Luxury homebuyers have an edge over those looking at moderately priced homes for sale in Blaine. The luxury home market tends to move a bit slower and there is less competition for these homes. If you’re in the market to purchase a luxury home in Blaine, lets get your familiar with the market, and how to approach the buying process.
Most of Blaine’s luxury homes are located north of 109th Ave. NE and south of 125th. Homes on the TPC are always in high demand. Other luxury home areas to consider include Deacon Forest and The Lakes.
Purchasing a luxury home is a bit different than purchasing in the lower price range. Here are a few things to consider when shopping for a luxury home in Blaine:
Priorities
While it’s a good idea for all homebuyers to make a list of what they want in a home, it’s even more important for the luxury homebuyer. Is a view important? If so, what type of view are you seeking – lake, golf course? Do you crave seclusion or prefer to be located in a planned development? Think about the specific amenities you want in a Blaine luxury home.
Use a Realtor
Well, of course a Realtor is going to suggest that, right? When shopping for a Blaine luxury home, however, this is no mere suggestion. Many high-end homes aren’t listed on the MLS. You won’t find them online either, as luxury homeowners typically value their privacy and hesitate posting photos of their homes on the Internet.
Edina Realtors specialize in Blaine’s luxury home market and have developed a vast network of contacts. Additionally, with your list of priorities in hand, we can assist you with locating a home with the amenities you desire and not waste your time showing you properties that don’t fit your criteria.
Take Your Time
Because there are a lot more items to consider in a luxury home than a lower-priced home, it’s important to set aside a block of time to tour each home on your list. You’ll need this time to evaluate the home’s features, such as security systems and other distinctive amenities, as well as the home’s location within Blaine.
Have your Edina Realtor check the prices of comparable homes. High-end properties are sometimes challenging to compare to one another because they vary a great deal in size and amenities. This information, however, is vital when it comes time to determine how much to offer on the home.
Financing
Since jumbo mortgages aren’t tied to the subprime market, luxury homebuyers aren’t typically affected by the tightened lending standards.
You will still need to come up with at least 15 to 20 percent of the purchase price as a down payment, although many luxury homebuyers in Blaine increase the down payment to anywhere from 35 to 50 percent.
Since high-end property owners in Blaine expect that only qualified buyers have access to their homes, the mortgage pre-approval process is even more important when purchasing luxury property.
Shop carefully for a lender, comparing rates and terms. Be prepared to show asset statements as well as tax returns, proof of income and financial statements. Because the lending process is more detailed when dealing with high-end properties, expect the approval process to take longer. It may take up to 60 days, depending on the lender, so start the process well in advance of shopping for a home.
Real estate advice is always free at Edina Realty Blaine, so don’t hesitate to give us a call with any questions you may have about purchasing a luxury home in Blaine.
