What is a Luxury Home?
The characteristics that define luxury real estate differ among countries. In the United States Luxury homes is often defined as real property that has an appraised value of over $1 million.
Luxury homes varies greatly depending on the location and the classification also takes into account the presence of surrounding homes. luxury means different things to different people. There are a million different definitions of what makes a property luxurious. The simple way to define a Luxury home is, spending huge amounts of money to buy a super- premium property in prime a location.
How to Sell a Luxury Listing
Many real estate agents don’t have a clue when it comes to selling luxury homes. It is important that the proper steps are taken to ensure the luxury home is sold in a timely fashion and for a fair, market value price. Pricing a luxury property is not an easy task. To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price. It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet. The typical agent CMA is useless when determining the price of a luxury home mainly because there are few or zero comps. When selling a luxury home, a real estate agent must have a comprehensive marketing plan and system and cannot just list a luxury home, wait and hope it sells. The quality of photographs and videos of a luxury home for sale is critical and should be outstanding and nothing but the best. You must have a professional photographer to take photos of the home. A professionally created video or virtual tour can be the difference of whether or not the luxury home sells. Timing plays a larger role when selling a luxury home. In many different locations around the world the season is critical when listing these types of homes. A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home. Selling a luxury home will normally take longer than a non-luxury home, patience is a must.
Top 10 cities around the world for Luxury homes
- Hong Kong
- Los Angeles
- New York
- San Francisco