How to Approach Selling a Luxury Property in a Difficult Market

1000 500 Taylor Witt

Placing a luxury property on the market is a lot different to listing a less expensive one. Just fixing the main cosmetic issues won’t necessarily address the concerns that prospective buyers may have in this higher price range. Here is how to approach selling a luxury property in a difficult market. 

Oak Alley Plantation, Southern Plantation, Mansion

Choose the Right Season to List Your Property

A waterfront property that’s listed when the weather is blustery with sand blowing up into the air isn’t going to be well received by potential buyers. Similarly, homes that look delightful with the fall colors may not be as attractive in springtime. 

Choosing the best season to list the property is half the battle. Failing to take this into consideration could lead to the home getting poor reception. Then, when the listing has been up too long, it becomes harder to sell as people start to question what’s wrong with it. By listing at the right time, you can avoid these potential pitfalls. 

Deal with Realtors That Already Handle Luxury Homes

While a newer realtor may be interested in picking up the listing and running with it, that’s not always the best move. It’s also an issue if your home sits in one price bracket, but they’ve only previously handled smaller transaction values.

Their contact list is likely to be limited to the lower end, which likely will restrict the interest they can generate and offers they can procure. 

Get the Staging Right

If the home has recently been renovated, but it’s not seen plush furnishings added or finishing touches made, that could be a problem. Plans may have caused you to make a late decision to put the house on the market even though it’s technically not ready to show. 

One way to get around this is virtual staging. This is the idea of replacing photographic visuals with a mixture of real shots of the interior coupled with imaginative staging elements. This is done by removing objects from the image and adding in furnishings digitally to complete the final presentation. 

Virtual staging is an affordable way to provide excellent new visuals without the need for physical staging. At a time when some sellers wish to limit the number of strangers visiting their homes, technology has come to the rescue. 

Accept Price Guidance from an Experienced Realtor

When selling a luxury piece of real estate, you may have a price in mind. Nevertheless, what your home can command currently on the market may vary markedly from your golden number. 

It’s important to listen to an experienced realtor on pricing. They have access to recent comps in the market. Even without those, they should have a good idea about valuations. When they advise what they feel the home is worth, asking them to list it significantly above this level risks the home going unsold.  

In a difficult market where homes aren’t selling as quickly, and prospective buyers are making lower offers, patience is required. Also, listen to the realtor because they usually know their job well, and given that they stand to gain from the sale too, they’re unlikely to steer you wrong.