Deciding on a price for your luxury home

Posted on Tuesday, July 21st, 2015 at 3:49pm.

Deciding on a price for your luxury home

The most important part of selling your luxury condominium or luxury home is ensuring you get the best value for it. Here are some ways Jean-Luc Andriot suggests you can make this possible.

Look at the comps (comparables)

Comparative market analysis reports, or comps, are lists of recently sold homes in your neighborhood that aim to give you a better idea of where to set your price. The first step in determining a price is learning what your home’s fair market value is, and this system provides that data.

  • Select comps as close to your home as possible. Compare your home to others in your development that were developed in the same style at around the same time
  • Select recent comps, preferably 3 to 4 months back (if enough properties sold). The housing market changes quickly
  • Compare prices per square foot. Does your home measurement include the garage or detached buildings on your property? It’s best to compare the same home model developed at the same time as another neighborhood home with limited renovations.

The danger of overpricing

If your house is overpriced, it will take a long time to sell, if it sells at all. This is particularly true in today’s buyer’s market, where overpricing can make properties stagnate. It happens frequently because we:

  • Want to make a profit
  • Don’t want to bring money to closing
  • Feel our homes are superior to others
  • Want to pay for large expenses like college, retirement, or credit card debt
 

Beyond the numbers

Jean-Luc tells all of his clients that beyond asking for the correct price, it is particularly important to improve the quality of your luxury home in order to get the best price. Here are some of his tips:

  • Curb appeal. This is one of the most important factors in selling your property. Refresh the exterior paint, manicure the landscaping to a tee, and regularly maintain a beautiful and clean, luxurious look
  • De-personalize. Your personal choices are not the same as your potential buyer’s. Choose neutral interior paint colors and remove personal clutter. You want your buyer to feel at home in their own space, not yours.
  • Rely on Jean-Luc’s team. Jean-Luc Andriot’s team will guide you through the process and make selling your home easier than you ever thought.

If you’re looking to own or sell your luxury home, rely on the experience of Jean-Luc Andriot and his team of professional realtors at Keller Williams. Call Jean-Luc today at 561-213-9008. He and his staff specialize in luxury properties, including luxury condominiums in Boca Raton, Highland Beach, Delray Beach, Gulfstream, Ocean Ridge and more. 

1 Response to "Deciding on a price for your luxury home"

Juliana Barbosa Hubbs wrote: Thank you for the information Jean-Luc. Very informative!

Posted on Tuesday, July 21st, 2015 at 4:43pm.

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