Common California Luxury Homebuying Challenges, and How to Overcome Them

by Lucky Chan 01/12/2020

For those who are interested in purchasing a luxury house in Los Angeles, San Francisco or elsewhere in California, it helps to understand the ins and outs of the local luxury real estate market. If you allocate time and resources to analyze the California luxury housing market, you may be able to seamlessly overcome various property buying challenges.

Ultimately, many challenges may make it tough for you to acquire your ideal California luxury residence, and these challenges include:

1. Limited Number of Top-Notch Homes Available

The California luxury housing market is fierce. Regardless of whether you're searching for a luxury house in Beverly Hills, Malibu or any other Golden State city or town, there may be a limited number of top-notch properties available. Meanwhile, if you fail to act quickly, you may be unable to purchase your ideal California luxury home.

When it comes to searching for a California luxury home, it helps to have homebuying criteria in hand. In fact, homebuying criteria will enable you to refine and speed up your home search.

Think about where you want to live in California and hone your house search accordingly. For instance, if you want to enjoy spectacular views of the Golden Gate Bridge, you may want to focus exclusively on Bay Area luxury houses. Or, if you are interested in living near family in San Diego, you may want to search for luxury residences in and around San Diego.

2. Failure to Get Pre-Approved for a Jumbo Mortgage

Typically, a jumbo mortgage is a must-have for California luxury homebuyers. Yet many homebuyers fail to get pre-approved for a jumbo mortgage – something that may slow down the homebuying journey.

It usually does not take long for a homebuyer to get pre-approved for a jumbo mortgage. Meet with a variety of lenders, and a homebuyer can learn about a broad array of jumbo mortgage options. Then, this buyer can select a jumbo mortgage that matches his or her expectations.

3. Failure to Submit a Competitive Offer to Purchase

Once you locate your ideal California luxury home, you probably will want to submit a competitive offer to purchase this residence. However, determining the right amount to offer for a Golden State luxury residence may prove to be difficult.

By employing a real estate agent, you can quickly and effortlessly put together a competitive offer to purchase your dream California luxury home. A real estate agent can provide you with a wealth of information about the local real estate market. Thus, if you want to purchase a luxury home in Sacramento, San Jose or another California city or town, a real estate agent will help you craft a competitive offer to purchase this residence.

If you plan to buy a luxury home in California, it helps to plan ahead as much as possible. For those who want to make their California luxury homeownership dreams come true, consider the aforementioned homebuying challenges, and you'll be better equipped than ever before to streamline the homebuying journey.

About the Author

Lucky Chan

Lucky Chan is a full-time real estate professional specializing in the San Francisco Bay Area market. His goal is to preserve his client’s peace of mind, help build real estate wealth and lead them through the complexities of buying or selling a home. 

Lucky Chan has earned the Certified Residential Specialist (CRS) and Graduate Realtor Institute designation (GRI). Fewer than 4% of REALTORS nationwide have earned these credentials, which assures buyers and sellers that their agent is ethical technologically advanced and will help them to achieve maximum profits and minimizing costs when buying or selling a home. 

He will listen to your needs, answer your questions, and creatively tackle any challenges that may arise.

Lucky Chan 415-337-7110 or email [email protected]