As we enter the third quarter of 2021, the luxury real estate market continues to thrive. In Q2, there were 485 sales for properties over $1M. Compare this number to the 112 sales in Q2 of 2020 (when Covid-19 lockdowns were just beginning) and the 171 sales in Q2 of 2019 (a great year for real estate). Closed sales were up 280% over Q2 of 2019! Looking at the guard gated real estate market as a whole, June saw total inventory down 40.9% and closed sales up 65% year over year. The number of sales pending at the end of June was down just 5.1% from 176 in May to 167 in June. As many have learned by now, it’s a fantastic time to take advantage of this seller’s market. However, as strong as the market is, I still see mistakes being made.
Mistake #1: Sellers are putting properties up for sale with uncooperative, messy tenants. It can be nice to sell while someone is covering your mortgage, and it prevents downtime. However, most tenants have no incentive to cooperate with a busy showing schedule and keep the home “show ready” at all times. If you must sell with your tenant in place, try to work out an incentive to help them help you. If you can afford to have them vacate the home first, that’s even better.
Mistake #2: Agents are cutting corners on marketing. When the market is hot, many sellers and agents don’t think marketing matters, but that’s not the case. Exposing your home to the highest number of qualified buyers will always be the best way to get you the highest sales price in the shortest amount of time. This is why we continue to invest more in our marketing every year. Take a look at our Matterport feature in this newsletter to better understand 3D virtual tours—something every listing should have to help out-of-state buyers but that most listings don’t.
Mistake #3: Sellers are skipping even the bare minimum of staging and repairs. Yes, it’s true; in this market, you can probably get away with doing little to nothing, but the condition of a property will always affect its final sales price. If netting the highest amount of money is important to you, then having your home show its best is a smart investment.
Give us a call at 702.605.7482, and we’ll help you take full advantage of today’s market conditions.