Despite the Covid-19 pandemic, luxury home sales have seen a spike in the past two years, especially in the Philadelphia region. In a recent report by Drexel University’s Lindy Institute for Urban Innovation, there were 470 home sales at the price of $1 million or more across the Philadelphia region in the third quarter of 2020, breaking the record for most million-dollar homes ever sold in our area. The report also found that the fourth quarter of 2020 had the second-highest volume of home sales at a price of $1 million or more across the region. The report predicts the pace of sales is still on the rise, which means 2021 is on track to set another record in luxury home sales.
With a very strong seller’s market right now, a seller may think it should be simple to sell their home to the highest bidder. However, that is simply not the case. What many sellers don’t realize is luxury real estate is not the same as selling an average home. Luxury home buyers demand more from their home than an average home, and the luxury market can be extremely competitive.
Keep these five tips in mind before putting a million-dollar-plus home on the market.
Tip #1 – Get the Right Realtor
It’s essential that you have the right real estate company behind you before listing your home. With over $3 billion in sales, Maxwell Realty knows the ins and outs of the luxury real estate market and we can help you sell your million-dollar-plus home. We have the connections and knowledge needed to price your home correctly, get the right buyer, and close the deal with all parties satisfied. Maxwell Realty CEO Nancy Alperin has decades of experience buying and selling multimillion-dollar homes. You shouldn’t trust the sale of your home to anyone who cannot say the same.
Not every realtor knows the luxury real estate market in Philadelphia. Maxwell Realty knows where buyers are looking to purchase a home. From the lovely splendor of Rittenhouse Square to historical Washington Square, our agents know every inch of this city and can help sell your home.
Tip #2 – Setting the Right Price
Once you found the right luxury real estate agent in Philadelphia, it’s now time to figure out what is the right price for your home. It’s important to know the true value of your home and that the asking price is competitive enough to attract buyers.
Some realtors who don’t have experience working in the luxury real estate market can easily suggest the wrong price, either asking too much or too little. This can be a mistake. Although you may get many interested parties for your home, selling your home at too low a price could mean you lose money. Meanwhile, overpricing your home can turn off potential buyers, causing the listing to become stagnant and languish on the market.
At Maxwell Realty, our realtors take the time to find the right price that truly reflects the value of your home. Many factors go into setting your price, including the location, the condition of the home, and the equity you’ve put into it. We will work with you to find the right price.
Tip #3 – Marketing, Marketing, Marketing
Marketing is crucial when it comes to selling your home, especially in this day and age when technology is king. Since many buyers will be searching for your home both on and offline, all marketing tools should be used to get them to your door.
Our real estate company will have use all advertising and marketing channels available to get the word out about your property. From print advertising to social media, your listing will be promoted strategically to reach the right buyers.
The best marketing tool at your disposal is your home itself. Professional photographs and video is essential in selling your multimillion-dollar home. Creating a virtual tour of your home will give potential buyers the first impression of the layout and condition of your home without the need to make an appointment.
Tip #4 – Make Your Luxury Home Stand Out
There is a lot of competition out there for multimillion-dollar homes, so you need to have your home stand out above the rest. From small decor changes to a much-needed upgrade, our realtors will work with you to increase interest in your home.
For example, outdoor living has become extremely popular with home buyers this year, thanks to everyone spending more time with loved ones at home. Consider adding some outdoor amenities to your backyard to make your home a little more desirable as compared to those houses on the market that is lacking in outdoor living spaces.
Tip #5 – Highlighting Your Home’s Location
One of the most attractive selling points for your luxury home will be its location, and the neighborhood and lifestyle that come with it. Buyers may have their own ideas of what a luxury home should look like. When they hear what neighborhood your home is located in, they may be expecting a certain lifestyle.
For example, a buyer looking for a home in the Washington Square area may be expecting something very sophisticated and historical. With that in mind, you should emphasize any amenities that can meet that expectation such as your home’s close proximity to many great restaurants, the historical value of your home, and the easy commute times.
Maxwell Realty Can Sell Your Luxury Real Estate
Not all realtors are the same in Philadelphia. You want someone who knows this city and the real estate market. Philadelphia realtor Nancy Ahern and her team have been handling luxury real estate transactions since 1970. With over $3 billion in sales, we can connect the right buyer for your home in Rittenhouse Square, Philadelphia, or Washington Square, Philadelphia. Let us take care of your real estate transaction. Contact us today for more information.