The Denver-metro real estate market is booming and luxury homes are no exception. The start of 2018 showed an increase in luxury home prices even as the luxury home inventory remains above that of the moderate single-family home market. For home buyers, the good news is the market is growing at a lower rate than seen in the past few years. However, home prices are not predicted to fall anytime soon. Utilizing these four key home buying tips for buying in today’s Colorado Market are essential.
Four Home Buying Tips for Colorado Luxury Real Estate
1. Hire a Qualified Real Estate Agent
Colorado is in a seller’s market right now. In this hot market, it is more important than ever to hire a qualified, professional real estate agent. A qualified agent will add value to your home buying experience. Especially for the luxury market, a real estate agent will work to make sure you are protected through the buying process.
The agent understands the comparable home prices in the area and will be able to advise you on the correct price to offer. They will also be able to guide you through the buying process to ensure your interests are represented.
2. Secure Financing
In a booming market like the Colorado luxury real estate market, it is important to get pre-approved for your home loan. Homes are selling quickly and receiving multiple offers. You do not want to miss out on the home of your dreams because you haven’t secured financing.
For luxury real estate, the loan process takes longer. The amount of the loan is usually higher with luxury home purchases. This means the process to secure a loan is more complex. You want to start early with your mortgage approval.
The inspection process is often more complex with luxury homes. Even is a seller’s market where you don’t want to miss out on having your offer accepted, you want to ensure that the home your buying doesn’t have any unwanted surprises. An inspection is a key to protecting your assets.
With luxury homes, sometimes specialized inspections are needed. This may include inspecting high-end amenities like swimming pools, heated flooring, or smart technology features. Don’t skip the inspection process for your luxury home.
4. Understand Your Priorities
When shopping for a luxury home, it is important to understand your priorities. For luxury homes in Colorado, one priority is location. Are you interested in a penthouse apartment in downtown Denver or a luxury mountain retreat? How you shop for your home will be dependent on where you want to buy.
What are your other must-have items? Popular things to consider are: pools, views, home theaters, large lots and carriage houses.
To make your home buying process easier, download our free House Hunting Checklist. This is a great tool to help you identify the details you want in a luxury Colorado home.
The Colorado luxury home market, like all Colorado real estate, is currently a seller’s market. This means homebuyers must be cautious and patient in the buying process. Now is a good time to buy your Colorado luxury home.
Contact Redhead Luxury Properties today to schedule a consultation.