For many people, the idea of purchasing their first home is an exciting and daunting experience. But when it comes to buying a home in a luxury market, the process can be even more complex. From navigating high price tags to understanding the unique features and amenities that come with luxury properties, first-time home buyers in this market have a lot to consider. We asked some of the region’s real estate superstars their advice for first-time home buyers and to provide tips on how to make the most of this exciting investment.
The person assisting in your search regardless of price range should be an individual with a seasoned history with a minimum of 10 years plus in selling properties in the region that the buyer is interested in. The higher the price point, above $15M for example, there should be a long and deep history of selling these types of properties — oceanfront, especially.
Learn more about power broker, Davis, here.
One of the first things I discuss with new buyers that is key to finding the right home, at any price point, is exclusivity. I tell them I am not making a pitch for them to necessarily work exclusively with me, but when they find a broker that feels right, that they trust and can relate to, they should seriously consider working with them exclusively. If they work with various brokers randomly, it is very unlikely that they will be the first ones called if a property comes on the market that fits their requirements. By working solely with one broker, anytime a new listing comes on the market, if it might be a good fit, they will certainly be contacted immediately. They are at the top of the exclusive broker’s rolodex.
Learn more about Cee Scott Brown here.
We work very hard for the buyers that we work with. Educating buyers on the market is key to our success. We educate them on the current inventory and on the deals that have traded in the areas that they are interested in. This is very important in terms of setting expectations.
Treacy and I have a lot of established relationships with attorneys, home inspectors, mortgage brokers, and we utilize these relationships to expedite the process of getting our clients into contract quickly… especially if there are multiple bidders on the same property.
Learn more about the Wilson Team here.
My immediate advice to first time home buyers, is to make sure they are working with a seasoned professional. It’s the most important first step a first time home buyer can take, the size of the transaction doesn’t even matter if you have the right representation.
Learn more about Winter Parker here.
I would advise the first-time buyers the same for every price point: to work with a seasoned trained broker, who lives and breathes real estate and will turn over every stone for them to find their property, and to educate themselves about the market. Ask your broker lots and lots of questions!
If the buyer is unaware of the particular town or area of interest, I do a high level overview of the town, villages, and areas. Then we discuss the process of buying and what they can expect during negotiations as well as some of the larger ticket items in addition to the purchase price. For example, the welcome tax of 2.5% which covers 2% for the Community Preservation Fund & 1/2% for the Community Housing Fund (which is new), Mansion Tax, survey for updated CO, etc.
If they know the area they are interested in, we start evaluating properties together. We go over the pros, cons, relative value, past sales ,and available properties overall.
Providing knowledge and a dedicated service is the key to success!
Learn more about Matos here.