Luxury homes have a fine chiseled market.
The luxury home market takes a special approach. Real estate doesn't fit into a tidy box where a one-size-fits-all technique works universally. In fact, homes on either end of the value spectrum take a different skill set.
If you're selling a big ticket home, you need an agent who understands the buyers, the neighborhood, and all of the nuances that make a difference. Any agent can list a house for sale. The right one can help it sell faster and for a better price.
Here are 5 reasons why the most fabulous house on the block needs special attention.
#1: There Really is a Bad Season
Perhaps it's not the case for all properties, but luxury homes in resort areas show better at certain times of year. If the home sits in ski country, winter might be the best time to sell. But a home at the beach won't fare as well if dreary and gloomy winter.
Everything in a luxury home must sparkle.
#2: It's All About the Environment
Buyers in the market for high-end real estate generally aren't looking for a fixer upper. Everything has to sparkle. A chipped foyer tile won't do, and neither will appliances that aren't up-to-date. The whole environment, not its potential, sells a luxury home. So if anything is wrong, it's got to be fixed before the property hits the market.
#3: Marketing Needs Lots of Attention
Most houses get an ad with a short write-up at a real estate website, and a few photos round off the marketing strategy. With million-dollar property, you need a better plan. These days, it's all about the brand that you create. Working RE explains that you're not just selling a 6 bedroom house with 8 baths, a swimming pool and a 4-car garage. You're selling the incomparable experience of living there and calling it home.
Professional photography helps create the brand.
#4: Professional Photos are Mandatory
Special real estate needs special photos and the skills of a professional photographer. You might also think about something really creative to set your house apart, such as an aerial video tour taken by a professional drone pilot. Some can even create a full interior house tour using drone technology. Check out some amazing examples here.
#5: Luxury Homes Might Linger
Expensive real estate doesn't usually sell as fast as other properties, so patience is a virtue. The target audience isn't as broad, and you won't get as much activity. But you might get a higher concentration of serious inquiries. Financing is another issue. Realestate.com says the underwriting process for jumbo loans can take a lot of time.
The luxury home real estate market differs from the rest in a lot of ways. Classic advice that you might have heard or read about doesn't necessarily apply. It's in a category by itself. That's why you need an agent who knows the market and has experience selling homes like yours.
Any agent can sell your home. A high-end home expert knows the landscape and can show your home in its best possible light.
Curious about your home and what it might be worth? At eppraisal, we can help with that. Click here for a free property valuation today and arm yourself with knowledge before you make that first call to an agent.