Putting Your Luxury Home on the Market: Pricing it Right

Selling a Luxury Home > Pricing it Competitively

Putting Your Luxury Home on the Market: Pricing it RightIn our previous blog, we discovered the critical components that are required for a successful luxury real estate sale. The first order of business, and arguably the most important, is pricing it right. While a luxury home is naturally going to have a higher ticket price than traditional homes, setting a fair and competitive price is anything but simple. In this article, we’re going to cover how to ensure you price your home to sell. Next, protect your biggest asset with a Bergen County NJ High-Value Home Insurance policy.

Pricing it to sell includes factoring in other comparable properties and even the money it’s going to take to draw interest in the property. However, overpricing it will just prove to be counterproductive.

According to Inlanta Mortgage, any money spent towards marketing, advertising, staging and more will be wasted if no buyers consider the home due to it being overpriced. Luxury home pricing is also one of those tasks that sometimes due to the limited amount of comparable luxury home sales in the same location makes it difficult to determine an accurate price. Pricing challenges for luxury homes also increase as the luxury home increases in dollar value and/or in situations where they happen to be located in unique areas with very few other luxury homes.

If you’re not on the same page with your agent about price, do some research to determine a fair price. Generally speaking, it’s best to identify homes that have been sold within the last 6 months with comparable square footage, features, number of bedrooms and bathrooms, and location. Granted, you likely won’t find something that’s identical to your home as luxury homes are typically customized, you can get a baseline price started from conducting your own research.

Another tip? You might want to expand your search to include more than just your immediate area. If homes in your area typically sell for more, the price can be reflected once you’ve done your fair share of searching.

About Tri-State Insurance Agency

At Tri-State Insurance Agency, we want to ensure your high-net worth homes are protected during the holidays and year-round. Our homeowners’ insurance policies are designed specifically to protect affluent homes like yours. To learn more about our coverage options, contact our specialists today at (973) 579-6776.

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