In some ways, the process of selling luxury Rancho Mirage, California, real estate is similar to if you were selling any other home. You’ll need to be aware of some key differences if you want to walk away from closing with the highest possible profits. This expert home selling guide will give you all the information you need to know to prepare for the process and understand how to move forward.
Choose a realtor who specializes in luxury property
Working with an experienced real estate agent is important during any transaction. Your agent will help you determine the best price for your home. They will also help you craft a marketing plan while assisting in staging your home and making any necessary upgrades to help your property stand out on the market. If you have a luxury home to sell, you’ll also want to consider which agent has the most experience buying and selling luxury real estate.
They are more likely to be connected with other luxury agents in the area, which will be of tremendous value to you when your home first goes onto the market. Your agent will spread the word about your home’s availability so that the other agents can share the information with any clients who they are helping shop for a home. You’ll be more likely to instantly connect with a prospective buyer than if you simply published your home listing and hoped for the best.
Hire a professional stager
There are several home staging tips that you can implement on your own. It’s easy to take down personal pictures so that prospective buyers don’t feel like they are intruding on your space when they come to see your home. You understand the importance of creating the best possible traffic flow through each room by putting furniture an appropriate distance away from the wall and clearing out unnecessary clutter that doesn’t need to remain in your home.
Completing these tasks is a great start, but if you want to put yourself in the best possible position to sell your luxury home quickly, you’ll thank yourself for hiring a professional stager. This person will come into your home and advise you on how best to position the furniture and decorations in each room to ensure that each space shows to the best of its abilities.
Price your home competitively
This is where you’ll want to think about the current market. While luxury real estate is often less susceptible to changes and variances in the local market, it’s still a key factor to consider when determining a price for your home. In Rancho Mirage, homes spend an average of one month on the market and sell for a price slightly below the listing. Home prices are up from where they were one year ago, but it remains to be seen how the national recession impacts the market for luxury homes in Rancho Mirage.
The other thing to remember is what your home’s appraised value would be. This will impact your buyer’s ability to secure the funding they need from their lender to purchase your home. If the home doesn’t appraise, the buyer will need to put down more cash, or you will have to renegotiate the sales price.
Neither of these options is out of the question, but it’s still helpful to know where your home might appraise before finalizing an asking price. Ask your realtor to run a Comparative Market Analysis
that shows what similar properties in your area have sold for in recent months. Consider this information when discussing an initial asking price for your home.
Skip the open house
Open houses are never required when listing a home, and they usually aren’t helpful when you have a luxury home to sell. You want to maintain the feeling of exclusivity with your home, and you don’t want people showing up simply to see what your home looks like if they don’t have any real interest in making an offer themselves. Limit yourself to private in-person showings scheduled ahead of time. This will also help you protect your privacy.
Emphasize what makes your home a luxury home
To market your home, you’ll create an online listing with a traditional home write-up. This is a great place to emphasize what makes your home a luxury home. Think about what separates luxury properties apart from other homes. Many people assume a luxury home is priced in the top 5-10% of the market.
However, this isn’t the only aspect of a luxury home, and it’s probably not even the most important. A luxury home is a home that uses superior building materials rather than what is simply cheap or easy to find. Luxury homes sit in the best locations with breathtaking views and convenient proximity to the top attractions in the area. Luxury homes offer amenities like home theaters and upgraded outdoor living spaces that you won’t find in traditional homes. Emphasize these features and anything else that reflects your home’s prestige and luxury during the marketing process.
The Canavan Coit & Associates
group specializes in helping clients buy and sell luxury real estate. They deeply understand what sets luxury properties apart from all other homes. This expertise allows them to effectively market, stage, and show every home so that it attracts the most qualified buyers and sells for the best possible price. If you’re considering putting a luxury home on the market, reach out to their team, who will gladly assist you.
*Header photo courtesy of Canavan Coit & Associates