The number of homes for sale in the $5 million and above price range has rapidly increased. The Los Angeles Times reports that 253 luxury residences are currently on the market in Beverly Hills, a 74% increase from a year ago. The Bay Area is not immune. In Contra Costa County alone, there has been a 73% increase in the inventory of new homes priced over $3 million. If you’re looking to sell your house in this price range, you need to know what buyers are looking for and how to get your property noticed by the right people.
Here are seven tips for selling your luxury home in this ever-changing market.
The more well-known the neighborhood is, the more interest it will generate amongst buyers, and the more likely they will be to pay a premium over similar properties in less desirable areas. If you’re considering selling your home in Beverly Hills or the Bay Area, here are some tips on how to make it as attractive as possible:
1. Hire the right agent
This might be the most important piece of advice we can offer. If you want to sell your home for top dollar, you need an agent who has experience in expediting the sale of high-end properties and connecting with their buyers. A good real estate agent will be able to advise you on how to market your property and will also have access to a network of buyers who might be interested in it. Your agent can also help you negotiate the sale price and the terms and conditions so that you get the most from your property.
2. Put in renovations
Once a buyer has made an offer on your house, his biggest fear is that there’s something wrong with it that makes it worth less than he thought. There’s no way to know exactly how much value it has without seeing inside, but if you can show that you’ve invested in making it better (with new paint or carpeting, for example), buyers will be willing to pay top dollar for it.
3. Give yourself plenty of time to market the house
The average listing on realtor.com takes 60 to 90 days to sell after being listed online — not long enough for most sellers to get their house ready on time, let alone do so in time for busy sellers. Furthermore, when considering listing your luxury home, it’s best to consider factors like the state of the local economy and weather conditions.
4. Be visible
When people are buying a house in a particular neighborhood, they’re more likely to follow the real estate market of that locality than any other place. Luxury real estate marketing is a big thing when it comes to selling houses in California. Buyers also tend to visit websites where they can find information about local neighborhoods — and trust us, when it comes to selling a home in Beverly Hills, everyone knows about it!
5. Make sure your listing is detailed enough
The best sellers provide detailed descriptions of their homes so that prospective buyers can get an idea of what the house looks like inside…