Here’s how you can get away with breaking the rules of pricing.

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Today I want to talk to you about pricing strategy in the luxury market. The golden rule in pricing is: Never overprice your home. On the whole, that’s a good rule to follow, but it doesn’t hold true all of the time.

"You need to know when and how to break the rules of pricing."

If the property has been newly renovated or maybe has a beautiful oceanside view, you can swing for the fences. It reminds me of what my jazz teacher taught me in college: You can break the rules of music, but you have to know when to break them, or you’ll sound like an idiot. The same holds true for pricing luxury real estate.

Another part of this is knowing how to break the rules. Many people make the mistake of taking the first offer that comes in at a good price when they’re selling a house above appraised value. But that first offer might be laden with appraisal and financing contingencies. Don’t take that first offer; solicit as many offers as you can. You want an offer that pays with cash because if you don’t, the deal won’t close at the price that was offered.

I hope this was helpful. If you have any questions about this or other real estate topics, feel free to give me a call. I’d be more than happy to talk with you.

Here’s what’s happening in our market as we head further into fall.

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It’s officially the first few weeks of fall. There’s pumpkin spice in the air, Halloween decorations are all around town, and it still feels nice and warm outside. It’s a great time to be in Charleston, but people have expressed concern about the future of our real estate market. Today I want to give you a brief overview of what’s happening in our market now that we’re in the fall months.

We’ve seen a slight decrease in the number of luxury homes being sold. Some agencies around the country are reporting a 15% to 19% decrease in the number of second-home luxury buyers, and we’re seeing a bit of that here. However, there are still many more buyers than homes in our current market, so it’s still a strong seller’s market.

We’ve seen a similar trend to a lesser degree in the primary luxury market. Demand remains high, though. Especially if your home is on the newer end, it will sell quickly and for top dollar.

For the upper-middle range of about $700,000 to $1 million, we’re still seeing a ton of demand. When you go further down the price range into starter homes and rentals, the demand is still crazy. As you can tell, the less expensive the market, the more demand we’re seeing.

"If your home is on the newer end, it will still sell quickly and for top dollar. "

There are outside factors that could impact our real estate market. For example, one of China’s largest real estate companies faces a major debt crisis that could have international implications. It could have a major impact on our market, or we could barely notice it. It’s currently up in the air. There are also supply chain issues that may affect the stock market, although it’s too early to say for sure.

In the super long term, inflation could be a factor as well. Spending during the pandemic has increased U.S. debt, and it seems likely inflation will rise to compensate. This is good for homeowners, but this too may have ripple effects on our economy.

At the end of the day, I predict a soft landing from our real estate market. Things are slowing down at the top, and eventually, they will slow down at the bottom. However, I don’t predict a crash anytime soon.

If you have questions about today’s topic or anything else, please call or email me. I am always willing to help.

This is an example blog post. You can post whatever you think your users may be interested in. Market conditions, area information, things about the buying and selling process are all good things to write about. Have FUN!!! You may even want to write about a certain area real estate community and what is going on in that real estate market.

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