Luxury homes can be a tough sale. The exclusivity of the market makes the buyer pool much narrower than the cookie cutter development homes. Not only are the buyers looking for certain and set features, the pricing is usually a bit more than the average home buyer is looking to spend.
If you are selling a luxury home, you know why it’s special. The location, the privacy, the builder, whatever it is that makes your home unique, someone in the luxury home market is looking to buy it.
A 25% increase in sales and upwards of 10% in price means that if you wait it out, the sale will go through. But there are some things that can make that process easier and faster.
Finding an Agent
Luxury homes are a niche in the real estate market, so finding an agent that is familiar with the sale of these homes is the first step in the process. The agent should be familiar with the area, have awesome references and know where to find other experts in marketing the sale. Your home isn’t just a picture in a free real estate magazine at the grocery store. Your home is a luxury and the sale should reflect this luxury status. After all, the luxury real estate market requires specialist skills.
Setting the Price
Depending on the timing, the market, and your need to find a buyer, setting the price can sometimes be tricky. An intensive market analysis, considering your property, it’s amenities, and other luxury homes in the area your agent can come up with comparisons so that your home is priced competitively or aggressively to begin pulling in offers immediately.
From social media to photos, videos, and virtual tours, quality is key. Your agent should be able to put you in touch with or have expert contractors that can assist. The ability to enhance and capture the unique qualities of your home in words and on film will have the buyers wanting to make an appointment.
Highlighting the amenities in your home makes all the difference. Much like lighting a candle that smells like chocolate chip cookies for an open house, making sure that the smart refrigerator and cupboards have gourmet foods in them or the theater has a movie on the screen and a popcorn maker with popcorn popping, staging allows the potential buyer to envision themselves enjoying your home, and brings them closer to an offer.
Even if you have done everything right, the right agent, the right price, the perfect marketing plan, it may still take time to get the sale. Just as the buyer takes time, so should you. Don’t stress out. More and more people are looking for luxury. If the price is right and the marketing has been done correctly, then the offers will soon start coming in.
It is important to pick the right real estate agent when selling luxury real estate. The right one can utilize their specialist marketing skills to get a good price and a fast sale. My qualifications and years of experience in the luxury real estate market make me the top choice. Get in touch with me, Kathleen O’Keefe Galigher, on 760.567.7822.