People are selling their valuables and investing that money into homes. In a surprising market twist, several people are reprioritizing their wants. And in exchange, trading them in for what they feel like they need: their dream home. 40% of Millennials are going over their budget. 34% of Gen Xers are willing to spend more. And almost 20% of Baby Boomers are spending above their planned budget.
And people are not going over their budget by only a little. The average Millennial is spending close to $25,000 more than they budgeted to get the perfect fit. As people are looking for more high-end homes, this is definitely a seller’s market. If you want to sell your luxury home, read on for some tips that could help you along the way.
1. Utilize the World Wide Web
99% of Millennials begin their home search online. Yes, they may not have as much money as the older generations. But they are the majority of people looking to buy a home (1 in 3). They also make up the majority of first-time buyers and are the most likely to go over budget.
Older generations are following Millennials’ lead. Over half of them begin their home searches online. So, no matter how you look at it, it is vital that you make your home have an online presence. If you are hiring a realtor, make sure you look at the photos your realtor has taken in the past. If need be, hire a professional photographer and videographer to capture your home. A virtual tour can make a world of difference. This may seem like overkill. But trust the process. The more some likes what they see online, the more likely they are going to come and see it in person.
2. Make Sure the Price is Right
The idea of selling your home is just that: selling it. While you do not want to shortchange yourself, you also do not want your home sitting on the market for years.
An all too common real estate mistake is pricing your home at the highest price possible. But it is important to look around and compare your home to other similar ones in your area.
Make sure to ask your realtor or take the time yourself to do an in-depth comparative market analysis. This way, you can see how your home competes with another luxury real estate in your area. But again, make sure you are not selling yourself short. Keep in mind the amenities your home has that may make it worth more (i.e., a gym).
3. Know Your Buyer(s)
Any marketing expert will tell you that it is a whole lot easier to sell a product if you know your consumer. Take some time doing research about who is buying houses. Look into what people are currently looking for in a home. Doing this will help you highlight these qualities online. Also, it will make it easier for you and the realtor to have answers ready for buyers when they come to look in person.
4. Setting the Ambiance: Staging Is Key
Selling luxury homes is different in a lot of ways from selling the typical nuclear home. For example, open houses often bring little reward for luxury estates. But one of the biggest factors is what people are looking for in their home search.
Does your home have access to a dock or a yacht club? Are there tennis courts in the neighborhood? Is there an infinity pool with a jacuzzi attached?
Talk about it, bring it up, and use these traits to sell your home. People who want to live in luxury homes want one thing: luxury. You also should do this to your actual house as well. So, yes, you never used your formal dining room for anything short of clients’ file storage. But that is not what a buyer wants to see. Without being garish, your home should fit the part. If you are unsure about how to make your home look the part, think about hiring a home stylist. These people are experts at what they do. They can often sell your million-dollar home faster than you can on your own.
You Got to Spend Money to Make Money
Selling any sized house can be stressful. But due to their size, selling high-end homes often comes with larger stresses.
This does not have to be the case. Having the right team of people to help you make your house look ideal can make a huge difference. Consider hiring people to help you make your house look better online, in person, and to help you price it. Yes, this may cost you a little bit more upfront. But the payoff is worth the investment.
Have questions about selling or luxury real estate? Please feel free to contact us!