It can be frustrating when your home won’t sell. This is especially true when it comes to listing a luxury property. Many homeowners who don’t receive the right offers tend to cave pretty quickly and drop their asking prices. This can be a mistake that either sees their home sell at a loss or not at all! At Gavish Luxury Real Estate, we’ve seen it all and we know the alternatives that work when your luxury property won’t sell.
There are a few reasons, namely two main ones, that keep homes on the market for extended periods of time. The first issue is that people who see your luxury property do not agree with the listed price. That is to say that if your luxury estate doesn’t feel like it’s worth what you are asking for, you’re going to have a lot of window shoppers who never make an offer. You might have a lot of home tours but none that really want to make you an offer at the price that you are asking for.
The other issue that keeps homes on the market is one that has to do with marketing. Maybe your asking price is reasonable, it’s just not finding the right audience. Somebody somewhere would love your luxury home at the price that you are asking. The issue is that those people are not seeing your listing.
So the issue is one of those two. Either you’re asking too much or not marketing the property right. The good news is that both of those have simple remedies.
Do you want to avoid the first issue that we discussed right off the bat? Appropriately pricing your luxury home means that you can avoid being in the dilemma of asking more than anyone thinks your home should be worth. Hire a professional to appraise your property and let go of some of the sentimental reasons that might make you think your property is worth more than it is. Your Luxury Real Estate experts at Gavish will help you set the appropriate price for your listing based on your local market.
If you’re not a fan of lowering your price to make your house more appealing, you can always invest in upgrades and renovations that raise the perceived value. This may be the best choice for you if you are getting enough home tours just not any offers.
If you are having a difficult time reaching the right buyer despite your efforts, you may simply be selling your home at the wrong time. It may be in your favor to take your home off the market until another season when buyers are out in numbers and the housing market is more in your favor. With more buyers out there, your listing might reach the right one.