When to Put Your Boston Luxury Home on the Market and Price to SellMarch 15, 2014
If you’re thinking of putting your Boston luxury home on the market, don’t wait too long or you may miss a very strong seller’s market. Granted, home prices are going up now, but it does not necessarily mean that they will stay up. Once the Boston luxury real estate market adjusts itself and housing supply increases, sell prices will stabilize accordingly.
Pricing Your Boston Home: Location, Renovation, Decoration
Sellers should not be under the impression that because the market is strong, they can ask an outlandish price for their home and expect a bidding war. Boston luxury real estate buyers are very educated these days and no matter what they buy, they look at comparable sales in the marketplace, even if they can well afford it. There maybe one buyer out there who will pay above and beyond the value of a home for personal reasons, but this is an anomaly and happens once in a blue moon.
If you’re serious about selling your Boston luxury home, price it reasonably. Don’t assume that you can demand high selling prices regardless of the location, because other properties have been sold for similar high price points. Un-renovated properties should be priced lower , even if the home is located in a luxury building.
Another issue I've noticed recently is the pricing of overly decorated units. Some sellers of such lavish properties have spent hundreds of thousands of dollars, if not millions, on over-the-top decoration and furnishings, including expensive wall paper and finishes, but everything is very personal and taste specific lacking mass appeal. Do not expect that everyone should like the personalized changes. A majority of buyers see properties that are highly decorated, to be gutted and redone with a more neutral, modern sensibility. So, please decorate to your taste and spend as much money as you wish, but DO NOT expect that others will pay top dollar for your taste, colors and furnishings.
Work with a local real estate agent to price your home accordingly. Sellers, now is as good as any to put your home on the market. Contact me if you're interested in pricing your home to sell. Or, if you're planning to redecorate, DO NOT go overboard.