The pricing and marketing of ‘fine homes’ requires a different strategy from normal real estate practices. Fine homes are usually those that are priced in the top 5% to 10% of the market. In this area a home priced above $450,000 is in the top 10% of the market and a home priced above $575,000 is in the top 5% of the market.
In the last year there were 447 homes sold priced above $450,000 and just 210 homes sold at a price above $575,000. Each sale usually represents two transaction sides (buy & sell) but if we divide this by about 1,000 real estate agents, the average agent participates in one fine home sale every year and one sale priced above $575,000 every 2.5 years. It is obvious a lot of them do not have the knowledge or experience in the upper end market.
- In the last year Pam & Dave been involved in twelve closing transactions for sales of properties priced above $450,000 and six priced above $575,000 with a total ‘Fine Home’ volume of over $7 million. This is one transaction every month compared to the average of one transaction every year. Pam & Dave know what it takes to get the job done.
- The average selling price of a single family detached home in our MLS is $315,000. Pam & Dave’s average selling price in the last year is 43% higher at $452,000.
- Of all the listings taken and posted with our MLS, just 31% result in a closed sale. Pam & Dave’s listings close 87% of the time.
- Pam & Dave have ranked in the top 2% of the 1,000+ agent members of the Fort Collins Board of Realtors for number of listings SOLD!
- The most important aspect of marketing a fine home is determining the right asking price. Pam and Dave have the experience to do this. Their listings sell for an average of 99.04% of the asking price.
“Owners of fine homes should be especially careful to work with a real estate professional accustomed to pricing strategies in the upper-tier market. Establishing the right value for a luxury property in the current market requires careful consideration of a range of options. The best qualified professional is one who understands the market thoroughly.”
- Some successful agents carry an inventory of 20 or 30 or 40 active listings. Pam & Dave normally carry 10 to 15 active listings, allowing them to devote more time and energy to each individual property.
- Pam & Dave are designated Certified Residential Specialists and have received additional Fine Homes training focusing on understanding the unique needs of buyers and sellers of fine homes.
At the present time, there is surplus supply of homes priced above $500,000. With this surplus it is more important than ever to select a real estate professional with the knowledge and experience to give you the best chance to get your home sold – in a reasonable amount of time – with the least amount of disruption – and for the best possible price.