The new construction and luxury developments springing up across the country are changing the way buyers look at existing properties.
“As the luxury real estate market evolves, more buyers at all price points expect move-in ready homes, or a fair enough price cut to make up for needed updates and changes,” real estate reporter Devon Thorsby, wrote in “How to Think Like a Luxury Real Estate Agent When Selling Your Home,” a U.S. News article.
“These upscale homes have not only transformed where people are living and who’s buying, but they have also changed the way many real estate agents do business,” Thorsby wrote.
Although buyers’ expectations have grown, your clients’ homes need not have the amenities of a brand new Manhattan penthouse. For the article, Thorsby enlisted the help of licensed associate real estate broker Jared Seligman, leader of the Seligman Team at Douglas Elliman Real Estate, New York, and Sheldon Salnick, a real estate agent with Chicago’s Dream Town Realty, to explain how homeowners can use the luxury home approach to sell their homes.
Create a profile of the buyer — Sellers should ensure their homes appeal to as many different buyer demographics as possible, while still keeping in mind who their prospective buyer might ultimately be. They should also keep any upgrades within the pricing point for the area.
“For your own home, consider staging and renovations that may cater best to a buyer likely to look in your neighborhood and the price point for the market value of your home,” Thorsby wrote.
Understand what your home offers compared to others — With so many homes on the market these days, sellers have abundant choices when it comes to purchasing. It’s up to the seller to discern what makes their home the right choice. According to the article, Seligman said the key to a successful sale at top dollar is to offer something the buyer won’t find anywhere else.
“That’s when buyers will bite the bullet and be willing to sign,” Seligman said in the article.
Sellers who have no idea how they can differentiate their home from the competition can mimic what Salnick said in the article his clients did: one furnished the roof space above the garage with a pizza oven, while another landscaped it with plants and a tree.
Be a perfectionist when you can — Sellers who live an area where lots of new construction or luxury condos are being built should keep their eye on the competition and play up any unique features their own homes might have.
“You won’t always have the same buyers looking at both new development and existing homes on the market, but it can be fruitful to view your home with the same eye a person would in new construction,” Thorsby wrote.
Salnick suggested using lighting to highlight those features and staging rooms to appeal to buyers.
Compromise where it makes sense — Depending on local market conditions and their ability to renovate, sellers may want to accept a lower price for their home instead of spending time and money preparing it for the market because fully staging a home may significantly change the price point, according to the article.