Luxury buyers feel the neighborhood/environment/setting must be unique and awesome! The house should be beautifully staged, tremendous upgrades throughout and well photographed with fresh flowers. The seller should have taste in furnishings, often resulting in the buyer buying some after it is all worked out.
Aside from these obvious concerns that all
buyers relate to:
•Worn hardwood floors
•Poor interior paint jobs around ceilings and trim
•Smells in the rooms or basement that make buyers think of water problems
•Lack of professional landscaping
•Smaller sized kitchen and basement.
•Original systems
Real disappointment comes with these larger dollar problems that established luxury houses of stature need. Buyers don’t want to face costly additions to bring up market value from:
- only a 2 car garage.
- limited play area – in order for it to be worth more money down the road buyers do not want to see a limited outdoor grass play area for children and pets – a large lot is useless except for privacy
- undersized master bathroom and appropriate closet space for a master suite. – buyers will think of adding a walls that reduce the size of the master bedroom to make the bathroom larger
- only 4 bedrooms. One of the issues buyers have is if the basement does not have the ability to have a guest room even though guests rarely feel comfortable in basement bedrooms unless the ceiling are nice and high.
Before a buyer will love the house and enjoy making it their own, the price should leave room for these improvements/additions above or they’ll be looking at having to put a large amount of money into the home to make it comparable to other million dollar homes in the area. The best offer price for a buyer typically comes when they conduct the inspection for information purposes only and seek no repairs. A savvy luxury buyer and agent knows to opt for the due diligence period for major structural issues only.
The last thing a buyer agent wants to relay to a potential property seller is the buyer saying, “Please start looking for other properties. This is a good one, the kind of feel we are going for but just not going to work for us at that price.”
As you can imagine, buyers, if downsizing from larger estates, are coming from house sales that closed hundreds and hundreds of thousands off their already deeply reduced list price. Buyers just can’t continue to overpay and be in an upside position for a house any more.
They surely feel the seller’s pain, but are hopeful that a deal awaits that will make financial sense.
[...] of, if you’re a luxury home buyer or seller. Read about what it’s like in today’s market selling a luxury home. Now more than ever, we’re ready to help you. If you’re thinking about buying a luxury [...]