Sep 19, 2012

3 Reasons why Higher Priced Homes take Longer to Sell

Many, if not most, homes in Preston Hollow and the Park Cities fall in to what is considered the "higher price" range of properties in Dallas. That is $1 million and over. And many of those homes are more challenging when it comes to selling. Homes over $1 million tend to take longer than the average days on market for lower priced homes. Why is that?

1. Smaller pool of prospective buyers. There are fewer people who can afford a $1 million home than can afford a $100,000 home. And these buyers are pickier. In this price range, the property needs to be close to perfect to fetch a good price. When comparing the number of buyers in this price range with the number of homes on the market, there is more competition in the higher price ranges.

2. Financing. It is so much harder to get financing these days - for everyone. It doesn't matter if you're a professional athlete who has just signed a multimillion dollar contract, or an esteemed surgeon recruited by our top hospitals. Issues like your lack of previous work history with the same employer, self-employment status and credit ratings can make financing a home difficult.

3. Unique is harder to sell. Many higher priced home tend to fall into the 'unique' category. Unique can be anything from custom wall treatments to specialty rooms ( like a pet room, cigar room, motorcycle garage,...). People like their own kind of unique - not someone else's idea of unique. A very large home - more than 8,000 square feet - is unique. So is a small home in a neighborhood of larger homes. Sorry, but plain vanilla is just easier to sell.

So what helps you sell a $1+ million property?

Ensure you are reaching your target buyers. These buyers are using a buyer's agent and they are searching on the internet for properties. Many of them are moving to Dallas from out of state. Think about who your buyers are - where they currently live, what they read, ...

Luxury home buyers also work with agents. Those agents need to know your property. Like many businesses, real estate is about relationships and active agents in North Dallas know the other active agents. Make sure your property is listed with a Realtor who has a good relationship with a lot of other agents in several different brokerages.

1 comment:

Unknown said...

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Staging a home has always been part of the homeowner's responsibility, but it was often as simple as keeping the grass cut and picking up dirty clothes. The seller's agent would recommend actions if the owners were clueless about elements that turn off potential buyers. The Late-2000s recession turned real estate into a buyer's market, wherein sellers look for any advantage to make their property stand out from the rest.
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