4 Tips for Selling Luxury Real Estate Property in the Okanagan

Marketing local attractions such as nearby wineries is an important sales tool for Kelowna realtors in the luxury real estate market.
Photo by Brian Sprout, TourismKelowna.com

 

Listing luxury real estate on MLS is an important decision. Whether you’re semi-serious about selling and just want to test the market, or you’ve found a new job in Winnipeg and need to move right away, there are many variables that need to be considered.

Understanding the current market conditions will give you a realistic starting point for listing a luxury home in the Okanagan. Beyond that, your Kelowna realtor will have a number of tips to help you attract buyers and receive a fair offer.

selling luxury1. Pricing Your Home Correctly

Finding the right price point is critical when selling any home, whether it’s a mobile home or a $1 million property. Overvaluing luxury real estate can turn into a lengthy process because the longer a home sits on the market, the less interest it’ll receive.

To get a realistic idea of what your home could sell for, Kelowna realtors like Quincy Vrecko & Associates conduct free market evaluations. These assessments take into consideration your home’s:

  • Location
  • Size
  • Age
  • Amenities

The evaluation will also compare your home to similar properties that are currently on the market or have recently sold.

By starting with a competitive asking price, you’re more likely to attract buyers quickly, without undervaluing your property.

For more information on market evaluations, read: What Is a Market Evaluation?

selling luxury2. Following a Modern Marketing Strategy

By choosing an accurate listing price, you’ve already done a fair bit of niche marketing because you’re advertising to potential buyers in that particular price bracket. However, Okanagan realtors these days are embracing the Internet era, and are using it as a tool to promote listings even more.

With more homebuyers going online to research and buy homes, it’s changed the industry completely. That’s why it’s important to work with a realtor that combines the traditional approach to customer service with new-age technology. In other words, you want a realtor who can do it all:

  • Post your listing on their website
  • Provide high-quality photos and video of your listing
  • Market properties on Facebook and other social media platforms
  • Use mobile-friendly technology (many homebuyers search with smartphones and tablets)
  • Stage homes tastefully
  • Is readily available for showings

selling luxury3. Finding the Right Time to Sell?

Timing plays an important role when selling high-end homes in the Okanagan. For instance, if you’re marketing a premium waterfront home, you’re more likely to receive interest in the summer than in the middle of winter.

 

 

selling luxury

4. Selling the Lifestyle

When people buy a luxury home in the Okanagan, they’re also buying a particular lifestyle. They’re not only looking at the designer kitchens, floor-to-ceiling windows, and super-relaxing soaker tubs, but they’re also looking at the surrounding lakes, vineyards, orchards and endless outdoor activities that come with living in the valley.

Showcasing these geographical amenities is another tool your Kelowna realtor will certainly use to promote your listing.

 

Is it time to sell your luxury real estate? Quincy Vrecko & Associates can help you market your property effectively to attract buyers quickly. We also provide free market evaluations to give you a realistic idea of what your home is worth.

Kelowna Real Estate and the Effect of Supply and Demand

Understanding the law of supply and demand is important when buying or selling property on the Kelowna real estate market.

 

The decision to buy or sell Kelowna real estate is an important one. Market conditions constantly change and it can be difficult to determine the best time to list or make an offer on a property.

There are a number of factors that affect the market, not the least of which is the law of supply and demand. The basic theory dictates that when there’s an oversupply of housing, there’ll be a corresponding drop in price. And when there’s a low supply of housing, there’ll be a consequent rise in price.

Pricing is clearly affected, but supply and demand can also affect the length of time properties stay on the market. In a slower period, houses might stay weeks or even months without receiving much interest. In busy periods, it’s possible to see potential home buyers line up to for showings and get into bidding wars.

 

Exception to the Rule

It’s possible to have a larger-than-average supply of housing and still see Kelowna real estate prices rise. If the properties in question are in high demand—perhaps it’s a new luxury real estate development that just came on the market—buyers will be attracted to it and will be pay premium prices to get it.

 

 

The Location Effect

Another potential anomaly to the supply and demand concept is location. A less desirable neighborhood can extend the normal amount of time to sell even if the particular style of home is popular.

Conversely, a tiny fixer-upper in a hot location could sell extremely well and very quickly.

 

The Buyers’ Market

Generally speaking, an oversupply in housing often leads to lower prices, which is known as a buyers’ market. With multiple houses to choose from in their price bracket, buyers can be more selective when choosing from among property sellers’ offerings. They can also often dictate prices.

In turn, property sellers in this type of environment will often compete with each other for available buyers by lowering their prices.

 

 

The Sellers’ Market

In a hot market, activity tends to spike as potential buyers will sometimes make offers faster than normal. Buyers are quick so as to not miss out on a property. This can have a number of affects:

  • Buyers need to be more prepared to commit to an offer
  • Sellers can list properties at higher prices knowing there’ll be competition for them
  • It can lead to bidding wars among buyers
  • With less inventory to choose from, buyers might have to wait to find their ideal home

When buying or selling property, you should always consult a Kelowna realtor to gauge market conditions to get maximum value for your hard-earned dollar.

If you’ve already sold you’re home and are ready to move on to your next property, you should read Ask a Kelowna Realtor: Tips for a Hassle-Free Move into Your New Luxury Home.

 

Are you looking to buy some Kelowna real estate? The experts at Quincy Vrecko & Associates can help you find the ideal home for your budget in a number of desirable neighbourhoods. Call us to book an appointment.