When you’re not receiving any interest or getting any offers after putting your luxury home on the market, it can be frustrating, leaving you wondering where the buyers are? Understanding the reasons why your home isn’t attracting the appropriate attention can be the first step towards selling your property. Listed below, are some of the most common reasons why residential luxury real estate might not be selling in a timely or reasonable manner.
#1: The Property is Not Priced Accordingly
One all too common reason luxury real estate does not sell is due to an unrealistic asking price for the local market. It is critical to work with a real estate company that not only understands the local and current market, but one who knows what listing price point is best for your property, and one that the market conditions support.
#2: Timing Matters in Luxury Real Estate Sales
It’s important to consider the natural shifts happening in the luxury real estate market along with the affects that come with the changing of the seasons. Because luxury real estate buyers are a specific, niche market, there are far fewer people seeking luxury homes, which in turn makes timing an even more important factor. If the timing isn’t evaluated or considered, you may be overlooking an important reason for slow or no interest in your property.
#3: Top Selling Features of the Home Aren’t Being Highlighted
Like anything else, there are trends that come and go in the luxury real estate market. While you may be so concerned about staging your home, you certainly need to highlight the special features of your property in order to make it stand out. For instance, if you have a 10-car garage perfect for car enthusiasts, a separate guest quarters, or a stunning outdoor spa, these are all things that can help draw more potential buyers towards your home.
#4: The Marketing Plan May Be Off
Strategic marketing is key to making a sale, and if your luxury real estate is not selling, your marketing plan may not be hitting the mark, or do you even have one?. Have you put your home up for sale using traditional methods? A simple MLS listing with nice photos is not likely to garner much interest or a lot of reasonable offers—this goes back to the specialized nature of selling luxury homes.
For a luxury high-end home like yours, you need a marketing plan that is going to target high-end homebuyers. For instance, many of these buyers look to a luxury real estate auction company in order to purchase their new homes. These auctions get your home on and off the market more quickly, generate buzz among the high-end market crowd, and create an environment of competition for those seeking to purchase your home.
Are you interested in selling your luxury real estate quickly and at a reasonable price? If so, contact us at Supreme Auctions today to learn more about our luxury home auction process.