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Elite Referral Blog
How Coronavirus is Impacting Luxury Real Estate
Reposted from Forbes | Dima Williams, Contributor | March 19, 2020 In the final quarter of 2019, luxury real estate in the U.S. rallied both in sale volume and price. The segment posted double-digit sales growth year-over-year for the first time in 2019. The entry price rose by 2.1% to $1.27 million, according to the realtor.com’s latest luxury report. “The stock market was very strong in the last quarter and we also saw mortgage rates that were lower than they had been a year prior,” says realtor.com chief economist Danielle Hale. “That really helps the luxury segment show a lot of strength.” The new year looked promising. Then, coronavirus gripped the world, disrupting businesses large […]
Investing in Luxury Real Estate
Reposted from Investopedia | By AMY FONTINELLE | Updated Sep 13, 2020 Real estate has long been considered a safe investment, whether you own, flip, or rent. If you have the money, you may want to expand your portfolio into the luxury real estate market. Before you jump in, here are some of your options for investing in luxury real estate. Luxury real estate prices were hot and had been soaring. Case in point: The most expensive residential real estate sale of 2019 was a Manhattan penthouse that sold for $240 million, according to data from Miller Samuel Inc. That’s almost $166 million more […]
The Luxury Market is Bouncing Back
Repost from housingwire.com | By Julia Falcon | June 25, 2020 Chief economist says the luxury market is leading the recovery With home price growth outpacing the overall housing market, it appears that luxury homes are bouncing back as homebuyers returned to the market in full force in May. According to realtor.com’s Luxury Housing Report released on Thursday, the luxury market actually outpaced the rest of the housing market in both price growth and views. Luxury home sellers re-entered the market with new listings for homes priced above $1 million, down just 15.1% year over year in May, compared to 57.8% in April. This means […]
U.S. Luxury Housing Market Saw Prices And Demand Grow In May
Reposted from Forbes | Dima Williams, Contributor | June 25, 2020 Similar to the wider U.S. housing market, which is bouncing back from the early, dampening effects of the coronavirus pandemic, the luxury segment recorded a promising uptick in entry prices, demand and inventory, according to a report by listing website Realtor.com. Defined as the top 5% of homes listed, the upscale housing sector saw the listing price entry point across the nation grow 6.1% year-over-year to $2.97 million. As more luxury residences hit the market in May compared to April, their higher prices led the overall housing market’s median […]
Los Angeles’s Luxury Real Estate Market Might Be Covid-19 Proof
Reposted from Bloomberg | By James Tarmy | July 24, 2020 In late June, Lillian Lim, an independent developer whose company Sea Society LLC buys and renovates homes, listed a 2,400-square-foot craftsman-style home a short walk from the Larchmont Village neighborhood of Los Angeles. She’d bought it for $1.5 million in 2019 and done extensive renovations; within a week of listing it for $2.495 million, she had a firm offer. Soon after, a second, all-cash offer above ask came through, and now the house is in escrow. “I was nervous, but by the time it was ready to hit the market, there […]
Gauging the Luxury Market
Gauging the Outlook for the Luxury Housing Market Reposted from The Washington Post | by Troy McMullen | May 7, 2020 When it launched condominium sales in February, the Towers of the Waldorf Astoria in Manhattan was already girding for market headwinds. After years of excess, home sales on the island were slipping, declining in eight of the past nine quarters, according to housing data from Miller Samuel Real Estate Appraisers & Consultants. Amid a glut of new luxury towers and a shrinking foreign-buyer pool, sales in the fourth quarter of 2019 reached its lowest level in the past decade. Developers of […]
Selling in Los Angeles
It’s Time to Sell Your Los Angeles Home While it may seem like there’s never really a bad time to sell in Los Angeles, there’s a better time to sell than others. Right now, it’s a great time to sell. The Los Angeles real state market is very hot and selling now could mean cashing in, especially for luxury sellers. Currently, the housing inventory is low and there’s plenty of demand for homes in LA. This creates the perfect mixture for multiple offers and higher selling prices. In fact, the median sales price in Los Angeles last year was $570K, […]
California: The Hottest Market of 2017
The Hottest Real Estate Market for 2017: California With home sale prices rising all across the nation, it’s interesting to look back and see which state dominated in 2017. California was the state with the most cities on the list of the hottest real estate markets. This was based on the highest selling price, highest percentage increase for sales price from 2016 to 2017 and many other factors. Out of the top 20 spots on the list of 100 hottest real estate markets, 10 were found in California. Here’s a look at the hottest real estate markets from last year. […]
Luxury Homes: Finding the Right Agent
Top 3 Things to Look for in a Luxury Real Estate Agent When it’s time to sell a luxury home, you need the right agent. Not just any real estate agent will do. The luxury real estate market is a different animal and you need the right agent to help you tame that animal. If you’re looking for the right luxury agent for your needs, you’ve come to the right place. Here are three things to look for in a luxury real estate agent. Incredible Marketing Luxury homes require great marketing to sell for top dollar. When you start searching […]
Selling: An Essential List
An Essential List of Things to Do to Sell Your Home You’ve decided it’s time to sell, so what do you do next? Having a list of essentials to get done before listing your home for sale is vital. Here’s our list of essentials to help you get your home sold fast. Find a Great Real Estate Agent Deciding you don’t want to hire a professional agent to help you sell your home is a bit like trying to re-roof your own home. While you may be able to handle the task, you shouldn’t. Trying to sell your home on […]
Top Real Estate Trends for 2018
Top Luxury Real Estate Market Trends to Watch in 2018 The United States will see many new trends in 2018 due to a huge rewrite of the tax codes. Some of these trends will be found within the luxury real estate market. Of course, the tax code won’t be the only thing impacting the luxury market in 2018. Tax Impact will be Felt Globally While the United States provides the largest changes to the tax code, other areas made changes, as well. The changes in the US will provide a race to dodge the new taxes from foreign investors, flexible […]
Why Choose a Local Agent
Top 3 Benefits of Choosing a Local Real Estate Agent If you’re looking to buy or sell a house, it’s time to find the right real estate agent for you. While choosing a real estate agent in your city is important, choosing a local real estate agent goes beyond just choosing an agent in your city. Local often means an agent that specializes in your neighborhood or the neighborhoods you’re targeting to buy a home in. It’s not enough for the agent to be located in your city. They need to know your target area or neighborhood inside and out. […]
Essential Real Estate Agent Questions
Essential Questions You Must Ask Before Hiring a Real Estate Agent Whether you’re buying or selling a home, choosing the right real estate agent matters. If you don’t choose wisely, you could end up with someone not experienced in your type of property or simply not capable of delivering results. Before hiring any real estate agent, ask these essential questions. How much experience do you have as a real estate agent? Experience is necessary when it comes to buying or selling any property. If you choose an inexperienced real estate agent, you’re gambling on the type of results you’ll get. […]
Top Benefits of Using a Real Estate Agent
Top Benefits of Using a Real Estate Agent When Buying a Home The majority of those shopping for a home in 2017 chose to hire a real estate agent. In fact, 87% of those buying a home, according to the 2017 Profile of Home Buyer and Sellers hired an agent. Home buyers were asked to list what they felt were the top benefits they gained from hiring a real estate agent. Here are some of the results. 60% of buyers believed the agent helped them understand the buying process better 56% said the agent pointed out unnoticed faults or […]
Top Real Estate Negotiation Tips
Top Tips for Real Estate Negotiation The right negotiations make a huge difference when buying or selling a home. A small mistake could cost thousands of dollars, so you need to be prepared. The right real estate agent makes a huge difference, but you should still understand a few tips about negotiating when dealing with real estate. 1. Empathy and Listening You want to make sure you show empathy during negotiations, especially when buying. The seller may have a strong emotional attachment to their home and if you come off rude or like you don’t understand, they may decide to […]
Beverly Hills Luxury Real Estate
Beverly Hills: A Famous Luxury Destination for Real Estate Beverly Hills has become very famous over the years as one of the most luxurious places to live in California. It’s located in Los Angeles County and while it was originally popular for lima beans, it has become synonymous with luxury in more recent years. It’s home to the popular 90210 zip code, Rodeo Drive and the Beverly Hills Oil Field. The city has been a part of a number of television shows and movies. It has also been a home for many celebrities because of the extravagant dining and shopping. […]
Top Real Estate Lessons from the Wealthiest Zip Codes
Top Real Estate Lessons from Wealthiest U.S. Zip Codes Have you ever wondered what the wealthiest zip codes around the country are doing right? What makes a property more luxurious than another? You can learn much from the wealthiest US zip codes and how the elite want to spend their money. Many times the elite are actually so wealthy because of their investments in the real estate world, which begs to ask the question, what lessons can I learn on their successful investments? Take a look at the top lessons you can learn. Learn to make a passive income There […]
Hiring a Real Estate Agent for New Construction
Should I Hire a Real Estate Agent for New Construction? When you’ve decided to buy a new construction home, you may be wondering if you really need to work with a real estate agent. New construction homes are a popular choice for those that prefer to buy something new, but the common misconception is that you don’t need to work with a realtor during this type of purchase. Despite buying new, you still need representation. Take a look at why you need to hire a real estate agent during this type of purchase. Why do people think they don’t need […]
Top Secrets Your Broker Won’t Tell You
Top Secrets Your Real Estate Broker Won’t Tell You Do you ever feel like real estate brokers have something to hide? Your feeling isn’t wrong because many real estate professionals know secrets about the process that they choose not to share with you. For example, they know that you can technically do this process without them, but even so having an agent on your side is the smartest decision you can make when buying or selling. They also won’t tell you that their commission is negotiable and that they are the ones that want to have an open house. Take […]
Avoiding Realtor Mistakes – Part 1
Avoiding Realtor Mistakes – Part 1 Choosing a realtor can be a difficult process, not knowing for sure if you’ve picked someone that will suit your family’s needs best. That’s why many are going with Elite Referral to take out the guesswork. This company is helping families from all over get paired up with the right agent for them from the start, rather than leaving families scouring the internet and wondering if they’ve made the right choice. Take a look at some of the common mistakes people make when choosing a realtor themselves. Working with a relative It’s common that […]
Avoiding Realtor Mistakes – Part 2
Avoiding Realtor Mistakes – Part 2 Recently, you may have seen the first part of our post on mistakes made when choosing a realtor. We had to write a second part because there are so many common mistakes that end up costing people money and time. Here are a few more common mistakes you will want to avoid when it’s time to choose a realtor. Assuming all agents are the same While you may think they’re all the same because they had to pass the same tests to get to this point, this is very inaccurate. Agents are going to […]
The Right Luxury Real Estate Agent
How to Make Sure You Choose the Right Luxury Real Estate Agent You may not have known that there is a bit of an art behind choosing the right real estate agent. Most people just use a referral from a friend or internet reviews to choose an agent that has a reputation for success. Is this really the best way to know if someone is a right fit for your family? You need someone that has worked with your budget, understands the area you’re moving into or out of, understands the current market, and has experience. Sometimes finding the right […]
The Right Luxury Real Estate Agent
How to Make Sure You Choose the Right Luxury Real Estate Agent You may not have known that there is a bit of an art behind choosing the right real estate agent. Most people just use a referral from a friend or internet reviews to choose an agent that has a reputation for success. Is this really the best way to know if someone is a right fit for your family? You need someone that has worked with your budget, understands the area you’re moving into or out of, understands the current market, and has experience. Sometimes finding the right […]
Positive Luxury Buying Experience
How to Make Sure you Have a Positive Luxury Buying Experience Luxury buying isn’t the same as a regular home buying experience. It’s important to be in communication every step of the way so that no one is making decisions without you and that you aren’t jumping into any deal for fear of a competition with another buyer. If you are buying internationally, there are additional regulations to consider and no matter where you buy, you’ll need to research how development will change in the future. Take a look at these tips to make sure your buying experience goes well. […]
Tips For Selling Your Luxury Property
7 Tips for Selling Your Luxury Property If you’re preparing to sell your property, you may be unaware of what’s involved with selling a luxury home. For example, how do you know when it’s the right time to sell a luxury home? Do you know how to properly price it? How does the open house process work for luxury properties? There are many questions involved in selling a home like yours that wouldn’t be as big of a concern for an average home. Use this guide to make sure you understand these seven considerations involved in selling luxury properties. Make […]
The Right Real Estate Agent (Part 2)
How Critical is the Right Real Estate Agent? (Part 2) Now that you understand the basics behind why a real estate agent is the most important asset you could have during the buying or selling process, it’s a good idea to learn a little more about what different agents can do and how they differ. You know that buyers benefit well from agents because they can work with an expert in the area that will know about recent listings, suitable neighborhoods, and how to know what you can afford in a home. Sellers benefit from a great agent by being […]
The Right Real Estate Agent (Part 1)
How Critical is the Right Real Estate Agent? (Part 1) Hiring a real estate agent is one of the most important parts of the home buying and selling process. You need this person to guide you from point A to Z, to handle the things you aren’t experienced in, and to be there to handle the legal aspects of home buying that you may not be aware of. It’s very important to work with an agent that understands you and your family’s needs. The real estate agent specializes in the buying and selling process while you may have done this […]