Each Day a Luxury Home Sits on the Market…

If your home has been on the market for more than 1 year, would you change something you are doing?

Each day a home sits on the market, costs money….6 months, 9 months, 3 years, is a lot of money. So why would you continue doing everything the same? Hopefully you wouldn’t.
Homes priced from 500k plus has been consistently strong in Houston this past year. In fact, that particular segment of homes was up 23 percent in November.

What is important for luxury home owners to understand is that marketing tactics are different from a few years ago. You wouldn’t market a home today as you would, say in 2008. There are several factors owners have to consider when they are listing their home.

First of all, a client’s biggest asset in today’s market is the agent they hire. It’s not necessarily who your agent knows or how long they’ve been in the business, it’s what the agent knows in today’s market and what they do with the information to benefit you as the client. Hiring an agent with a well-rounded background in business is a benefit in today’s market because they will most likely be able to adjust to changing markets and meet the needs of a client, based on the climate of the particular market in which they work. An agent working with clients selling multimillion dollar properties takes expertise in handling this particular client portfolio.

Another important aspect of selling a luxury home in today’s market is how well it is positioned in the marketplace. If the home is not accurately priced, the home can sit for an extended period of time. The longer a home sits, the less desirable it may become. It is important to not make the mistake of turning down offers early in the listing period.

Also, if your price is not listed accurately from the beginning, you may miss buyers that do not come back a second time around after a price reduction.

For more information about moving a luxury home in today’s market, please feel free to call Michele Marano for a sellers consultation at 713-899-8420 or michele@michelemarano.com.

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