While most categories of residential real estate continue to have high levels of buyer interest and activity, the market for luxury homes is decidedly cooler in some regions across the nation. With most luxury homes priced considerably higher than other residential properties in the area, the pool of prospective buyers should be expected to be significantly smaller than the pool of buyers who are in the market to buy a standard home in a much lower price range.
Owners of luxury homes who have become increasingly concerned about low levels of buyer interest or a lack of viable offers for their home can use the following tips to help improve their marketing strategy and more easily capture the attention of a qualified buyer.
Embrace your home's unique selling points
A luxury home is often defined as one that fits into the top ten percent of its local real estate market, by value. Some luxury homes qualify based on opulence or square footage, while others can qualify due to historical significance, unique design features, or a prime location. By utilizing the unique selling points of the house or property, sellers will be better positioned to attract the interest of any buyers who may already be searching for this type of home.
Invest in professional-quality marketing materials
When prospective buyers search for luxury homes for sale, they expect to see high-quality photographs, videography, and specialized marketing features, such as aerial drone tours and guided video tours. In addition, each room of the home should be properly staged to portray the luxury it offers. Sellers who are struggling to sell a luxury home will want to examine their current marketing materials to see if improvements in design, photography, or marketing material quality are needed.
Time the sale to enlarge the buyer pool
Another important way to improve interest levels in your luxury home is to time the sale to maximize the size of the prospective buyer pool. For example, luxury waterfront homes will receive more buyer attention during the warm seasons of the year while a luxury home located near a popular snow skiing resort will receive more interest during colder months.
List the home with a qualified real estate agent
The process of listing and selling a luxury home is far different than that of a lower-priced one. Because of this difference, it makes sense for luxury homeowners to choose to work with a reputable real estate agent who offers proven experience in successfully listing and selling other luxury homes in their area.
Reach out to a company like Justin Bemis Real Estate | RE/MAX Fine Properties about your luxury home.