Pricing any property for sale is an important task, but pricing a luxury property is a skill that requires much more than looking at comparable sales. Hi, I’m Michele Irizarry, CEO and broker of Shore Prime Properties. And, as a certified pricing strategy advisor, I have enhanced my pricing skills by using various approaches and perspectives.
When focusing on a luxury home, there are many factors to take into consideration. A home of this caliber will have so many factors to offer, and each must be considered. Condition, location, lot size, amenities, and market conditions, just to name a few. Age can also play a big role here. Newer, more modern homes will have a strong appeal, while older homes can have charm and character that buyers may be looking for. The quality of the finishes also plays a big role in pricing. The kitchens and baths will feature prominently here. The type of flooring, the hardware and the fixtures and cabinets, to the material of the countertops will all influence value.
Once these are taken into account, getting into the mindset of the sellers and buyers is another key practice. As a listing agent who has worked with many sellers, one of the most trying aspects to pricing is to have the sellers try to see the house in a realistic light, removing the emotion. Considering the market conditions will help to understand the psychology of the luxury home buyers. The absorption rates, interest rates, and local buying trends will have a direct effect on home values.
The art and finesse of proper pricing comes in finding the balance between all of these factors, and coming up with a price that stimulates showings and offers while financially satisfying the sellers. Pricing and timing go hand-in-hand. Introducing your property to the market at the right price is crucial. Whether or not the house will sell quickly, or sit on the market until a price adjustment is made, will all be determined in the first few weeks on the market.
Wondering what your Monmouth or Ocean County luxury home is worth? Contact us here, at Shore Prime Properties, and we can schedule a complementary consultation to review your local market conditions and property price range. We’re selling prime real estate at the Jersey Shore.
