When it comes to luxury homes, Boston is known for attracting top-tier buyers from all over the United States. If your home is languishing on the market, here are some of the most common reasons why it isn’t selling as quickly as anticipated.
- Asking price
Inaccurate pricing is one of the most common reasons for a home not selling. When it comes to expensive housing markets like Greater Boston, top-tier buyers want value for their money. If they have reason to believe that a property is overpriced, they will be less likely to make an offer. When selling a home in any market, it’s important to price your home based on comparable recent sales in the area. Setting a realistic price will help you sell your home and avoid costly price reductions down the road.
- Property condition
Luxury buyers and high-income earners are some of the most discerning buyers in the market. If they think that your home is in poor condition or that it requires significant repairs, it may not appeal to them unless they’re looking to flip the home. Most buyers prefer move-in ready homes that require minimal work.
When getting your home ready to sell, it’s worth making obvious repairs and cosmetic improvements to attract qualified buyers. This is especially true for luxury properties – the overall condition of the property should reflect your asking price.
- Property features
Present your property in the best possible light when selling a home. Update your decor and invest in modern upgrades like energy-efficient appliances, smart home technology, and on-trend counters and finishes to appeal to luxury buyers. Adding adequate storage space, such as closets, cabinets, and basement storage, can also make your home more attractive to prospective buyers.
Certain property features that are generally considered desirable may not always appeal to your intended buyers. Swimming pools are a good example of this. While seen as a luxury amenity in many markets, swimming pools are sometimes viewed as a safety hazard among buyers with small children or as a costly and high-maintenance feature to others.
It helps to be aware of buyers’ attitudes towards certain amenities and to strategize your marketing accordingly. Present the benefits of certain home features in your listing to grab buyers’ attention.
- Location
The location of a property can also affect the number of days on the market. Properties that are located in less desirable areas or up-and-coming neighborhoods may not sell as quickly as homes in established communities.
Location can also work for and against a property. For example, homes that are too far from schools, shops, restaurants, and public transport may be less attractive to some buyers while others may appreciate the remoteness and privacy it offers. Play up the benefits of your home’s location in your listing and other marketing collateral.
- Home staging
Staged properties spend 33% to 50% less time on the housing market compared to similar properties that haven’t been staged, according to HomeAdvisor. Home staging is the practice of decluttering, depersonalizing, and decorating a home to make it more appealing to a wider audience. From commissioning a high-end interior design project to renting fine pieces from furniture stores in Boston, there are many ways to effectively stage your luxury home.
- Marketing
If a property isn’t being properly marketed, you may not reach the right buyers. Effective marketing and high-end collateral like quality real estate photos and virtual tours can help generate interest in your listing. Make sure that your listing includes a detailed description of the home, including the square footage, number of bedrooms and bathrooms, appliances, outdoor space, and more.
Aside from the Multiple Listing Service (MLS), utilizing social media channels can put your listing in front of qualified buyers. Facebook Live is a popular tool for offering a virtual walkthrough of a property while TikTok is great for creating short clips of your home.
- Communication
It’s possible that your home isn’t selling due to poor or slow communication. When selling a home, it’s important to respond quickly to inquiries and follow-up with prospective buyers. Prompt and courteous communication projects an image of professionalism and shows that you’re a trustworthy seller. It’s also crucial to avoid making offensive comments about prospective buyers’ tastes or offers, as this can be off-putting for serious buyers and jeopardize the sale.
Working with a real estate professional will help you stay on top of home staging, listing, and communicating with potential buyers. Let me, Seydyss Barreto, help you sell your home. As a real estate agent with $292 million in total career sales, I assist clients in Greater Boston, Northshore, and the Merrimack Valley. Please call me at 978.590.8918. You can also reach me via email or contact form.