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Luxury Home Market Update By Dallas Luxury Home Expert

History is being made everyday in our present real estate market environment. Some say that we are soon going to be in the worst real estate downturn since the Great Depression. Recall that just until last year we could not find enough homes for sale to meet the increasing demand. Everybody wanted to own not just one, but two, three or four homes. Things changed suddenly earlier this year with the COVID pandemic. The real estate market froze with lockdowns in spring and with buyers/sellers not willing to leave the homes due to fear of getting infected.

But interestingly the real estate market has turned around; As of August 2020, homes are now selling everyday. In fact, in the Dallas area agents sold 719 homes for over $1,000,000 in the past 12 months and in the Southlake, agents sold over 141 homes for over $1,000,000 in the past 12 months . That’s well over $900,000,000 worth of real estate. In this same timeframe homes have been sold $340.50 per square foot, a record for Dallas, with average days in market of 84 days!

According to July 2020 LUXURY MARKET REPORT by The Institute for Luxury Home Marketing, here are the latest statistics about Luxury Home Market. As you can see that sales have been increasing month over month.

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How to Sell a House in Dallas When You Have to Sell It Now!

If you can’t wait to sell your Dallas luxury home, these seven surefire tips will help you get the job done quickly:

  1. Don’t Wait. Dallas luxury real estate market is now active throughout the year due to constant relocation of families from around the country to Dallas. So get your home on the market now! With historically low interest rates and stay at home families due to COVID, it pays to take action now.

  1. Fix It Up and Clean It Up. There’s nothing like making a positive first impression. Don’t spend a lot of money on big-ticket items that you won’t see a return on, concentrate on the basics like paint, carpet and minor repairs.

  1. Price It According to Market. It helps to set a realistic salable price to create immediate excitement. Forget what you think the house should be worth. Instead set your price 5% below the most recent comparables. You’ll be the next one smiling on your way to the bank with buzz in the market and resulting multiple offers from buyers

  1. Hire a Top Real Estate Agent. Get the best, most aggressive selling agent in your market. The seasoned experts have been through crazy markets before and know what it takes to sell. Remember 10% of the Realtors make 90% of the sales!

  1. Become Your Agent's Marketing partner. Don’t rely solely on your real estate agent to do all the work. Tell all of your friends and relatives about your home. Put it in the your Facebook page and other social media platforms. Make sure your Realtor has a strong web presence and knowledge of internet marketing

  1. Become the lender. The tight credit markets due to COVID-19 has made obtaining jumbo financing very difficult even for credit worthy borrowers. Consider seller financing if you hold the title free and clear. Worst case? Your borrower defaults and you take the property back and sell it again

  1. Hire a relocation expert. With hundreds of thousands of families moving to Dallas every year, an agent who specializes in working with families relocating to Dallas can help you sell your home faster. A Dallas relocation specialist has connections to top luxury agents throughout the country and he can market your home to luxury home clients in other states by leveraging his connections, professional photography and great videos of your luxury home.

  1. Take the Offer. If any qualified buyer comes along with any reasonable offer, be prepared to accept it. Sometimes your first offer is your best (and only) offer. You don’t want to lose out on a deal over a few thousand dollars. Negotiate, of course, but recognize the buyer has a lot more clout than you do in this market due to hesitation of buyers to look at homes due to COVID.

About us: Dallas Luxury Real Estate Agents

As top Dallas luxury real estate agents and Dallas relocation specialists, we take great pride in using our expertise, resources, and global connections to perfectly unite extraordinary places in a variety of lifestyle categories and price points. Discover why we are one of the most respected teams for buying and selling in the Dallas area. It is also important to highlight that luxury is an experience, not a set number. Price point does not define luxury. We provide the same elevated experience to every client. From sky residences in Downtown Dallas’ premier high rise buildings to distinguished properties throughout cities like Southlake, Highland Park, Westlake, Lakewood, Preston Hollow and University Park, we offer real estate buyer and seller representation services that give our clients the edge when buying or selling luxury real estate in Dallas metro area. Our commitment and daily dedication is to delivering a high level of expertise with extensive hyper local market knowledge, savvy negotiations and innovative technology.

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