Do you have a home that would be considered a Luxury home in Barrie? In the Barrie market that generally means the home is worth more than $1,000,000. Do you know what it takes to sell a luxury home? Some will argue its the same as any other home but in reality, you will see some differences.
So if you’re thinking of selling a luxury home in and around Barrie then its important to know a few different things.
If you’re selling a starter home the people coming through are mostly people who can afford to buy it. When you are selling your luxury home then you also get a lot of people who just want to try and see it out of curiosity. They want to see “How the other half lives”. This is why its especially important to hire an agent when selling luxury so that you can have someone vetting the people coming through. They can do some of the due diligence as to if they can actually afford the home or not.
Longer on the Market
Luxury homes can often take a long time to sell. Less potential buyers out there and its a large sum of money. The more money thats out there the more people are going to take their time to decide. Very rarely does someone need to be buy a high end home in a rush. This is why you more often than not find that the luxury market is either balanced or favouring the buyer. Not nearly as often does it favour the seller.
Location matters with any home but it often ends up being intensified when selling luxury homes. When selling homes that aren’t considering luxury many people do not have the same options. When it comes to luxury you often find buyers are more patient and willing to wait. So they will wait for the perfect home in the perfect location. They say when you are buying a home you have to decide between price, condition, and location. If you can’t get one you have to compromise on one of the others. I wrote more about that here.
Luxury buyers often will not compromise. They will often wait until they can get exactly what they want in terms of price, condition, and location. So that means when you are selling a luxury home you have to put even more work into making sure every detail is perfect. It can often pay to hold off putting your home on the market and getting everything right then listing it for sale. Don’t rush it.
Selling a luxury home in Barrie will share many of the same traits as selling any other home at any price point. There are subtle differences though and its important to be aware of them. Especially when it comes to the increase in people who just want to see the home. Its like driving a luxury car, you have a lot of people who will drive up next to you just to look at it. It will be no different than your house.