How Should I Price My Luxury Home For Sale?
Real estate pricing is one of those areas where it is not an exact science whereby a homeowner can point to certain aspects that a home has and then on that basis determine an accurate price. For instance a luxury home that has five bedrooms with each bedroom having its own bathroom, a four car garage, two kitchens, a pool, sauna and more could very well be priced lower than a three bedroom, two full bathroom home that is located in a downtown area of a large urban city. Due to space limitations and location exclusivity a smaller living space in New York could very well be priced higher than a larger more spacious home in Cincinnati, Ohio. Location is critical in pricing a luxury home as well as the features and amenities of the luxury home. This article explores some different pricing strategies luxury homeowners may face when listing their home for sale.
Overpricing A Luxury Home As A Strategy
Some homeowners and real estate agents believe that by overpricing their home for sale they are leaving themselves room to negotiate down towards the asking price. In fact this rarely is the case and often times by overpricing a home homeowners are preventing buyers who can afford the home from discovering it and coming to visit. Homebuyers search for home prices based on a number of criteria. The primary criteria for homebuyers are location, price, bedroom and bathroom count usually in that order. If location is not as big of a concern then price is still always one of the top search criteria for homebuyers.
A majority of ...
The Essentials Of Selling A Luxury Home
By applying the same template that applies to all homes for selling a luxury home may result in a sale, but it will also result in extra expenditure of time and effort. Since luxury homes require slightly different treatment than a non-luxury home the extra time and effort could be put to better use with the right marketing strategy. When the prices are high the resulting buyer interest is reduced and as a result finding the right buyer becomes a critical task to get the luxury home sold. The tips in this article take luxury home sellers through some essential areas that should be understood prior to going onto the market.
Luxury home preparation is one of those areas where what is done for other homes also is applicable here with some exceptions. Homes need to have clutter reduced, packed up and placed out of sight. Personalization of the home throughout should be reduced so luxury home buyers can envision themselves in the home and not see the home through memories of the homeowner. Exotic art, collections and more also should be packed away and moved out of the home to avoid further buyer distraction and/or damage to those pieces.
Luxury homes need to be cleaned, repainted and update as time and budget allow in order to get the maximum value out of the home. Luxury homebuyers today rarely come in looking for a project home unless a steep discount is involved. As a result updates should be made so that old out of style wallpaper is removed and fresh neutral in color paint is put up in order to boost the appeal...
What Are Luxury Homebuyers Looking For In A Home
When luxury homebuyers are shopping for a home they come to expect certain features and amenities to be present in the luxury home. While the lack of these features might not be a deal killer it certainly will paint a picture in luxury homebuyer’s mind that a particular home may be outdated and as a result could also be overpriced. Newer modern features and amenities are what luxury homebuyers are looking for when they consider a home for their own living needs. If you are a home seller looking to boost the appeal of your luxury home to buyers then be sure to know about these features and amenities homebuyers want to see in a luxury home.
Modern Floor Plans
Modern floor plans are one of the main desires for luxury homebuyers. Modern floor plans represent large open spaces with high ceilings and plenty of large windows to allow natural light to illuminate the home. Rather than a home with multiple square or rectangular rooms interconnected with one or two doors only an open floor plan has wide entry ways and a flowing nature to the home that usually allows more than one way in or out of a room.
With the high ceilings found in modern floor plans, recessed lights are usually preferred due to their ability to light up large rooms and to be controlled in different sections as lighting needs to be adjusted. High ceilings also usually call for lighter colors in order to not darken the rooms thus making them feel smaller. Decorative LED based lighting may also be found throughout luxury homes that are used ...
How To Sell A Luxury Home For Sale By Owner (FSBO)
When it comes to selling a home for sale by owner (FSBO) there is a large amount of work for the homeowner to get right in order to have a successful sale. Add on top of that the fact a homeowner is trying to sell a luxury home on their own the amount of work then is much greater as well since luxury home buyers are expecting more than what is normally done for a non-luxury home. If a homeowner were to miss some of the critical steps/procedures required to sell their home FSBO or do something that would not normally be done with a luxury home (like hold an open house), the homeowner runs the risk of not only not selling their home but having to drop the price dramatically in order to attract buyer attention. With that in mind here are some tips on how best to sell a luxury home FSBO.
Pricing A Luxury Home
Pricing a luxury home is one of the most important aspects of the process. Price a luxury home too high and buyers will ignore your home since better values can be had elsewhere. Price a luxury home too low and while a quick sale will result, the homeowner will be walking away from money they could have instead put into their pockets. Sources like Zillow and their Zestimates are generally not that accurate when it comes for pricing a luxury home for sale. Zestimates are good for giving...