Tampa has numerous gorgeous neighborhoods featuring luxury homes where anyone would love to live. However, selling them requires a different approach because the market for these homes is smaller than for median home real estate.
Luckily, if you want to know how to sell luxury real estate in the Tampa market, you’ve come to the right place. Read on for some crucial tips.
Partner with a Luxury Real Estate Agent
If you are wondering how to sell luxury real estate, you first need to contact a luxury real estate agent who understands the market. In this case, your market is not just luxury homes but luxury homes in Tampa. That means that your real estate agent must be knowledgeable about the intersection of both markets. It is not enough to just seek out someone with experience selling homes in Tampa.
If you want to sell a luxury home in the Tampa area, you need someone who has a specific history of selling luxury homes in Tampa. Otherwise, your real estate agent may not market your home in a way that is appealing to the right people.
Furthermore, a real estate agent takes the headaches out of putting your home on the market, such as:
- Researching real estate comps
- Setting the sale price
- Staging and marketing
- Hosting open houses and showings
- The closing process
A real estate agent who understands the luxury market knows how to price homes competitively to sell and also has access to listing portals to reach more potential buyers. Also, letting an agent negotiate the sales price removes emotion from the sales process and ensures you get a fair price in a short timeframe.
Plus, when an agent handles all the paperwork, they can walk you through all the costs of selling a home. This way, there aren’t any hidden fees.
Finally, agents have an extensive network of other professionals in the industry you may need to work with:
- Mortgage lenders
- Title companies
This is important because you may need to do some due diligence before selling. For instance, any buyer will want to ensure the title is clear and there aren’t any liens. Or if you inherited the property, you’ll need to show the court completed the probate process before you put the home up for sale.
I have worked in the Tampa area for almost 20 years and can connect you to the right people to guarantee your luxury property is ready to hit the market.
Take Care of Repairs and Improvements
Deciding which selling process to pursue is just the first step. Next, you need to ensure your property looks its best. Some improvements you can make include:
- Fixing leaks
- Replacing broken items
Beyond minor improvements, a real estate agent can guide you on other renovations that may add value to your luxury property. This isn’t to say you need to redo the kitchen or primary bathroom completely. Sometimes adding new appliances or recessed lighting is enough. The idea is to make your property different from all others on the market to give it a competitive edge.
This is where a little common sense comes in: if you want to sell your home fast, you need to price your home to sell. Unfortunately, home sellers often want to price their homes too high, which causes the house to sit on the market for a prolonged period. This is especially true in the luxury real estate market.
Pricing aggressively can help you get an all-cash offer, which is often better than working with a home buyer who needs a mortgage lender. Typically, you can close on the sale faster with a cash buyer.
The best way to set the price is to find comparable properties with recent sales. Then, compare the condition and amenities of those properties to your own.
You can also have an appraiser complete a home appraisal. I have a guide on home appraisal basics that can help you understand the process and your property’s value.
When in doubt, just ask your real estate agent. They are the experts, after all.
When Is the Best Time to Sell Your House in Tampa?
Generally, the best time to sell a luxury Tampa house fast is in May or June. Data shows that homes on the market around this time sell more quickly and for a higher price.
But if you are ready to sell, it doesn’t mean you have to wait. The best time to sell a house in Tampa fluctuates depending on the housing market. There are a lot of factors that affect homes for sale, even down to your specific neighborhood. Examples include:
- Interest rates and mortgage availability
- Market inventory
- The economy
It’s also best to assess whether the market is a buyer’s or seller’s market when you want to sell. A buyer’s market favors buyers because more properties are available than buyers, pushing prices down. Conversely, a seller’s market favors sellers because there are more interested buyers than properties available, pushing prices up.
Unsure? Give me a buzz – we can talk about current market trends and what selling strategy makes the most sense for you.
Additional Tips for Selling Your Home in Tampa
In addition to partnering with a luxury real estate agent, here are some tips you can follow to help you get more showings or even secure a cash offer.
Tip #1: Be Move-In Ready
As mentioned, when purchasing a home, the last thing many house buyers want to do is take on a bunch of projects because it’s a hassle. This is especially true for higher-end homes. One key for selling a luxury home is to have all repairs and renovations done before listing it so you can advertise that it is move-in ready rather than selling it as-is. This includes toning down personalized elements like statement walls that may not appeal to potential buyers.
If you know, for example, a recent storm damaged your roof, get a roofer out to fix it. If you have any unfinished projects, it is time to wrap them up!
Tip #2: Use Pros that Can Amplify Your Home
Your luxury real estate agent will have partnerships with skilled stagers, photographers, and a marketing team that can prep your home for the limelight. I’ll walk you through the process here, but also feel free to check out my tips for staging your home post as well.
First, using her eye for detail, your real estate agent will let you know what needs to happen to get your home market-ready. For example, if your house could use a curb appeal boost, she may recommend repainting some shutters, fixing your driveway, or landscaping.
From there, she will turn her eye to the interior of your home. Your real estate agent will connect you with a stager, if necessary, to help your home appeal to the right audience. Afterward, she will have a professional photographer take shots highlighting everything that makes your home stand out. Your photos will be part of your marketing collateral, bringing us to the next pro you need.
To engage potential buyers, you will need a marketer on your team who can create exciting descriptions of your property, sell sheets, and more. An enticing listing combines beautiful photography and skilled copywriting that helps potential buyers envision what their life could be like if they bought your property.
Your Tampa real estate agent will help shape the description of your home with her knowledge of the neighborhood and the market in general—including what your area has to offer potential buyers.
Tip #3: Nail Down Your Amenities
Because your real estate agent understands your market, she can highlight the most attractive points about your home and share them with potential buyers. The perceived importance of different amenities varies between neighborhoods, so this insight is crucial for creating a narrative that hooks potential buyers from the start.
For example, suppose you have a penthouse condo in a desirable Tampa neighborhood. In that case, your real estate agent will note how close it is to hot spots for shopping and restaurants, security features, and complex amenities like pools and tennis courts. Whereas if you are selling a luxury single-family home, you must highlight features like privacy or access to a boat dock. And of course, we can’t forget about the views!
Tip #4: Create a Video Tour
Luxury homes in Florida are of interest to more than just Florida residents. To make it easy to reach potential buyers looking for luxury Tampa real estate, create a video tour that individuals across the country can easily view.
Video tours took off in popularity because of the Covid pandemic, though they were already popular in some real estate market segments. With luxury homes, having a video tour available means that buyers in New York City, for example, can view your home online during their free time before booking a ticket to check it out in person. It can also ensure that those who make an appointment for viewing are genuinely interested.
Tip #5: Skip the Open Houses
Too often, an open house for a luxury home can turn into a tour for the curious. Open houses invite individuals who may not have the means to purchase your property to have a walk-through.
Because the luxury home market is smaller than the median home market, hosting appointment-only viewings may serve you best. This will limit the number of people coming through your space and allow real estate agents to verify that visitors are genuinely interested in and able to afford your home.
It can also help weed out anyone who is only interested in a rental property and may try to convince you to rent rather than sell.
Tip #6: There Is No Wrong Time
In certain areas, luxury homes only hit the market in the spring or summer months. However, because Floridians have gorgeous weather year-round, our real estate market does not have as many dips and slowdowns as markets in colder areas. This is perfect for luxury homeowners looking to sell.
There is no reason to delay selling a home until the spring—because of our unique weather, it is always the right time to sell.
Sell Your Tampa Home Today
To sell your house quickly on the luxury real estate market, the most crucial step you can take is reaching out to a pro.
With years of experience helping homeowners in the Tampa luxury home market, I know the ins and outs of connecting top-rated properties with the perfect audience of potential buyers. I know exactly how to sell your house in Tampa for a fair price and can answer all the FAQs on your mind.
So let’s talk about how to get you an offer today—contact me!