Amir Miri knows luxury real estate. He knows the ins and out of navigating an exclusive real estate market like the back of his hand. It isn’t just that he’s been able to hold his own and thrive as a realtor in the north Vancouver real estate market, one of Canada’s most competitive. Or that his worldwide experience in the high-end hospitality industry has prepared him well to work as a realtor for exclusive real estate markets.
He graduated from Manchester Metropolitan University and IMI University in Switzerland with a Dual Bachelor of Arts with Honors in Hotel Management and Tourism and put them to international use by working for luxury customer services in Dubai, Switzerland, Iran, and China. His exposure and informal training to provide exceptional service to elite clientele stem from his earliest beginnings. Surrounded by a family of real estate investors, interior designers, and architects, Amir can’t help but provide exceptional levels of excellence when it comes to serving his elite clients in Vancouver’s real estate market.
Heed the advice of an expert who knows. Amir Miri has collected his top five real estate market insights Vancouver residents should keep at the forefront of their minds as they journey the Vancouver real estate market.
Ask your real estate agent about exclusive listings
When navigating a competitive real estate market, one of the most helpful things you can do to bypass a good deal of competition is to ask your real estate agent about exclusive listings. Some of the most elite housing options on the market are not publicly shown to protect their MLS numbers from public view. So not only do you get to peruse some of Vancouver’s most exclusive listings, you’ll belong to a much smaller portion of real estate clientele asking to view these properties. Leading Vancouver luxury realtors like Amir Miri are connected to a vast network of luxury real estate investors and owners. Let him expose you to some of Vancouver’s top-tier real estate and help you bypass some of the inevitable competition in an elite real estate market.
Don’t shy away from negotiations
No matter how glamorous and alluring a home may be, how perfectly it gleams in your mind, no one should pay significantly higher than a home’s appraised market value. And honestly, no matter how in love you are with the house, it isn’t worth it. The truth is prospective buyers who make offers well above a home’s appraised value often come to their senses, inquire about the home’s appraised market value, then drop their offer once they see what they have done. Though a high offer is undoubtedly attractive on a surface level, it doesn’t equate to security on behalf of the potential buyer. Savvy sellers are much more attracted to potential buyers who can prove the security of their offers.
Be mindful of escalation clauses
For those unfamiliar with escalation clauses, it is part of a real estate contract that has prospective buyers agree to bid a certain amount higher than other prospective buyers who bid a higher offer than your own. Escalation clauses can be popular in competitive real estate markets, and it’s understandable why. They can work in the seller’s favor by attracting prospective buyers who know they are secure in their ability to pay for the seller’s home and who don't like to walk away from a sale with a larger profit than they were anticipating. And in some ways, if there is an agreed-upon cap amount for the highest offer you’re willing to make, escalation clauses can sometimes serve committed prospective buyers, too. But the key words here are “if there is an agreed-upon cap amount for the highest offer you’re willing to make.”
Once again, there is no reason you should pay an unfair price for a home, no matter how much you love it. Save your energy and money by knowing your limit.
Know your prospective home’s resale value
When looking for luxury real estate, it’s safe to assume you’re looking for a long-term home. However, with a significant purchase like elite real estate, you must be well aware of your home’s resale value if you need or want to sell your home. You want to ensure that if you sell, you’ll be able to break somewhat even, at the very least, compared to the price you bought the property for.
To get a sense of the home’s resale value, be sure you have a recent report of a professional home inspection to ensure there aren’t any underlying issues that could lower the value of the home. This is important for prospective buyers, regardless, but it’s especially important when factoring in your home’s resale value. Another thing you’ll want to be sure to look into is any potential structural issues with your prospective home or the property. Sellers are lawfully required to notify their real estate agents of any structural issues they are aware of concerning their home or property. Be sure to ask for an official seller’s disclosure from your real estate agent.
Patience is a virtue
As we’ve noted earlier, as a buyer, you may feel like you need to do everything you can to close on a home, making high offers left and right, throwing a degree of caution to the wind. No matter how competitive a market can be or how convinced you feel that it would be worth it to cross over the line of what you’re willing to pay, remember you are being influenced by the notion that a competitive market is more powerful than you.
Before you explore Vancouver’s luxury real estate market, get crystal clear on what you want in a home. Make a list of the elements you are not willing to compromise on and what elements allow a little wiggle room. Investigate the average going price for the kind of home you’re looking for to get a sense of average appraised market values for homes in your desired neighborhood to determine how much you’re willing to pay. Once you’ve established your parameters, stick with them! The right home will come your way. Not only will you be thrilled with your new home, but you’ll also be infinitely grateful that you didn’t compromise any of your values to get there. Remain patient in competitive real estate markets, and you will be rewarded.
Work with Amir Miri for the best results
Amir Miri is a leading Vancouver luxury real estate agent. Contact him for first-rate assistance on your quest to find your ultimate home.