The Luxury Market

Large, beautiful and luxurious homes are built, purchased and sold every year just as with any home. Unlike selling the average home though, there are many more distinguishing and challenging aspects to these large, highly customized estates.

Price Point

Luxury homes are at the top range of all other homes in their surrounding area, which means that from the very start a majority of home buyers will not have the ability or desire to make such a purchase. Reaching qualified buyers is part of an experienced listing agent's job when promoting the house. Focusing on certain channels and areas maintains efficiency and gets the home the attention that it needs in order to sell.

Promotion

This requires much more than entering the listing on to the MLS. For houses near the median price range within their area, in today's market that can be enough to garner a lot of attention and bring in multiple offers, but as can be seen luxury homes are far from average so need the unique approach and attention to details that they deserve. Promotion strategy varies according to the type of property, but a good strategy will usually include: ads in the local paper, magazines, phone promotion, neighborhood promotion, worldwide listing exposure, broker tour and open houses. For homes that are eligible, they can be entered into luxury home websites and magazines for buyers from around the world looking for American luxury homes. With so many foreign investors and all cash buyers it greatly increases exposure and the ability to sell the home.

Days on Market

If you have ever searched for a luxury home, you have probably noticed that some stay on the market for many months. There are different factors which play a role, but the two primary ones are: the type of property (location, style, etc.), and the marketing that is being done. Regardless of how easy or difficult it seems selling the property will be, hard work and intelligent, focused marketing is a must. Experience teaches us that in the luxury market, anything can happen. Some properties seem like they will be hard to sell, and sell within a month. Others seem to be highly desirable but sit on the market for months. With that being said, a luxury home can sit on the market anywhere between a month to an entire year. Getting the right buyer to see it at the right time is the key!

Customization

These homes are highly customized, and many home owners spend thousands customizing. This makes each home incredibly unique, but also presents a challenge for when it is time to sell.

The home shown above is located in San Jose, CA and is for sale. Contact me for more information.

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