Luxury real estate in the Greater Rochester NY (Monroe County) area is considered any home that has a value of $500,000 or more.
This is due to the affordability of real estate in the Monroe County NY area. The average home value in Monroe County is around $190,000-$200,000. There is certainly no shortage of however of luxury real estate in the area!
Working as a Pittsford NY Realtor for the past 12+ years, I’ve seen too many luxury home seller’s not follow the proper steps and tips when selling their luxury home. It’s important that even in a hot real estate market that there are certain tips that are followed when selling.
In this article we’re going to cover some very important tips for selling a luxury home in a hot real estate market.
1. Get top-tier professional representation
If you’re selling your first home in the Rochester NY area, whether it’s a luxury home or not, it’s critical that you hire a top-tier real estate agent.
One of the biggest mistakes made by home seller’s when selling in a hot market is they believe that all real estate agents are alike. This is a huge misconception and can end up costing your hundreds of thousands of dollars when selling your luxury home.
There are certain expectations you should have of the real estate agent who is selling your home. Some of the things you should ask yourself when selecting an agent to represent your home sale include;
“Are they being honest? Are they marketing your home properly? Do they have experience in handling issues that could arise during a transaction?”
Bottom line, when selling your Rochester NY luxury home, having top-tier representation is a must.
2. Price your luxury home appropriately
To ensure optimal sales success, it is imperative that your property’s valuation aligns with its market value.
This can pose some dilemmas: Is it more prudent to list your home at a higher value or leave room for negotiation?
There are quite a few ways to determine how much your home is worth and each should be taken into consideration. Ultimately, this decision should be based on an assessment of each individual method of determining the value of your home.
Pricing a luxury home is definitely more tricky than pricing a “cookie-cutter” home located in a neighborhood of like homes where you can find dozens of previous sales.
3. Prepare your luxury home for the market
Preparing your luxury home for the market can be an overwhelming process. The key to success is to plan ahead and have a clear strategy in place before you start.
First, you should assess the condition of your home. Make sure any necessary repairs are completed and that the property is in top shape before you list it. Luxury home buyer’s will thoroughly investigate every square inch of your home and seeing deferred maintenance in your luxury home can be a red flag for potential buyers.
Finally, you should also consider hiring a professional home stager, if the real estate agent doesn’t offer this as part of their services, to help showcase the space to potential buyers. Staging a home isn’t necessary for all home sales, however, when selling a luxury home it can pay huge dividends.
4. Consider skipping the open house
Open houses in real estate are quite the controversial topic currently. Do open houses really put the homeowners interest first?
Decades ago, open houses were almost a necessity and a great opportunity to get more traffic into a home that is for sale. Nowadays with the evolution of real estate, open houses are certainly not needed to sell a home.
This is especially true when selling a luxury home! Hosting an open house on a luxury home often brings in many dreamers.
Ever wonder what it would be like to see a multi-million dollar home in person? An open house provides just that opportunity and is highly unlikely to generate serious buyers.
A serious luxury home buyer will have their own real estate agent representing their best interest in most cases. Their agent will have the ability to schedule a private tour of your home where they are not inundated with huge lines waiting to get into an open house like we’re often seeing at open houses in this hot real estate market.
5. Know when the best time to sell your luxury home is
Selling a luxury home is an involved process that requires careful planning. If you’re wondering when the best time to sell your luxury home is, there are several factors to consider. The right timing can increase the chances of a successful sale and maximize your profits.
First, you should try to understand the local market conditions. Prices can fluctuate depending on supply and demand, so do your research and look at recent sales of comparable properties.
Additionally, you should consider the season. Spring and summer tend to be the busiest times for real estate sales, so if you list your home during these months, it may be more attractive to potential buyers.
When selling your luxury home you also should consider the setting in which your luxury home sits.
Is your home situated on one of the prestigious Rochester Country Clubs, such as Oak Hill or Cobblestone Creek? Is your home a waterfront property located on the Irondequoit Bay or Lake Ontario?
It may not be ideal to sell your home that’s located on a Country Club or a body of water during the cold winter months, so keep in mind when selling your luxury home where it’s located.
Final Thoughts
Selling a luxury home is a major decision that should be taken seriously.
When it comes to making this decision, the above tips are just a few of the most important to keep in mind while selling your luxury home.
Keeping these tips in mind can help ensure you make the best decision for you and your family.
