Luxury home are not built with comparisons in mind that are prominent in the “normal” housing market. Instead one would look to the amenities the home offers such as property size, in house candy store, gym or massage studio, etc. This would give one an idea of what is on the market.
Know What You’re Looking for:
After comparing properties one should develop a list of options that fit favorably with finances to correspond “must haves”.
Hire an Expert:
In every profession there are specialists, and the real estate business is no different there are specialists that deal in luxury real estate in specific areas. These realtors know what properties in the area, what they are going for, and know how to get a good deal. The realtor should also be able to provide additional information on the area one is looking at, especially, if one is moving to an area that is vastly different than ones current location.
Timing and Motivation:
Upon completion of the first three steps one should start narrowing down the properties one is considering because it is time to start making offers. Timing is of the up most importance because better deals arise during certain parts of the year. For instance one might find a better deal during the winter because the seller might be more motivated to get rid of the property by the years end for tax purposes. Motivation on the sellers end will bring about good deals, but a home priced to sell will sell fast, sometimes in a week or two, so, be prepared to ask your realtor to make an offer.
Landing a good deal in luxury real estate is a process. Start with research and hire a real estate agent that specializes in the luxury market then work collaboratively to find a motivated seller to ensure the right price for a luxury home.