Grayson Georgia Luxury Homes : Where is the market headed?

By
Real Estate Agent with Berkshire Hathaway Georgia Properties

Grayson Georgia luxury homes were jumping off the market a year and a half ago.  So what happened?  Where is this market headed? 

Overbuilding is what happened and it has made the $450k-$650k market suffer for a year.  But we are a bit luckier than some at least we don't have as many builder foreclosures in the Grayson area as there are in say Braselton or Hoschton.  In some areas foreclosures are selling for half what the subdivision sold for just a year ago! 

So what do you do if you are a resale in this price range: 

You must be the best of the best.  Your home must be in perfect condition.  Gone are the days where you can offer an allowance.  In this price range your buyer is likely an executive and maybe also a relocating executive.  These luxury buyers do not have the time or desire to "fix up" a property.  They want it to be completely move in ready and well maintained.  Know your competition and be better than all of it.  Look online at other homes in your market.  Do you compare favorably?

Get rid of your "stuff".  Luxury homes by definition have many details and features that less expensive homes do not.  You must show these features and details to prospective buyers.   Lovely mouldings can disappear if the furnishings and decor are too busy.  Buyers eyes travel to the decorating instead of the room.  Wonderful custom built-in cabinetry can go unappreciated if the cabinets are too full of your prized collections.  Color can either be your friend or your enemy, consult a professional stager.

Hire a stager.  You will notice I did not say decorator.  Stagers may also be decorators but certainly not all decorators are stagers.  Stagers are experienced in neutralizing your home and "decorating" it in such a way that it highlights all the features and details I just spoke about.

Price it right!  In this market it is all about price.  Don't list your property with a speculative price and then say "we'll reduce it if it doesn't sell".  Guess what?  It isn't going to sell.  And what you want or need to get out of the property has no bearing either.  Hire a good agent or appraiser to evaluate your home and recommend a price.   Then evaluate whether the prices in your area/neighborhood are going down, flat or the very unlikely up.  You must then make an intelligent prediction of what the price will be after the average days on market for your neighborhood.  Start with that price not the speculative price for the best chance of a sale within a reasonable time frame.

Lastly, take the advice of the professionals you are consulting.  The stager isn't insulting your decorating style.  The stager is hired to stage it for it's best look.  Much like a makeup artist is hired for a wedding day.  Your agent isn't conspiring to make you lose money on the sale.  He/She knows the market and also knows that an overpriced listing is not worth the paper the listing was written on.

The Grayson Georgia luxury market will recover but for now you must be your best and be aggressive in your pricing.

 

Comments (1)

Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Alesia,

I just stopped by to (1) thank you for commenting on my blog, and (2) to say WELCOME to Active Rain!  I can't help you with the signature thing, but you might want to visit my friend Teri Ellis (the Lady in Red) and ask her about the signature.  Hers is outa sight!

Mike in Tucson

PepperTeri's signature

Sep 13, 2008 09:36 AM