Recovering From An Expired Luxury Home Listing
An expired luxury home listing can be a frustrating experience considering all the time and effort involved to have a home on the market for sale. The constant need to keep the home in ready to show condition for three, six or more months can be draining on the homeowners. There are many issues that can account for a luxury home not selling and this article explores those issues in depth and provides some insights for luxury homeowners to help prevent the same situation from happening again.
Pricing Is A Major Factor
Pricing is one of the primary reasons a home will fail to sell. No matter how much money is spent on marketing, staging, photography and more an overpriced home has a huge stigma to overcome. Homebuyers have instant access to thousands of homes on the market each day and are able to compare homes in similar categories to determine if a home is fairly priced.
Homes that are overpriced stand out like a sore thumb. The reason the overpriced home stands out is because they are being compared to other homes in the same price range and the features, quality and size of those luxury homes are commonly shared statistics. If the home being sold is in the same price range as larger homes with more luxury features than most buyers will ignore the overpriced home or might schedule a showing out of curiosity to see if there is something in the home that warrants a higher price. Once homebuyers tour the home and see it does not offer much of over other similar priced homes they will quickly remove that home from any further consideration.
Homeowners can fall into the trap...
How To Make Your Luxury Home For Sale Stand Out Against The Competition
As is often the case there are a multitude of luxury homes available for sale on the market. As a result the luxury homeowner who is able to make their home stand out has a better chance of being noticed by buyers. By being noticeable for a home’s features or price means buyers will be ready to take the next step and visit a home in person which in turn increases the chance of a home selling. This article explores some excellent tips for how luxury homeowners can help their home shine above other homes on the market.
Pricing Is Critical
Getting the price of a luxury home correct is probably the most important thing a homeowner can do. If a home is overpriced homebuyers will not be interested in making an offer regardless the amount of marketing done for the home. Luxury homebuyers (and most homebuyers in general) are very judicious with their money. They do not want to overspend on a purchase where they don’t have to. The luxury homebuyers are also looking at multiple houses to see what can best fit their needs and therefore understand where homes are overpriced and where homes are correctly priced.
One of the best ways to obtain the value of a home is to have a third party appraisal done. With an appraiser providing the value of a home there is less likely for there to be the chance of a real estate agent inflating the price as a business acquisition strategy. An overpriced listing is not likely to sell very...
Selling a luxury home involves more than just listing the home on the Multiple Listing System (MLS) and hoping it will sell. This listing presentation is presented by Luxury Realtor Paul Sian and shows the way I will assist luxury homeowners to help sell their home.
View the slides:
Download The Listing Presentation
Ready to get your home sold? Please contact me using the form below or call or text me at 513-560-8002 or email me at Paul@CinciNKYRealEstate.com.
What Can Happen When You Get The Price Wrong On Your Luxury Home
Setting the right price for a luxury home is one of the most critical aspects of selling a home. Setting a price too low and the homeowner is walking away from money they could have otherwise added to their own pocket. Setting a price too high and no amount of marketing will help get that home sold. The price of a home is determined by what a ready, willing and able buyer offers for the home. The amount invested into a home, the amount originally paid for a home or the amount owed on a mortgage does not really play into the actual price a home will sell for. Sure those items may factor into the homeowners equation as to whether it makes sense to sell the home or not, but it does not set a home’s price.
Take for example a high end luxury home purchased for over one millions dollars and located on a hillside with a great view of the city. If the home has been kept in excellent shape, updates been made as needed, repairs done on a regular basis then the home still will only fetch what the current market indicates. If the real estate market is strong and there are plenty of buyers then the chance of the home selling for more than it was purchased for may be good. On the other let’s say that same home had one quarter of the house shift downward resulting in major structural issues due to improper construction on the hill side. The home may have been purchased for more than one million dollars but due to the current condition no one will pay that much. While...
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 of...
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...