Try to Take Emotion Out of the Equation When Selling Your HomeMarch 12, 2016
Many brand new Boston luxury homes were constructed in 2015-2016 and offer a great deal of amenities that older homes don’t have. Boston luxury homes with older renovations are currently selling at a much slower pace. Granted , there are buyers who like the old charm and details that the new construction homes may lack, but at the same time Boston luxury real estate buyers are not willing to pay the same price per square foot for an older renovation. This is generally regardless of how fantastic the location, layout or views are. It does not make financial sense.
Obviously, luxury homeowners are emotionally attached to their homes especially when they have lived there for a long time. They may think that their home is the superlative to anything else. However, when you sell a Boston luxury home, you have to learn to put emotions aside and follow the pulse of the market. Sellers hear that the market is high and luxury homes are selling at X amount of dollars, but looking at sales realistically, you can’t compare apples and oranges.
If you have a luxury home with older renovation, regardless of how beautiful the unit is, and seriously want to sell, you have to price it accordingly. It obviously doesn’t make sense to gut and renovate the unit, since your taste may be different that the next buyer. Therefore , the sales price should be attractive enough to allow the next buyer to do their own construction. Buyers looking for “deals” should look at these properties more closely. Then again, not all buyers have the time, inclination or the know-how to deal with construction.
The lower the price of older homes, the faster they sell. Price well, be realistic and get rid of the “emotion” factor when putting your home on the Boston luxury real estate market.