Larger homes not only have a limited market due to cost, but each tends to be unique in its own way. They can stay on the market longer because they need just the right buyer. Many luxury home sellers tend to get impatient and let their property go for much less than its true value. Here are some facts to keep in mind when it’s time to sell your larger home.
Pricing
In all sales, price reflects the perception of value. Price is not the issue; over-pricing is. Unless your home is in an affluent development of similar homes, it’s difficult to do comparisons and many realtors will start out with top price estimates. That can dissuade knowledgeable buyers. It’s important to have an idea of fair value, especially for a $1 million + property.
Aggressive Marketing
It’s important to use a realtor who’s experienced in luxury home sales. It’s one of the first things you should ask about. Instead of just marketing your home as a “featured listing” to the general market, an experienced realtor will know where and how to target suitable buyers. They’ll be able to organize a structured campaign that might include printed flyers, social media, blogs, and much more.
Use of Images
Every realtor knows the importance of using photos or video to sell homes. But professional-quality images are the best way to sell a high-end home. Every strong feature of the property should be on full, vivid display. That also means everything has to be in expert repair. For example, garages can add 13 percent to home value. High end homes have nice garages and often more than one garage door. These doors can take up a large percentage of the front of a home so they need to look sharp and function flawlessly.
Allen’s Sales & Installation (a company that specializes in garage door repair) says, “Whether your system shakes uncontrollably or makes grating noises, there are many reasons why your garage doors and opening system may need professional repair. Common issues we find include misaligned safety photo eyes and crooked track runners. Your springs or cables may be aging, worn or broken; transmitters may be malfunctioning; or your automatic settings may be set incorrectly.”
Good Timing
Timing is an important factor generating interest right away. For instance, you don’t want to put a Buffalo, NY home on the market just as the first winter snows are falling, or a Naples, FL home during hurricane season. While expensive home sales tend to be much more resilient in terms of economic slumps, you still want to be marketing your home in the most positive and optimistic way possible if you’re going to get early offers.
Lifestyle and Location
Don’t focus on the home so much that you forget the neighborhood. Think about the external amenities for your location. For example, if your development includes tennis courts or golf courses, be sure they’re mentioned. If the local neighborhood has access to the beach, museums, aquariums, top-notch schools, or celebrity neighbors, they can all contribute to the home’s salability.
If you have a larger home to sell, don’t get discouraged before you even start. Find the right realtor and be sure to highlight your home’s special features.
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- Is Rental Property a Good Option for Earning Extra Dough?
- How Much House Can You Afford?
- 5 Caveats When Buying Your First Home
