You'd think that selling a luxury home would be simple, right? Who doesn't want to live in a posh place with lots of space? While it is true that many people would prefer a bigger, better house and more property, not everyone can afford it. If you are trying to sell your luxury home and cannot, here are some more reasons why you may be having trouble.
The Property Taxes Are More Than the Mortgage
Escrow or no escrow, if the property taxes on your home are more than a monthly mortgage payment for the buyer, he or she may just dump the idea of buying luxury homes and opt for something cheaper. Usually, the property taxes on homes like yours are high because of the area in which you live or because of the neighboring properties. A luxury home in Beverly Hills, for instance, is going to have monumentally higher property taxes than a luxury home in the middle of the Wyoming prairie.
The Style of the Home Does Not Appeal to Buyers
French Art Deco of the '20s may appeal to a very small percentage of buyers, but it does not appeal to everyone. Likewise, a luxury home built in any period or style that does not sit well with several buyers is a home that just will not sell. Your home may be a stunner for the type of style it is, but it may not have the curb appeal and interior that everyone is looking for. Have your real estate agent or interior decorator stage the home with a mix of modern and contemporary styles. Then it may appeal to a few more people.
Your Home Is in Direct Line with Ongoing Natural Disasters
A luxury home that is located in a place where several tornadoes, wildfires, or hurricanes have made their way through is not a home that others want. There is always the risk that your multi-million dollar home could be demolished in a natural disaster, and then the new homeowner would be out of a home and out of money. Savvy home buyers who do their homework on the house and the area in which your luxury home is located will avoid high-risk properties like the plague. It will take a very suave real estate agent to sell such buyers a home in a high-risk area, despite your home's immense size, grandeur, and beauty.
If you're having trouble selling your luxury home, talk to a real estate agent for more tips.