Luxury Market Trends for Spring

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Real estate is definitely a one-customer-at-a-time business. Everyone’s needs and dreams are unique. The higher the price point, the further we get from one-size-fits-all. That, of course, is both the challenge and the pleasure of this business.

The spring quarter is typically one of our best selling periods. This year, we see quite a lot of new construction coming on the market, and in spite of hesitation suggested by the news, we are starting to see a large group of foreign buyers seeking luxury property. Our upper-tier market—Beverly Hills and throughout the Westside—continues to be extremely strong and well ahead of last year’s numbers.

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Not surprisingly, money seems to be one of the biggest challenges for both buyers and sellers. In a competitive environment, with a limited inventory of suitable homes on the market, buyers need to be very realistic about their must-have list and their budget. At the same time, sellers need to step back from their emotional attachment to their property enough to set a price that will attract qualified buyers and even inspire multiple offers. For both buyers and sellers, a careful financial analysis is extremely important.

Interestingly, while the luxury market is brisk and competitive, sellers are not skimping on effective presentation. Staging has become a critical aspect of selling homes. If clean-and-bare was once believed to appeal to a buyer’s imagination, now virtually every property, vacant or occupied, benefits from the vision and skills of professional staging. Many sellers remove their own furnishings and have their home staged to give it a fresh new look, typically trending toward the white or light-colored and contemporary in feel. Since the industry took off, perhaps 10 years ago, staging companies have employed talented designers who know just how to make each room looks its best—and still leave room for potential buyers to imagine their own furnishings and artwork filling the space. Staging can include artwork, plants, linens, window coverings, table settings, area rugs, accessories, patio furniture—and even a Lamborghini in the driveway!

Joyce Rey is the exclusive agent representing the Beverly Hills, California real estate market as a member of the Haute Residence Real Estate Network. View all of her listing here.

Images courtesy of Joyce Rey / Shutterstock

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