You know in your heart that your luxury property is the most beautiful home in the neighborhood. The exterior is perfect, the property manicured, the view is spectacular, the interior is spotless, and each spacious room is professionally staged. So why is no one making an offer?
The answer could be your asking price. No matter how much you love your home, or how many improvements you’ve made, your luxury property will sell according to the market, and luxury real estate buyers know the market. With the help of your real estate professional at The Feldman Group, you can know the market, too, and arrive at the best asking price to get your home the most attention from prospective buyers.
Wise high-end sellers don’t consider things like what they paid for the home, certain improvements they made, what an appraiser or other real estate agent may have told them the home is worth, their personal financial situation, or any other needs they may hope to meet with the sale of their property. Before you set the price of your home, set any personal impressions or feelings aside, and zero in on your home’s market value.
Luxury home buyers look at how your property measures up to the market. Start with the following questions to help you arrive at the right asking price:
- For how much are homes comparable to mine closing? How much did they initially ask? For how long were they listed?
- Have any homes in my neighborhood sold recently? What were those statistics?
- Is there a property in my neighborhood pulling up or pulling down the value of my home?
- How do improvements I made to my property really affect the overall value of my home? More specifically, do whirlpool baths, a heated garage or a home theater system that I might love really warrant a higher asking price?
It’s also a great idea to discuss these questions with your real estate agent, and have him or her walk you through their pricing model. The time you spend researching will help you set the best price for today’s market, so you can sell.