How is Luxury Real Estate different?
Luxury real estate is beautiful, high in price and amenities. Luxury real estate doesn’t sell the same as other properties and if your real estate professional tells you it does, you’ll do best by finding another person to sell your home.
Sometimes, the seller’s expectations about the process doesn’t align with the reality of the luxury market. If you’re selling real estate over $750,000, here are some things you might want to prepare for.
- It takes a long time – The luxury market, even when it’s good, moves very slowly. One report puts the nationwide average for days on market at over 500 days in 2017. If you own a luxury home, you should be ready for the long haul.
- There are less buyers – Affluent buyers aren’t around every corner. Inman reports that today’s luxury buyers are nearly 50% made up of Gen X, followed by Baby Boomers at just over 33%. Millennials aren’t getting into the luxury market en masse just yet, coming in at just over 15%.
- You’ll need to work harder to find the right buyer – Be ready to show the home at any time or allow open showings. Limiting the few showings you’ll get only narrows your potential buyer pool even further.
- Photos won’t sell your home – Having said that, you should anticipate a professional photo shoot that includes video and drone footage/photos if your home is listed in the luxury range.
- Your luxury real estate should be a diamond in the rough – We say this about every listing but if a buyer is expected to shell out close to or over a million dollars for a home, it should need little to no work done including deferred maintenance and cosmetic changes. If you leave these things undone (outdated wallpaper, paint or fixtures) anticipate seeing that reflected in any offer you might receive.
When you’re ready to list your luxury home, contact us today for a no-obligation, in-home listing presentation and see how The Chris Wylie Team gets the job done for you.