If you are selling upscale lots in an upscale neighborhood, you know your home is distinctive. You anticipate that an upscale property will be sold with the same professionalism you demand from every part of your life. That's where experience selling homes like yours pays off.
Remember, buyers of upscale lots like yours home lead busy lives like you and look for a hassle-free sale. No house can be too spotless, too updated, too freshly-painted, or too neutral for today's buyers. Move-up buyers do not need to buy now, so they wait and watch for that perfect home. It could be your home they want.
Here are six common drawbacks to avoid:
1. Misjudging the competition. Even though your property may be one-of-a-kind, there are other homes on the market being shown to the same potential buyers. Before you list your home, you should get a feel for the other properties selling in your price range. Once you find out what your potential buyers will encounter during their comparison shopping, you can price your property for the best price.
2. Overrating the value. When you tour the competition, you will discover how homes with similar features to your home's are priced. Critical features that today's buyers are demanding include location, house design, size, and privacy, as well as acreage. Also things like special amenities, the type of neighborhood, and community you live in, as well as nearby schools and other facilities.
3. Depending on location . Upscale lots need to look perfect from the time that they are being shown. Today's market stress everything, from doors to floors and fixtures to walls, go beyond clean to sparkling. Clearly, fix up, repair, and polish like never before.
4. Over-improving or over-individualizing the house or grounds . Buyers usually buy what they see. Their new home needs to be a symbol of themselves. That's why a home that's too heavily individualized, or contains too much personalized decorating, will not sell as well in today's market. Adding a tennis court or pool to a home should be exclusively for the owner's enjoyment because the addition may not increase the value of the home significantly at resale.
Spending a whole bunch of money to redecorate may help the home sell faster, but may not cause it to sell for a much higher price. Also, stay away from improvements that involve dramatic customized flourishes (in short, now is not the time to paint the living room fire-engine red). Buyers may mentally calculate how much it will cost to get rid of the customizing and take away the cost from their offer. Use neutral colors that are more likely to match with prospective buyers' furniture.
5. Making your own marketing decisions . The selling plan for your upscale lots needs to reach out to the right possible buyers. It's crucial that marketing decisions be left to the experts.
Many homeowners overestimate the value of one-shot marketing, like newspaper or TV spot ads. On the contrary, what typically works better is advertising with a longer shelf life.
6. Playing hard to get. No property sells without being seen. Your house needs to be out in the open to potential buyers. This is one area in which those using a real estate agent have a tremendous advantage over those doing a “for sale by owner.”
By Jessica Maughan