As a Realtor, I sometimes assume that the industry lingo is understood by the public. With this in mind, the term “luxury home” is defined by the sales price. Typically, it is a house being sold at three or more times the average sale price in an area. Let’s say $1,000,000 plus in our area.
Once upon a time, the luxury buyer was seeking the biggest house with European style design with many compartmentalized rooms, each designated to perform a specific function, and a large parcel of land.
While each market certainly has its nuances, according to the Institute for Luxury Home Marketing, one trend has become very apparent – It’s quality over space and all about the experience!
The key to selling in today’s market is understanding what the buyer is demanding now to maximize your return. The affluent are increasingly investing in intangible goods such as privacy, lifestyle, and education.
The general message is that luxury is not about throwing money around by adding more fancy materials (like gold faucets, marble floors & huge columns) but rather, creating a comfortable experience that begets the sense of luxurious wellness.
The luxury market is competitive with more sellers than buyers, or what we refer to as a “Buyer’s Market.” This is unlike what we have been seeing in lower price points where homes are selling quickly with multiple offers and often selling for above the asking price.
Here are five things I am recommending to my clients to make their home stand out:
1. No Draperies - (regardless of how expensive or custom they are)
2. Clutter-Free Rooms - (Every day I tour homes with too much-oversized furniture; this defeats the sense of well-being.)
3. Organize everything from closets to the pantry to the garage. When in doubt, take it OUT!
4. Invest in simple statement art rather than ornate collections and wallpaper. Less is
5. Refresh lighting inside and outside. Replace old fixtures that are heavy and dated.
Luxury is linked to freedom and feeling protected. It can be simple, like a smaller swimming pool, simple dishware, live plants, fresh flowers, and minimalist master suites with glass showers & freestanding soaking tubs.
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