What Great Realtors Know About Listing Luxury Homes
Posted: January 29th, 2021
What sets luxury homes apart from other homes? We’ve answered the question before in our blog: exquisite location, high-end finishes and materials, unique features, and great amenities. However, all those great features come with a higher price tag than a starter home, and some homeowners may balk at the prospect of listing their $500,000+ homes in times of economic uncertainty--like the uncertainty we experienced in 2020.
But selling luxury real estate is far from impossible in times like these; in fact, it’s going strong, with luxury home sales experiencing a 43% year-over-year increase in the third quarter. It simply takes a different approach and a few special considerations to ensure a successful luxury home sale. Take a look at these tips suggested by our seasoned real estate team.
Is the Price Right?
Setting the right price for a luxury home might seem like an obvious necessity, but the right dollar amount can really make or break your sale. You want to ensure that your home is priced competitively enough to attract buyers without underselling yourself. The best way to strike that delicate balance is by referring to a market analysis. A real estate professional who intimately knows their market can give you insights that you wouldn’t be able to gather with a Google search.
Even if your home has the best features on the block, your asking price heavily depends on the status of the market in your immediate neighborhood at the moment you wish to sell. The same home in two different neighborhoods could easily go for different prices. Similarly, you may be able to set a completely different price for your home this year as compared to the year before. Which brings us to our second point:
Timing is Everything
A number of factors can indicate the right time to sell a luxury home. We currently find ourselves in a sellers’ market due to low inventory levels and low mortgage rates for buyers. Additionally, seasonal changes affect appeal. In Central Florida, we are lucky enough to enjoy temperate weather year-round, but you wouldn’t want to show a waterfront property in the middle of hurricane season.
Your Realtor partner’s competitive market analysis should do a deep dive into pricing trends and changes over the last few years. Everything is subject to change; world events like political changes and natural disasters can all determine the performance of the market.
Living the Lifestyle
A huge part of marketing luxury properties to the right buyer is portraying the luxury lifestyle. For example, take a look at the Paramount Riverfront condominium project. Immediately, you understand what’s in store for you as a member of the community: riverfront cabanas, parasailing and watersports, and high-class entertainment.
From your listing photos to your flyers and ads, your portrayal of your home should show viewers that they’re not just buying a home, they’re buying a brand new, high-class lifestyle.
Putting it All Together
A luxury home is differentiated by more than just its price tag. It offers owners an escape from the norm; it’s a sanctuary and a venue all in one. An experienced real estate professional can help you present it in the right light to attract the right buyer. If you’re ready to sell or interested in learning more, call Ellingson Properties at 321-750-7050 today.