The number of homes for sale in the $5 million and above price range has rapidly increased. The Los Angeles Times reports that 253 luxury residences are currently on the market in Beverly Hills, a 74% increase from a year ago. The Bay Area is not immune. In Contra Costa County alone, there has been a 73% increase in the inventory of new homes priced over $3 million. If you’re looking to sell your house in this price range, you need to know what buyers are looking for and how to get your property noticed by the right people.
Here are seven tips for selling your luxury home in this ever-changing market.
The more well-known the neighborhood is, the more interest it will generate amongst buyers, and the more likely they will be to pay a premium over similar properties in less desirable areas. If you’re considering selling your home in Beverly Hills or the Bay Area, here are some tips on how to make it as attractive as possible:
1. Hire the right agent
This might be the most important piece of advice we can offer. If you want to sell your home for top dollar, you need an agent who has experience in expediting the sale of high-end properties and connecting with their buyers. A good real estate agent will be able to advise you on how to market your property and will also have access to a network of buyers who might be interested in it. Your agent can also help you negotiate the sale price and the terms and conditions so that you get the most from your property.
2. Put in renovations
Once a buyer has made an offer on your house, his biggest fear is that there’s something wrong with it that makes it worth less than he thought. There’s no way to know exactly how much value it has without seeing inside, but if you can show that you’ve invested in making it better (with new paint or carpeting, for example), buyers will be willing to pay top dollar for it.
3. Give yourself plenty of time to market the house
The average listing on realtor.com takes 60 to 90 days to sell after being listed online — not long enough for most sellers to get their house ready on time, let alone do so in time for busy sellers. Furthermore, when considering listing your luxury home, it’s best to consider factors like the state of the local economy and weather conditions.
4. Be visible
When people are buying a house in a particular neighborhood, they’re more likely to follow the real estate market of that locality than any other place. Luxury real estate marketing is a big thing when it comes to selling houses in California. Buyers also tend to visit websites where they can find information about local neighborhoods — and trust us, when it comes to selling a home in Beverly Hills, everyone knows about it!
5. Make sure your listing is detailed enough
The best sellers provide detailed descriptions of their homes so that prospective buyers can get an idea of what the house looks like inside and out. Since this property is unique, it’s wise to include high-resolution photos of just about everything- the property itself, the interior design, the furnishings, and anything extra that is included in your sale (like a wine cellar or theater room). You can also create real estate videos of the property and upload them for buyers to see. Furthermore, an online video tour can also be valuable.
6. Price it right
This tip applies to any price range, but it is especially important for luxury homes. If you price it too low, you won’t get enough interest or offers. You may have to drop the price later anyway, but in the meantime, you would have lost valuable time and momentum. A good agent will help you determine a price range based on recent comparable sales, current listings, and other factors. They should also be able to explain why they chose a particular price range and back it up with facts and data.
7. Stage your house
You want buyers to envision themselves living in your home, and that’s not going to happen if they don’t like what they see. We highly recommend hiring a professional staging company. A good one should be able to make your house look warm and inviting while highlighting its best features. If they are really good, they will even bring in some props — like designer furniture that will help the prospective buyer visualize the space better. The cost is well worth it because a staged home will look better online than an unstaged one and in person when potential buyers come through.
How to Get the Best Price of Your Luxury Home in California?
Selling a luxury home is very different from selling an entry-level or mid-range home in the Bay Area and Beverly Hills. You can’t put a $2 million dollar house on the market and expect it to sell just like an entry-level house would. Here is how you can get the price for selling a luxury home in the Bay Area and the Beverly Hills:
- Now more than ever, it’s important to have a compelling story to go with your property. What makes your home unique? How is it different from anything else available on the market? It’s important to stand out in a positive way.
- It’s important to stage your home with high-end furnishings, as well as luxury upgrades such as custom drapes, chandeliers, and other exquisite fixtures.
- Photography is everything. You need high-quality photography that will show off all of the features of your luxury home in its best light. Drone photography is also an important tool for showing off your property to its full potential.
- Curb appeal is key for selling a luxury home quickly for top dollar. Make sure the landscaping is impeccable and well-maintained at all times, or hire a professional service to keep it looking amazing around the clock.
- Make use of social media. Today’s wealthiest people spend a lot of time on various social media platforms. You can create listings on all the major social media networks and share them extensively so that it reaches the maximum number of potential buyers.
Wrapping up
There are many ways to sell a home, but the best way to sell a luxury home is to ensure that you have the right realtor on your side. A professional real estate agent with experience in dealing in luxury properties will be able to navigate through the complex sale process of high-end properties and help you get the highest possible price for your house.
You may also want to consider hiring a listing agent who has experience in working in your area and knows all the local buyers. If you are selling in Beverly Hills, it makes sense to work with someone who understands the area’s real estate market and can help you find qualified buyers. Selling a luxury home in Northern California is no easy task, but if you take advantage of all of the resources available to you, it can be one of the most exciting experiences of your life.
