Listing Courtesy of TANSEY WARNER
Luxury home sales often trace a path that differs from the rest of the market. Just as high-end buyers can afford to take their time to find exactly the property they are looking for, local luxury homeowners tend to pick and choose when they will market their properties. That's pretty much what happened in the aftermath of the 2008 housing crisis: many luxury home owners in Bethany Beach decided to hold off and wait for the market to rebound before listing. Now, as the housing market continues to recover and home values continue to rise, the potential number of buyers interested in these homes is also on the upswing.
For those who have been postponing the sale of their own Bethany Beach luxury home, this year is shaping up as a likely time to act. Before you list though, it can't hurt to revisit some basic truths in high-end real estate marketing.
Selling a luxury home requires a different marketing psychology than does traditional real estate. It simply takes longer to find the buyers for these homes, so it is almost always necessary for their owners to practice extra patience throughout the sales process.
It is absolutely essential to work with a real estate professional with experience and connections in the luxury market. An experienced agent understands the ins and outs of selling a Bethany Beach luxury home. It's not unusual for them to have fostered a network of qualified potential buyers who may be interested in the property.
Luxury home sales are driven by the desire to attain or maintain a specific lifestyle. It is often necessary to sell the lifestyle as effectively as the home itself. This means staging the home properly, highlighting specific "starring" details, and making sure that everything inside and out is immaculately maintained. It means a little more work for both home owner and agent, but the plus side is the size of the reward at day's end.
If you have a luxury home in Bethany Beach and suspect that now is the right time to sell, contact me for the kind of reliable guidance that brings success!
If you were one of the brave Delaware real estate investors who decided a few years back that the real estate meltdown was an awfully good buying opportunity, congratulations on being able to resist any naysayers. The fact that real estate has always lived up to its name (“real”) is easy to forget when prices have hit the basement—especially when the surrounding economic news is dire.
Those were days when Delaware fixer-upper opportunities were available for shockingly low asking prices—and before long, the shockingly low asking prices began to look normal and reasonable. “Bank owned homes” became a hugely popular search term as foreclosure numbers skyrocketed. It’s hard to recall the way it really felt, but any buying into that real estate market seemed like a swashbuckling act of raw courage.
Today the Delaware market still offers opportunities for bargain hunters, but they tend to be of a different kind. When a low asking price stands out in one of today’s Delaware listings, it’s likely to fall into one of two categories:
CATEGORY 1: The home’s location has one or more characteristics that the majority of prospective buyers finds off-putting. There’s not much the seller can do in this case, except wait for the right buyer to appear. In all likelihood, it will be someone for whom the issue isn’t an issue at all. If the school district isn’t up to snuff, for instance, a buyer with no school-age kids (and no chance the need will arise to sell anytime soon) may snap up a real bargain.
CATEGORY 2: It’s a home that needs work: a classical fixer-upper. If the buyer is an investor with a flip in mind, it’s vital to get an accurate read on the amount of time, money and effort it will take to rehabilitate the investment. That may seem like it deserves a “duh!”—but it’s all too tempting to let a fantastic asking price blind you into underestimating how far from saleable a badly maintained residence really is. If the buyers are going to be the ultimate residents, enjoy do-it-yourself projects, and are willing to take the necessary time to nurse a fixer into shape, it’s only necessary to determine that no overwhelming structural issues are beneath the surface. If all is well, it can turn out to be the dream opportunity they were hoping for.
Needless to say, fixer-uppers may not be for everybody—but there’s sure to be something for everybody among today’s Delaware offerings. If you will be in the market anytime soon, give me a call to discuss how far you’ve gotten in creating your wish list: there may be a perfect fit right now waiting for you to appear! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.