Woodbury has seen a remarkable recovery. Even the luxury home market in Woodbury is bouncing back. Check out our video about the Wedgewood neighborhood!
Becky and I have seen some amazing things in the past few months; bidding wars, homes selling in a matter of hours, cash offers. These are great for sellers! For buyers, not so much. They and their agents have to work a lot harder to get the home they want.
If you have put your luxury home on the market and it’s not selling, it may be time for some reflection. There are a number of reasons a home might be seeing little activity.
Condition: Many of today’s buyers do not have the time, money, or desire to do a remodel. If your home needs paint, carpet, or a new roof, that can scare a luxury buyer away with worries about other repairs that may be needed that they don’t see on a walk through. First impressions are important. Keep in mind that fixing these things before selling may not raise your asking price, but could go far in getting a quicker sale.
Staging: Are your personal effects all over the house? You’re planning to move anyway, so start packing. Anything you won’t use in the next 3 months should be packed away and stored somewhere else. You want your home to look as bright and spacious as possible so buyers can imagine their things in your home. Also, consider changing that funky color your teenager wanted to paint the bathroom. When in doubt, there’s no better color than ‘Buy Me Beige’! Consider getting the advice of an accredited home stager, especially if you are in the luxury home bracket.
Flexibility: Are you determined to get your way in the sale of your home because it’s a ‘seller’s market’? It doesn’t always work that way. Be flexible for showing times and be willing to negotiate with prospective buyers.
Marketing: There’s more to selling a home that just putting it up on the MLS and sticking a sign in your yard. Check in often with your agent to make sure they are keeping your home in the public eye.
Price: Yes, it could be the price. Prices are, indeed, rising, but they are still quite a bit below pre-recession levels (see graph).
Also, keep in mind that homes in lower price points are selling faster. Luxury homes are a different animal. There are fewer buyers for them and they take an agent with more skill and experience to market them. But, if you’ve mastered all of the above and your home is still unsold, it may be time to consider a price adjustment.
John and Becky Durham are Western WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group. www.results.net/john.durham
John Durham - 651-231-2191 john@durhamexecutivegroup.com
Becky Durham - 651-231-2192 becky@durhamexecutivegroup.com
- Housing statistics and data provided by John and Becky Durham are based on data available as of June 3, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.
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