Five Mistakes To Avoid When You're Selling A Luxury Home

Posted on: 5 March 2017

Many people assume that selling a luxury home will be easy because luxury homes typically offer a number of attractions to prospective buyers.

However, it's important to consider that it may not be possible to find a buyer who can afford the fair market value of a luxury home. In fact, it usually takes longer to find a luxury home buyer than it does to find a buyer for a more affordable home.

The following are five mistakes you'll want to avoid in order to quickly find a buyer who will offer a decent price on a luxury property. 

Setting the price too high

Be realistic about the value of the property you're selling. Setting your asking price excessively high will scare away potential buyers and could make it difficult to turn up some good offers. 

The best way to find the right asking price is to do your research and also to take advantage of the assessment of an experienced real estate agent. 

Not taking full advantage of the Internet's possibilities for marketing

These days, those on the market for a luxury home are probably going to be using the Internet. While it's not a bad idea to use print advertisements and direct mailing strategies, you definitely don't want to be overlooking online marketing.

Online listings should be placed on as many sites as possible. Also, try to put some effort into marketing for those who are home shopping using smartphones and tablets. You can market to these viewers by putting postings up using real estate apps

Not putting enough effort into staging

Sometimes, people overlook staging when selling a luxury home because they feel the home already looks properly staged and elegantly decorated.

However, even luxury home sellers shouldn't underestimate the value of staging. When you stage a home, you sit back and think about how it's appearance can be improved. Staging improvements are often quick and affordable, but they can drastically increase the closing amount for a luxury home if properly executed.

Not offering personal viewings

Luxury home buyers are likely to be a bit more demanding than standard home buyers. They're going to expect you to cater to them with personal viewings. A public open house might not cut it when it comes to selling a luxury home. 

Selling at the wrong time of year

Do some research on your real estate market and figure out what the best time of year to shop for a luxury home is.

If the home is located in a cold climate, selling in the middle of winter is going to be difficult. On the other hand, selling a home that's located in an area where hurricanes occur in the late summer or early fall is equally problematic. 

If you're interested in homes for sale or need help selling a home, consider contacting a real estate agent in your area.