You just know that everything about luxury homes is different. Luxury homes are more than just really expensive homes. They are only found in the finest areas. They demand the finest furnishings. They are expected to include the most cutting-edge technology. And, yes, when luxury homes are sold, they need very special kinds of attentions. According to the National Association of Realtors, only 1% of first time buyers have a household income of $200,000 or more while 6% of repeat buyers reach that level of income.
That fact trims the market for luxury homes to a very small percentage of prospective buyers. How much do luxury homes cost? “A home that goes for at least $750,000 is considered a luxury home, but as realtor Gayle Henderson points out, "A million is really a better distinction." To put these few fine homes together with the few prospective buyers demands a special style for realtors.
When luxury homes are listed, many “prospective buyers” come out for a tour. Who, after all, can resist a free look at these wonders? The first thing a realtor has to do when listing luxury homes is to make sure that the right buyers get a chance to see that listing. Many realtors list luxury homes in national rather than local periodicals. Even after a buyer indicates interest in the property, most realtors will run a financial check before setting up an appointment.
Even when the right buyer is matched with the right property, there can be problems. Many buyers of luxury homes want their identities kept secret to avoid having salespeople know that someone of that lofty buying power is in the market. It takes a special real estate agent to have knowledge of the antiques and high-tech additions to the home. Often the furniture and décor can be had for an additional fee. Selling luxury homes is very different from selling most real estate.
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