When it’s time to sell your luxury property, excitement mounts. You and your real estate agent work together to list the home in the most desirable way possible. You clean it up and make it shine. You even have a few showings.
But after a while, the excitement dies down and you still haven’t gotten an offer.
Selling a home can be a tricky balance, especially when you’re in the process of purchasing another home. With your focus so divided, there may be things about your home that have been overlooked and that are causing your home to stay on the market much longer than you had anticipated.
Many things on this list are easily corrected and can make a huge difference when selling your luxury property. Others can’t be fixed and therefore will affect the price that you can ask.
If you’re wondering why your home won’t sell, here are 7 reasons why your luxury property is still on the market.
1. The price tag is too high
Keep in mind that while you want to get the highest price that you can, buyers want to get the lowest price possible. Your home is personal, so it’s possible that you will put a higher value on it than potential buyers. Make sure that your pricing is reasonable and in line with the current market.
2. Bad odors abound
Don’t become nose blind to the odors in your home. A foul smelling house is an immediate turn off to potential buyers and raises the immediate concern of whether or not they will be able to remove them or want to put in the effort. Cat odors are particularly concerning as they are difficult to remove.
3. It’s like walking into a time machine
Outdated decor, or even decor specific to a certain style or taste, can be an immediate turn off for the buyer of a luxury property. Buyers generally want a clean slate from which to begin their life in their new home. The prospect of an entire redecorating project can be enough for a prospective buyer to pass.
4. Natural light can’t find its way in
Gone are the days of property with small rooms with tiny windows tucked in recesses of the home. Buyers today are looking for open and airy property with large windows and an abundance of natural light. Remodeling to include windows large enough to let light in isn’t a project that the standard buyer of a luxury property will want to tackle. This lack of light can have an effect on the price you are able to ask.
5. The photographs don’t do it justice
Chances are, the luxury property that you have for sale is beautiful. But, if the pictures don’t show its beauty and potential, buyers may not bite. Photographs taken in poor lighting conditions or those that distract by including the clutter of everyday life aren’t going to grab a buyers attention. To give your luxury property the best chance, photographs should highlight the best features of the home and look professional and appealing.
6. The location isn’t ideal
There are many buyers who are willing to take on a fixer upper or embark on a house flipping journey, but there are certain features of a home that cannot be changed. Location, for instance, can be an instant detractor from your luxury property if it is near an airport, train station, or crime ridden area. No matter how beautiful the home is, it’s hard to overcome noise or danger.
7. Unappealing architecture that can’t be altered
Some architectural features are timeless and always in style. Others were in vogue for a time but have become distracting and dated. Architectural features from a certain time period or in a specific style that can’t be changed are likely to deter potential buyers who want to put their own stamp on the luxury property for sale.
When selling a luxury property, you want to be sure to make it as appealing as possible. From highlighting its beauty in photographs to ensuring that it is odor and clutter free, doing everything you can to intrigue potential buyers will help you get the highest price possible. In the case of things like location and architecture, be sure to keep these things in mind as you buy your next house. The deal that you might be able to get on it could cause you stress and lost profit if you decide to re-sell.