The 2021 real estate market is competitive for buyers, even those who are shopping for luxury homes. Inventory is low nationwide while demand remains high. It can be a challenge for many buyers to get their offers accepted and make it to the closing table. But don’t let this discourage you from making your Rancho Santa Fe real estate dreams into a reality. The best way to navigate the process successfully is to arm yourself with knowledge. This is what you need to know and do when you’re buying a luxury Rancho Santa Fe home this year.
Know your priorities and understand the search process
How can you feel confident that you’ve found the right Rancho Santa Fe home if you don’t know what you’re looking for? Before you begin your home search, know what amenities are priorities for you. This could include panoramic views, equestrian facilities, or room for an art studio. But don’t just stop there — know your deal-breakers as well as your nice-to-haves. It’s easier to zero in on a property when you know what’s non-negotiable as well as where you can be flexible. This will also help your agent. Some Rancho Santa Fe homes may not be publicly listed to protect the seller’s privacy. When your agent knows what you want, they can tap into their network to find the home that best fits your needs.
Learn how to evaluate prospects
Once you’ve found a home that interests you, it’s time to dig deeper. Knowing how to evaluate a luxury home is an important step in the buying process. Schedule a detailed tour of the property and look at the home’s construction, architectural details, and the neighborhood where it’s located. Examine recent upgrades and the amenities that make the home unique. These details will all be important when it’s time to make an offer, as they help you to compare the home with others that are on the market or have recently sold.
Have your financing in order
Before you make any offers, you need to have your financing for the home in order. This includes a mortgage pre-approval if you will be financing the purchase as well as proof of funds for your down payment. Know that most luxury buyers in today’s market are putting down anywhere from 35 to 50 percent of the purchase price for their down payments. Be prepared to show paperwork such as bank statements, W-2s, tax returns, and other important financial documents from the last couple of years. The financial approval process can take longer with a luxury home, so be sure to factor this into your search.
Make your best offer
When you’re ready to make an offer to the seller, it’s crucial that you are making the most appropriate offer. Not all sellers are in a rush and will be holding on to their properties until they get the price they want. Given that we’re in a seller’s market, you may be competing against other offers. This is where an expert in Rancho Santa Fe real estate can be invaluable. Your agent can offer the best possible advice on how to make an offer that will be seriously considered by the seller.
Avoid surprises during the closing process
Finally, know what to expect after your offer is accepted. Luxury home purchases are more complex than those for typical homes. Schedule a home inspection and be ready to pay closing costs. And remember — your agent is there to help you through every step of the process and answer all the questions you may have along the way.
Work with an expert team
Is buying a luxury Rancho Santa Fe home on your bucket list this year? Then contact the Lucy Kelts Collection today at 858-775-8843 or [email protected]. We are ready to sit down with you personally to discuss all your real estate needs.