What Is Luxury Real Estate In Lubbock Anyway
North of $1Million? Is that what we call Luxury?
In The High Plains, it's common for anything above $500,000 to be considered a Luxury Home. Due to high demands of the median price ranges of each market, Luxury Markets tend to have their own identity. That is to say that we could be in a seller's market in the median price range but a buyers market in Luxury. In fact, for the past couple of years, Luxury Markets have seen their share of high inventory and time on the market...
In Lubbock, TX the market many people dream of being ready to enter, has a long list of options for buyers.
In the month of September 9 properties sold above $500,000 and there were 11 Months of inventory. Meaning, that if nothing else came on the market, then it would take 12.3 months to sell everything.
This by definition is a BUYER'S MARKET!
So what to do about it?
Call us first if you're thinking about getting in or getting out of this price range.
A lot of very serious decisions need to be made and your first one needs to be consulting with our team.
These are a few of the points we will walk you through and a few ideas you should start considering if you own a Luxury Home:
How would your neighbors rate the curb appeal of your property on a scale of 1 to 10?
Have you completed ALL the honey do's in the house? Is there anything left for a buyer to do or is it move in ready?
Have you reviewed the competition? What other homes are comparable to yours which you'll have to shine brighter than?
What are the features of your home and have you established a list of them? Most REALTORS won't be able to sell the features without a list to follow.
If you're thinking about purchasing a Luxury Home:
What form of financing will you use? Luxury Homeowners do not want to wait 60 days to fund once they go under contract with you. There are JUMBO Loan Requirements... Be sure to ask great questions! Not all lenders are created equal!
Do you know if you're paying for features of the home, the neighborhood or both? Some buyers see a $700,000 house and never know what they're actually paying for.
What is the RESALE trend for homes comparable to the one you'll purchase?
List Price to Sales Price Ratios are important. Do you know how much you can get the property for and what a realistic offer is? In September buyers were able to (ON AVERAGE) negotiate 5.5% under the asking price.
FOR A LIST OF LUXURY HOMES, SHOOT US A TEXT OR EMAIL!
Listing courtesy of Wyatt Poindexter