Everything You Need to Know About Buying (or Selling) A Luxury Home in DC
Buying
If you’ve done any research on the real estate market lately, you’ve probably read about low interest rates, the demand for more space, and how $2 million is the new $1 million.
Needless to say, competition for a home these days is fierce, particularly when it comes to the luxury market.
In other words? Buying a luxury home in 2021 is, well…a luxury; and although no one knows exactly what the housing future of our city holds, we can tell you this: the higher the price point, the more these tried-and-true tips will come in handy — regardless of any time-sensitive factors. So, without further ado, here’s everything you should know about buying (or selling) a luxury home in DC!
Tips for Buyers:
#1 – Learn the Lay of the Land:
In real estate, knowing what to expect is half the battle. From that lens, educating yourself before jumping headfirst into the home buying process will save you a lot of time, money, and unnecessary headaches. It will also help you find the right home instead of making a hasty decision that leads to buyer’s remorse!
#2 – Know your Neighborhoods:
Whether you’re looking for an idyllic golf course escape or an urban condo with iconic city views, having an understanding of local trends and plans is more important than ever. There are certain neighborhood factors you’ll want to consider before purchasing your house, for example, like whether the view you’re paying for will soon be blocked by an incoming new development.
#3 – Prioritize your Priorities:
What are the things you simply can’t live without versus the bucket-list items you can? Before you even start looking, we suggest taking the time to make a list of your must-have amenities and features. Here are some ideas to get you started:
- Incredible location
- Breathtaking views
- Movie Theaters/Entertainment room
- Home Gym
- Land and privacy
- Great entertaining features
- Top-of-the-line safety and security
- ‘Intelligent’ home appliances
- The best quality home
- Great backyard
#4 – Figure out Financing:
Don’t just assume that you qualify for a multimillion-dollar estate without doing your homework first.
#5 – Be Patient:
Don’t rush to make a hasty decision, or lose your cool if you don’t get the first home you bid on. In our experience, being thoughtful, strategic, and calm always pays off in the end!
#6 – Think about Resale:
We know it’s tough to think about your future plans when you’re so preoccupied with your present-day search, but just hear us out: buying a home with strong resale value matters. Location and condition are just two of the factors that will help increase your home’s ability to command top dollar one day down the line.
✔︎ Thinking about buying a luxury home sometime soon? Click here to see our selection of homes currently on the market!
✔︎ Wondering what luxury homes are in your price range? Click here to see the price of luxury living in DC.
Tips for Sellers:
There’s just no way around it: the real estate market is different when you’re selling a luxury home.
Everything from how the listing is priced to how you market it has to be optimized for the right buyers. Don’t worry, though — we’re here to help!
#1 – Find a Realtor:
Sure, it might be your first time selling a luxury home…but it shouldn’t be your Realtor’s. All agents have their specialties, and you want to ensure yours is well-versed on all the ins and outs of buying a higher-price home.
✔︎ Not sure where to start? Meet our experienced team of luxury agents here.
#2 – Bring in a Stager:
When selling a luxury home, nothing is more important than creating an atmosphere that allows buyers to envision building a life there. And while it’s not necessary to strip your home down to its bones before it even goes under contract, hiring a stager who can help highlight your home’s potential is.
✔︎ Looking for more staging insights? Click here for the 4 things you should know.
✔︎ Ready to take your luxury listing to the next level? Master the 5 keys to staging a luxury home here.
#3 – Price it Right:
It’s up to you and your Realtor to settle on a price that speaks to your home’s value without deterring a large chunk of your buyer pool in the process. The goal? To remain competitive while also getting as much as you can for your home. Again, the difference an experienced agent can make here should not be understated!
✔︎ Want to learn more about pricing strategies? Click here to learn how to price your next listing to sell.
#4 – Focus on Visuals:
In real estate, you only have a second to make the right first impression. Entice potential buyers with eye-catching, quality photography, videos, and virtual tours that would stop anyone from just scrolling past.
#5 – Marketing Matters:
In the luxury housing world, putting up a yard sign and sharing a listing to your personal Facebook page simply won’t cut it. The reality is, luxury buyers aren’t looking for homes in the usual places, and they also aren’t looking for the usual amenities that buyers are inundated with today.
So while you might want to skip the feature on basic marble countertops, playing up your home’s history or its lavish outdoor space is always a good bet.
#6 – Throw in Some Perks:
This probably goes without saying, but the more value you can offer buyers, the better. So — why not think creatively about the ways you can help your home stand out from others of its kind? Can you part with that living room painting, for example? What about the Primary Suite furniture set? Even something (reasonably) small might end up being the difference between making the sale and losing out to the competition.
★ Looking for a Realtor who can help you get the most for your next luxury listing? Click here to see the homes we’ve recently sold near you.
