Selling a piece of property always has the potential to be a challenge, but the difficulty involved can become much greater when your home has a high value. By definition, when you're selling a home worth a large sum of money, the buyer pool that is capable of affording it is much lower than it would be with a mid or low value property. Here are four things you should keep in mind when selling a property that's worth one million dollars or more.
Those selling high-value homes should be aware of the fact that a million dollar property in one city may be very different from a property with the same price tag in another. Selling a million-dollar property in San Fransisco, for example, will be much easier than selling a similarly-priced property in a medium-sized city, as the market is more able to bear the price you're asking for. The higher your home is above the average value in your area, the harder it will be to sell it.
In order to sell a home that will only be accessible to a very specialized set of buyers, you need to work with a broker, or real estate agency that can connect you to those who are looking for high-dollar properties. Brokers who specialize in luxury real estate will have the experience and resources needed to find the right buyer for your property. Using a broker experienced in luxury property sales will be especially important if your home is being listed in an area where average property prices are far below what it is worth.
Even in the standard property market, buyers these days expect to see high-quality photographs, video tours or even drone flyover videos in online real estate listings. In the luxury market, the need for such quality visuals goes up exponentially. If the photos and videos that show your home to prospective buyers online aren't of the highest possible quality, you'll be putting yourself at a disadvantage from the start. Even if hiring a top real estate photographer will cost you a good bit of money, the expense is well worth it in the long run.
A major mistake that owners trying to sell high-value real estate sometimes make is assuming that their homes will sell as quickly as lower-priced properties. Unfortunately, this is rarely the case. Because the buyer pool is smaller and more specialized in the luxury market, it generally takes more time to find a buyer and close the sale. Be sure to give yourself plenty of time to sell your home, especially if you are moving away and need to be out of your current city by a specific date.
Selling properties that are worth more than a million dollars can take time, effort and patience. Use these basic tips to position yourself as well as you can when preparing to list your high-value home.