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.