High-priced homes and homes with unusual features and amenities can be harder to sell than homes with more generic floor plans. Let’s take a look at why that is and review a few things you should consider before you list.
Why Unique & High Properties Often Take Longer to Sell:
The more your home costs, the smaller your pool of potential buyers will be. Why? Because there simply aren’t as many people who can afford your home! Even if your home is moderately priced, if it has highly stylized or customized features, your pool of potential buyers will also be smaller. A good example would be a horse ranch or property on a winery. There are specific buyers looking for exactly what you have to offer – there just aren’t as many of them.
However, this doesn’t mean that your home won’t sell, even if it’s very unique or if the price tag is in the millions. It just means that pricing accurately and marketing appropriately is extremely important. It also means you shouldn’t expect bidding wars, multiple offers, or a quick sale – and that’s okay. Here are a few tips on how you can prepare for your home sale to set yourself up for the best possible outcome.
Preparing to Sell:
Before you list, make sure you know what you’re up against. Learn about local market trends, look up recently sold homes in your price range and see how long it took for them to close, and visit comparable properties in your area. Once you identify homes similar to yours that sold effectively, study their listing photos and check out their listing description. Then use what you learn to inform your own listing. We also strongly encourage you to invest in professional listing photos (or list with Home Bay and get them for free) and consider your staging options.
Repairs and Updates:
It’s always a good idea to address any issues that may come up in an inspection before you list. Take a critical look at your space and ask a friend to look at your home with a fresh set of eyes and give honest feedback. Repaint interiors to more neutral colors (if necessary) to appeal to a broader range of buyers. Freshen up your landscaping to add to the home’s curb appeal. If you decide to make any updates, focus on simple, classic, functional and sustainable changes rather than trends. Most buyers will want to add their own taste to the space after they move in.
If your home has unusual architectural details, a spectacular view, a kitchen filled with top-of-the-line appliances, energy-efficient fixtures and high-end materials, you’ll want to highlight them. And don’t be scared to highlight unique or unusual features. Doing so will attract buyers who are interested in what your home has to offer and will help those who aren’t interested rule it out – which means neither one of you will spend unnecessary time on a showing.
Explaining Your Home’s Value:
Prepare a list of any high-cost features and of any features that might not be immediately obvious. For example, if you recently completed a master bath renovation, put a price tag on it and list the brands and materials that were incorporated. Also, list things like water treatment systems, softeners, eco-friendly upgrades, and so on. The more you can validate the cost, the better.
- Save on Listing Costs:
HomeBay offers comprehensive home seller support and manages everything from listing to closing for the fraction of the cost of a traditional agent. For luxury home sellers, this can mean a substantial savings of tens of thousands of dollars. Our flat fees, which are never more than $3,500, include access to our listing management system, a team of real estate professionals, a for sale sign, professional listing photos, seven day a week support and more. If you want to take advantage of these savings, request a free quote.
So, even though your high-priced or unique home may take a bit longer to sell, know that there are things you can do to prepare, ways to make the sale move faster and buyers out there who will love it as much as you have.
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