The luxury real estate market promises an opportunity to call something unique and beautiful your own home. And Savannah, Georgia—rich history, southern charm, and exclusive seaside communities—is a lovely place to find the luxury home of your dreams.
But as one of the most significant financial decisions you can make, buying a luxury home in Savannah is best done when you’re informed about the ins and outs. So let’s look at some tips to help make your experience as smooth as possible.
REALTORS Are The Secret
Buying in the luxury real estate market is unlike in the non-luxury market. In the non-luxury market, sellers advertise widely to help buyers easily see their listings. Buyers can then schedule viewings, compare prices and look at various homes in one or more areas, all without much hassle.
The luxury real estate market typically doesn’t work this way. Sellers value privacy and discretion and wish to avoid the neighbor or looky-loo. This means that sometimes barriers are set up for luxury real estate to separate serious buyers from the nice lookers. This can make it difficult for some buyers to know what’s on the market.
Fortunately, there is a time-tested solution for this: Realtors specializing in the luxury market. These Realtors typically rely on a small network of colleagues for information about what’s for sale, giving them valuable insight into an entire market that may otherwise be limited in its public display. Your luxury Realtor can keep you up to date on the luxury market without having to play a guessing game through word of mouth.
Savannah’s luxury real estate market is unique in another way: there is typically less competition. Some find this surprising at first. But it makes simple sense when you consider that in the non-luxury market, there is a more significant number of potential buyers who can make competing bids on a property. So if you find a home in the traditional market you love but want a little more time before you commit, you could lose it to another bidder.
The dynamics of the luxury market are very different. Since it is highly exclusive, there are fewer potential buyers, allowing them to be more discriminating. The threat of being undercut by a competing offer is considerably reduced, and buyers may take a little more time to consider their decision.
Of course, competing bids are a feature of any market, and the luxury real estate market is no different. But the chances that your offer receives careful consideration are generally higher than in the non-luxury market.
Location, Location, Location
It can be easy to overlook what you can and cannot change in a home. We are, of course, talking about the difference between the house itself and its location.
Viewing the luxury homes for sale is sure to impress with cutting-edge appliances, top-notch finishes, and unique signature touches. But it’s critical not to let these distract you from the home’s location. After all, no matter how much you love that multi-car garage, chef’s kitchen, or stunning balcony patio, you have to love the one thing you can never change: the home’s physical location.
Fortunately, this isn’t a complex challenge to meet in Savannah. As the gateway to the South, Savannah boasts some of the most beautiful ocean real estate on the eastern seaboard. Exclusive communities like Skidaway Island and Haig Point promise beautiful natural scenery and privacy that will not disappoint.
But it’s still a good idea to do your due diligence. Ask your Realtor about plans for the community, zoning laws, and density estimates. All these will change the character of your neighborhood over time, and you want to make sure it changes in a way you like.
If you’ve found a luxury home you love in a perfect location with all the amenities and more, you might be ready to make it your own. But think about the long road you’ve taken to get here and how carefully you’ve weighed your decision. Now imagine you’re the home’s seller rather than its buyer.
It’s not easy to sell a luxury home. Buyers can afford to be highly discerning. So when considering your luxury home purchase, it’s critical to think about what you want and what your future buyers might want. It’s likely a time when you decide to sell, and you want to make sure someone else will love your home.
Fortunately, Savannah’s luxury real estate market promises to make selling your luxury home easy. As a commercial hub in the South with a reputation for natural beauty and a laid-back pace of life, many families are interested in the best of what Savannah has to offer. It’s expected that the luxury market here will likely thrive for years to come.
But it’s still a good idea to look at the market from the point of view of a seller. The more expensive a home is, the more expensive it will be for someone else if there ever comes a time when you choose to sell.