If you are a homeowner in Studio City looking to sell a multi-million dollar home, you are probably wishing it was the old days when it was a sellers market and prices were hot. In fact, it was only a few short years ago that a seller could get top dollar for their home. In today’s market it’s a little tougher to get more than 7 figures on your home.
Today in Studio City, we have close to triple the amount of seven-figure homes than we did in lets say in 1999. However, the number of buyers has stayed the same. The inventory of homes is so large, that buyers have a bigger selection, of cheaper homes, therefore over looking the Multi-million dollar ones.
Given the current multimillion-dollar home-selling climate in Studio City, sellers need to be far more creative and patient while seeking to sell their property. If you are planning on selling your multimillion-dollar home, keeping some of the following pointers in mind might save you time, money and aggravation in the long run.
The first step to getting top dollar for your multi-million dollar home, is to hire a Real Estate Agent. Selling your home on your own, does not ensure that you will get top dollar for your home. An agent will work with you, in getting the most for your home. They will list the house at the current market value, something you would most likely not do in selling it on your own. An agent will then market your home in the MLS service, allowing hundreds of thousands of agents to see your listing and possibly show it to prospective buyers. The agent will also market your home with mailers, newspaper ads, online services to advertise to the masses and any other way they feel to be an effective marketing tool for your home.
Your agent will be willing to offer advice, on what you need to do to stage your home so that it’s market ready. Be prepared to make light repairs such as painting, replacing carpeting or fix anything that is not working properly. Your agent may also recommend removing clutter, clean up landscaping or rearrange furniture. Removing valuable or rare items may also be something they suggest.. You want the buyer to remember your home. You most likely will have competition from other sellers, so your home needs to stand out.
With today’s technology, a printed flyer is very crucial and easy for your agent to make for potential buyers and their agent to see. They should include a picture of the home as well as the most important information on the home. They can also produce CD’s for the buyers to take with them and review. Most Real Estate agents today, have a personal website in which they can place your property on, and advertise to anyone who visits their site. They can provide virtual tours of the home, as well as pictures to give the and even sound if desired.
If your neighbors or other homeowners in the area are also trying to sell, see what they are doing. While location and price are the two most recognized deciding factors, you want to know what your competitors are offering as far as bonuses to the sale, unique marketing ideas and features of their homes. Be honest with yourself. Is your house really the best one in the area? If so, price it that way. If not, then price it right and sell it before your neighbor does. High pricing on a home, will usually hold it up from selling like the others in the area are.
Downturns in the market are like long-distance races; you speed up and slow down from time to time to take best advantage of the course. While a local market may be slowed at a given time, don’t fear this because history continues to tell us that it will improve. If you are under the gun to get your home sold, then you need to be far more flexible on the price. The more time you have, the longer you can hold out for your price. Price it right, stay in tune with the market and be patient. There is a buyer for every property.