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Seller Pricing Strategies – Stand out From The Competition
When you’re selling your home, the price you set is a critical factor in the net return you’ll receive. Very few people have the imagination to visualize beyond what they see. Price and condition are irrevocably intertwined. Request a home evaluation, the assessment of your home will be based on several factors including:
- Market conditions – where the market is now and where it’s going. Market conditions vary, based on everything from supply-demand issues to buyers’ attitudes.
- Condition of your home – your home must outshine the competition.
- Requisite qualities of a luxury property pertinent to your specific local market (attributes that set the property apart from others in more ways than just price).
- Some buyers in certain markets might pay more for “convenience or turn-key value” – the extra value that comes from a property in mint condition that allows a buyer to move into a home one weekend and host a party the next.
- Some properties may have celebrity value (being able to say one owned “so and so’s” house and enjoying the bragging rights that go along with it), historical value, or notoriety value that is hard to quantify but adds to the property’s allure and market value.
- Repairs or improvements.
- Time frame.
Time frame refers to the fact that the market is seasonal, especially in certain areas where schools tend to be the primary reason for housing decisions.
- During late winter to early spring (late January to late February) the housing market starts to warm up, as families recover from the holidays and start looking to make a move.
- Spring to early summer (March to May) is generally the best time to sell your home as parents need to buy within particular school districts in anticipation for enrolment in the next school year.
- Summer (June to August) tends to see a slow down as people leave town for vacation trips.
- Late summer to early fall (September to October) usually has a bit of a spike in sales activity as people come back from vacation and want to get into a home by the year’s end.
- Once the winter holidays kick in, and the market settles in for the winter to (November to January), the only buying most people consider are holiday gifts. While your competition is whittled down because other sellers do not want to deal with moving during the holidays, prices tend to be a little lower as buyers during this time are usually looking for a relative bargain.
Luxury real estate pricing is highly elastic, difficult to assess, and never fixed. We are challenged with pricing something that has few comparables, little data, and tremendous subjectivity. Good pricing requires experience and judgement in weighing the many variables. During our marketing consultation we will discuss the risks and rewards of the high and low range of core or intrinsic value of your luxury property. Remember this…the asking price is only as good as the buyers it attracts.
If the price of your home is too high, several things could happen:
- Limits buyers. Potential buyers may not view your home, because it would be out of their price range.
- Limits showings. Other salespeople may be reluctant to show your home.
- Used as leverage. Other realtors may use your home to demonstrate to their buyer clients that other homes are better priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this property sold?”
- Lower price. An overpriced home, still on the market beyond the average selling time, could lead to a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you’ll probably get less than if it had been priced strategically from day one.
- The aggravation of wasted time and energy.
If you hold out for a price that just does not reflect the local market conditions and demand, you are sabotaging your sale. You might want more money because of all the upgrades, but what's value in your eyes is not necessarily value to buyers.
The goal of our luxury home marketing is to create a market that can deliver the highest price for luxury home sellers. From world-class marketing materials to a global referral system that helps clients navigate the world of real estate, our brand provides consumers with worldwide reach and personalized service, and connects buyers and sellers globally.