The decision to buy a new home is often accompanied by excitement and eagerness to find the property of your dreams. This is completely understandable. When it comes to the luxury real estate market in Bethesda and other areas of metro DC, however, it’s important to take your time. Luxury homes are a very large investment, and they require a lot more attention to detail and caution than other listings. The reason for this is that there are often a lot of privacy requirements that the seller has and you may have to jump through more hoops to get there. As a buyer, you also need to take your time in order to ensure that you are making the right investment. Luxury homes are a bit more difficult to unload from the market since the buyer pool is smaller, so you want to be 100% happy with your decision at closing.
As a luxury real estate agent in Washington DC’s Metro area, I have had to learn to encourage buyers not to fall for “love at first sight.” There’s no question that many of the luxury properties in Bethesda and surrounding areas are absolutely beautiful and chock full of amenities and details that will make you eager to make an offer. You also have to keep in mind, however, that with these extra details and amenities come more potential issues and problems. There are more specialized inspections that come with a luxury property, such as verifying that the high tech security system works. Inspections for this type of homes can take anywhere from six to ten hours or even require an entire team of inspectors to do the job. Before you make an offer and start to go through a process that rigorous, you need to be SURE that this is the home for you.
There is a common misconception that luxury home buyers typically pay for listings in cash. This isn’t accurate. In reality, only about 31% do. Most of these kinds of buyers require financing to purchase a luxury property, which also takes time. The loan approval process for a luxury property takes longer than lower priced homes. In some instances, it can take up to sixty days. Some lenders even require more than one appraisal on any given luxury property before approval. The extra steps required indicate that these transactions can take a longer time than usual, thus you should only be willing to go through it for the right property. Don’t rush into buying a luxury home. The time and expense required to close the deal on these properties takes a longer time, so you need to be certain that you’re all in on a home before going through the process.
If you have any questions about buying a home in the Washington DC area luxury real estate market, don’t hesitate to contact me and ask! I’d happy to guide you through the process and will take the time to find the perfect home WITH you. I hope to hear from you soon!
Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
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