, you need to be smart in your purchase process. Before you even looking at luxury homes for sale listings, be sure to get a qualified real estate agent (http://www.ehow.com/how_3252_choose-real-estate.html) and the right finances. From there, you’ll be much more likely to find the home of your dreams.
The Minneapolis housing market is seeing a new spate of buyers, largely because of unseasonably warm weather.
The San Francisco Federal Credit Union this week started offering a $2 million mortgage … with no down payment required.
A strong monthly employment report also helped the rise in mortgage applications, which jumped 1.2 percent last week.
The big players are consolidating, which could make the stocks of those left standing potentially more attractive.
The overall negative home equity rate fell to 13.4 percent of homeowners with a mortgage.
Apartment owners are increasingly getting fed up with the glut of packages arriving at their buildings from online orders.
High prices and low inventory left the number of signed contracts to buy existing homes flat in October.