Shopping for luxury real estate in Miami is a dream for many that few get to live out. Currently, the luxury home market in Florida is in the midst of an upswing unprecedented since the boom days of 2005 and 2006, except that today’s buyers are using cash and heavy equity making the purchase of a luxury home in Miami a possibility. Since luxury home prices have increased, many buyers are feeling a bit of a rush to purchase before they miss out.
Miami is a fantastic city for purchasing real estate, drawing hundreds of luxury home buyers. Miami Beach’s Art Deco district is home to more than 800 buildings and the world’s largest collection of Art Deco Architecture. The only major U.S. city founded by a woman, Miami, named for the Mayaimis tribe who occupied the area until the 1600s, is an ideal location for those interested in purchasing a luxury home. In this article, we will give some tips for purchasing one of the local homes for sale.
- Know Where to Look
Many luxury homes aren’t listed on real estate sites in order to protect the privacy of the seller. As such, it can be difficult to get an idea of which homes are available and how much they might sell for. In these cases, a realtor’s personal connections are valuable. Sold real estate listings might also give potential buyers an idea of what homes in the area they are considering have sold for in the past. Sold real estate listings are often available through realtors or online, though luxury homes might not be listed.
- Find an Ally
Internet searches alone aren’t often enough in the luxury home market. A good buyer agent who has familiarity with luxury Miami real estate for sale can help, since there tend to be fewer open houses for luxury homes. A local expert can get an appointment to view a luxury home.
- Keep Good Records
Documentation is always important in the home buying process, but there is far more scrutiny for luxury homes. Make sure your finances are well documented so that you can prove to the bank that your income can support a luxury home.
- Be Ready to Negotiate
There is room to negotiate in the luxury home market. Sold real estate listings can help your agent research comparable properties to get an idea of the closing prices. Have your agent research those properties right before you make an offer so that you can adjust your negotiations accordingly.
Choosing to buy one of Miami’s luxury homes is a big decision. Be sure to consult with an experienced real estate agent during every step of the process. Miami is a beautiful city with plenty to offer, so look hard, negotiate well, and enjoy the results! Reference links: sterlingmiamirealestate.com