How Should I Price The Luxury Property I Inherited

You’ve inherited a Luxury property, you're feeling frustrated with the entire process, and you’ve decided to sell it, but you don’t know how to Price the home. 

Over my many years in this business, I’ve successfully sold over 2,200 San Diego area homes for my clients; many of these were luxury homes and estates. Accurate pricing can frequently be a challenge. This is often the case for many individuals who have inherited Luxury properties. 

Real estate pricing is one of those areas where it is not an exact science whereby a homeowner can point to certain aspects that a home has and then determine an accurate price. Correct pricing is often based on years of experience working in different market conditions and is both an art and a science. You may want to get a comprehensive comparative market analysis on the home to help you understand what similar homes have sold for in the last 3-6 months and also consider the market changes ahead. Keep in mind the highest list price isn’t always the best price. Often, when sellers overprice their homes, it lowers buyers’ interest and means it is more likely to sit on the market without receiving offers. A direct correlation exists between the number of days a property is on the market and what it will ultimately sell for. Familiarize yourself with the home's unique features. It is rare to find a Luxury home that’s very familiar to one another because these homes were often custom built or have features and builder upgrades, making them a bit more unique. When you familiarize yourself with your amenities, you can compare other homes before considering a price. Due to the distinctive features of a luxury home, the search for comparable home sales may have to extend to other areas with the same type of build and size luxury home. When pricing your luxury inherited home, put yourself in the buyer's shoes and think about what a buyer would be looking for in the home. You will have to remove your emotional attachment when it comes to getting the home sold. To arrive at a price for a luxury home, you will need to look at the home and evaluate it for condition, location, amenities, features, and more. You will also need to consider if it is a buyer's or seller’s market. Again, feel free to contact us if you want more details to help you understand how to price your inherited luxury property. 

If you need a current evaluation, please don’t hesitate to call. My team and I can be reached at # 858-336-1114, or you can email me at [email protected]. You can also visit our website at www.DonPelletier.com To see what our clients had to say about their experience working with us, click on the link below this video. Please know that we are here to help you so please feel free to contact us anytime.