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Your luxury home is a major investment, so it’s important to make sure that you’re approaching the selling process the right way. Selling a luxury home comes with certain challenges that you’re less likely to encounter with a non-luxury home. Luxury homes aren’t as numerous overall, so you’ll have to work harder to attract more buyers. According to the National Association of Realtors, only 13 percent of first-time and repeat home buyers purchased homes costing $500,000 or more, and only 9 percent purchased homes measuring 3,501 square feet or more. Keep the following tips on selling luxury homes in mind before putting yours on the market.
Get the Pricing Right
Determining the right price for a luxury home can be a challenge. You might not have other comparable homes nearby to help you figure out your listing price, or your home might have special features that could make it worth more. Asking for too much for your luxury home could mean that it ends up staying on the market longer than you expected, especially since the number of buyers for these homes overall tends to be smaller. Asking too little means you’re missing out on getting what your luxury home is worth.
Think Twice About Open Houses
Open houses are a common part of the marketing process for non-luxury homes. However, you might not want to have them for you luxury home. Anyone can attend open houses, which means you’re likely to have people stop by who have no intention of making an offer on your home. In addition to wasting your time, these open houses could also make it easy for criminals to target your home. Instead of open houses, consider arranging private showings for buyers who have a genuine interest in purchasing your home and the financial ability to do so.
Use High-Quality Photos and Videos
When marketing your luxury home, make sure you use high-end cameras for photos and videos. The quality of these can have a huge impact on how successful your online and offline marketing efforts are. High-quality photos and videos are an important part of attracting buyers and making an initial favorable impression on them.
Find an Experienced Real Estate Agent
When you work with a real estate agent to sell your home, make sure that you find one who has experience in the luxury market. Selling luxury homes involves taking different factors into consideration compared to selling non-luxury homes. A real estate agent without this experience might have a more difficult time selling your home or overlook important ways to attract the right buyer. Real estate agents with in-depth knowledge of how to sell luxury homes provide you with valuable help when your home is on the market, including helping you determine the right price for it.
About the Author
Sheida Rezazadeh
Our Mission Statement:
Our philosophy is simple: clients come first. We pledge to be in constant communication with our clients, keeping them fully informed throughout the entire buying or selling process. We believe that if you’re not left with an amazing experience, we haven’t done our job. We don’t measure success through achievements or awards, but through the satisfaction of our clients.
About Me:
With over two decades of experience in the real estate industry, I derive immense satisfaction from assisting clients in realizing their real estate aspirations. My journey in this field commenced with personal investments and the management of multiple properties, providing invaluable insights into the dynamics of the real estate market. Over the years, I have refined my negotiation skills, accumulating extensive knowledge and experience that empower me to deliver exceptional service to my clients.
As a seasoned professional, I specialize in residential, luxury, multi-unit, and commercial real estate. I possess the acumen to secure top dollar for sellers and the best possible prices for buyers. Recognizing the significance of creating a home sanctuary as a mother and wife, I understand the security that real estate investments can bring. It's not just a transaction; it's a life-changing experience, and I am dedicated to guiding my clients through every step of the process.
Leading a team of highly-seasoned real estate professionals, we are committed to providing personalized service. We take immense pride in building enduring relationships with our clients and tirelessly work on their behalf to help them achieve their real estate goals. Our team comprises the best and brightest in the industry, consistently striving to lead in research, innovation, and consumer education.
As a trusted resource in the complex world of real estate, I am devoted to providing the best and most timely information to my clients. My team and I stay up-to-date with the latest trends and developments in the industry, utilizing this knowledge to help our clients make informed decisions. It's not just about buying or selling a home; it's about building a better future for you and your family, and I am honored to be a part of that journey.