Luxury Real Estate Market Predictions for Calgary
Jun 10, 2021 | Luxury Selling
715 Imperial Way SW recently listed by Sam Corea for $2,495,000 and sold over list price within a day to his buyer
The Best Time to Sell
Potential sellers always want to know the optimal time to list their property. It’s best to get on the market when there is a lot of activity and interest. Here are our thoughts why now is the best time to list your luxury home and the best pricing strategy to adopt.
More Activity in Higher Price Points
Over the last month there has been increased activity in the luxury real estate market. This is due to a few factors. Firstly, many buyers are taking advantage of the current low interest rates. Secondly, because fewer people are spending on travel some buyers have more to invest in larger homes. Lastly, the best indicator of increased activity in the luxury market is taking note of the rate of sales in homes under $1M. Why? Because typically when a home owner deicides to move up to a higher price point they sell their current home first. We have seen very robust sales in homes under $1M. Since the luxury market lags slightly behind in activity, we can expect to see more luxury homes selling as the buyers in the lower price points are ready to move up.
In the luxury real estate market, cost doesn’t always equal value. Not all buyers are willing to pay what your luxury home cost you to create. Certain elements of a luxury home will maintain their value, such as location, size of lot, panoramic views or if your home backs onto a lake or park. But when it comes to aesthetics, beauty is in the eye of the beholder. Unfortunately, just because you spent $100K on a specific feature does not mean that a buyer will be willing to pay for it. There is no formula on coming up with a price. That’s why it is incredibly important that you hire an agent who understands the luxury market, knows your potential buyer’s profile, has knowledge of architecture and design, and can advise you on a pricing strategy.
Now is the time to get your luxury home on the market before the summer months! Take advantage of the increased activity this segment of the market is currently enjoying. Choose a real estate agent who has connections in the luxury real estate market in Calgary. Do your research and ensure you select a representative that is the right fit for your home.
Thinking of listing your luxury home? Reach out to find out how much your home is worth!