Selling a Home in the $1 Million Price Range
Here’s what it takes to sell for top dollar in the luxury price range.
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What’s happening in the price range above $1 million in Lafayette Parish (where homes used to take two years or more to sell)? There’s been a shocking turn of events.
Naturally, after the outbreak of COVID-19, showings for homes listed over $1 million came to a standstill. Historically, it’s taken anywhere from two to five years for homes in this price range to sell. As of now, there are 38 active and six pending listings on the market, and we’ve seen eight sales since the start of 2020. Five of the six listings have gone under contract since mid-May, and two of them had multiple offers.
We know this because my team and I represented the sellers. Each of those homes went under contract in less than 30 days— demolishing previous statistics. This is a great success story given everything that’s been happening.
Speaking of success stories, a local family came to us recently after trying to sell their luxury home for over a year with another agent. That’s when we crafted a pricing plan and implemented a state-of-the-art marketing strategy complete with brand-new HDR photography, drone video, 3D tour, social media ads (including Facebook and Youtube), and a little SEO for good measure.
After making a couple of home improvements, the property was ready to go. After two weeks on the market, we doubled the number of showings the previous agent had for the entire year. We also secured multiple offers for our seller to choose from.
There are two choices people make in this price range. They can either make their home a part of the group of houses sitting on the market as comparisons to help another home sell, or they can make their home the one that sells by pricing it strategically and partnering with an agent who utilized progressive marketing and counsels them on how to sell for top dollar.
You don’t want to chase the market downhill—you want to be ahead of it.
Remember that “top dollar” isn’t what you price your home at; it’s what someone else is willing to pay. Unfortunately, most homes listed over $1 million sit on the sidelines because they don’t have critical marketing systems and processes in place to position the property and get the most exposure.
Think of it as the difference between chasing a ball downhill or being way out ahead of it so you can catch it. You don’t want to chase the market downhill—you want to be ahead of it. If you’re chasing the market, you run the risk of making your home look shopworn, and causing it to be overlooked.
The reason we’ve been able to get such great results is that we recognize the importance of strategic positioning in the marketplace. The market is the message; I’m just the messenger. I take pride in having real-time market data for my clients so they can make fast, smart decisions.
Life experiences don’t give us a two-year warning. We don’t have two years to accept a new job, add people to our family, or downsize. When buying or selling a home, we’re faced with a window of time to accomplish what we need to, and that window is smaller for luxury properties. The good news is, with our proven systems, processes, and track record, we’ve got you covered.
If you’re thinking of buying or selling and wondering whether it’s still a good time, I’d love to talk to you about your options. There are pros and cons to entering the market, and I’ll share both perspectives so you can decide the best course of action. At the same time, I won’t try to predict the future. Everybody’s needs are different, and I don’t have a crystal ball. What I do have are the tools and resources to help families achieve their real estate goals safely.
If you have any questions or would like to know more about how we can sell your home for the most money with million-dollar marketing for all price ranges, feel free to reach out to me. I look forward to hearing from you.
