Luxury Home to Sell? Your Best Buyer May Be a Needle in a Hay Stack
The Lethbridge market is hot, hot, hot! However, despite excellent increase in home values over the past few years, it’s important to understand that in Lethbridge, some things never change. That is, if you own a luxury home, razor sharp pricing and marketing is the only correct way to find that perfect (read: serious) buyer.
Lethbridge real estate inventory levels tend to be higher--sometimes a lot higher--once you move into price points beyond the average. A $650k home must compete with many, many more properties than a $350k home.
Luxury homebuyers have the luxury of more selection.
Most Lethbridge homebuyers play in the $300-500k price range. That makes sense; the average residential home price is approaching $400k (2024). Like everything else in a market economy, sale prices fall along a bell curve. That is, as you go up in price, there are less and less buyers who can afford what you’re selling. As you go down in price, there are less people who need nor want the the type of property that $250k can buy.
Homeowners in this market tend to believe that “everything is selling.” Yet, we must heed absorption rates. For example, while there may only be ten homes in Lethbridge competing for buyers in your price range, there may also be only a small handful of buyers currently shopping at that price point.
When I show high-end homeowners local market statistics for their price range, it is a sobering conversation. They discover they're waiting in a long line with many other homeowners hoping for an offer. Of course, my job is to get you to the front of that line.
Check out my video below. Then get in touch with me to find out the most effective strategies to get your high end home sold for the most money in the shortest time possible!
(This video was recorded in 2021. Home prices were lower than they are today. However, the principles of supply and demand for luxury properties remain exactly the same.)
