The process of selling luxury real estate and condos in Arizona is in a class of its own.  As a luxury real estate home and condo professional, I am happy to share some TOP SECRET insight into how we manage and sell luxury homes, condos, lofts, penthouses, and more in Tucson Arizona.

Many real estate agents don’t have a clue when it comes to selling a luxury home or condo (Penthouses included). The same can be said for owners of luxury homes, condos, penthouses, lofts, and properties.

9 Secret Tips For Selling Luxury Real Estate and condos

SECRET TIP#1: innovative Marketing, Professional Photos & Video

All Marketing is good marketing in fact any marketing is better than no marketing.  Marketing is the key to any business, and selling a home is, indeed a business transactions. “By utilizing the right print, right social media slogan, right blogs, right websites, right photography and video, and the right agents – a luxury home and condo can gain the level of exposure necessary to target and bring in the right buyers. We have a large network of contacts to help gain traction and get the motivation of high-end buyers and their agents.

SECRET TIP#2: You Never get a 2nd chance to make a first impression

These words Curb appeal, staged, feng shui are heard throughout real estate talk. They are very powerful!  The wrong staging, property landscape (front and rear), or property flow can turn the right buyers away.  From enhancing your properties curb appeal by having your landscaping trimmed to rearranging the furniture to your swanky penthouse, there are numerous ways to capture the interest of buyers from the moment they arrive to your property.  First impressions don’t start at the showing they start when the property photos and video are taken.

SECRET TIP#3: The best asking price for your luxury home or condo?

Setting a realistic price for your home or condo that reflects current market values will help sell your property quickly and for top dollar.  When you price your property properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers—which may net you even more in the long run.

Your property has the best chance of selling within its first seven weeks on the market.  And, studies indicate that the longer a property stays on the market, the less it will ultimately sell for.  A property priced 10 % more than its market value is significantly less likely to sell within this window than a property priced close to its actual market value.  About three-quarters of homes on the market today are 5-10 % overpriced.

SECRET TIP#4: When is the best time to sell in Arizona?

In Arizona the luxury home and condo buying season begins around mid-January and runs through June.  The best time to put your luxury property up for sale is during these months.  Not saying that any other month is not the best but there are more sales that occur during Jan-June than any other months.  December also seems to be a huge buying time for high-end buyers.  Why not list during this time, weather is starting to warm up, sun is out, and people seem to be outside more during these months.

SECRET TIP#5: PATIENCE

No matter what the market conditions are, some sellers feel they need to rush.

In Pima County (Tucson, OroValley, Marana etc) currently there are 1,856 properties priced at $1,000,000+ and only 180 homes sold (Jan 2015- March 8 2015) at $1,000,000+ (10% Chance of selling – not great odds).

On average it can take you six months to a year to sell a luxury property.  Don’t expect a quick sale but you can help your time frame by pricing right, having the right marketing, and the right agent.  There are more homes than buyers in this market and the numbers above prove that.  High-end buyers tend to be pick and they can so be patient with them and the process.

SECRET TIP#6: Happy Wife Happy Life

Work with, not against your agent – Our objectives is to satisfy our clients but sometimes that means the sellers have to hear the TRUTH about their property, the staging, and listing price.  We consider ourselves professionals and are here to be honest and set realistic goals.  The better an agent and client can communicate, the more the client will feel empowered and understand what needs to be done in order to fulfill expectations.

SECRET TIP#7: Are the Location and Lifestyle being portrayed correctly?

A Luxury home, swanky penthouse, or urban loft is all about Lifestyle. If a luxury home is part of a development which includes a clubhouse or golf membership privileges, it’s important they are being showcased in the listing information and photos/videos. This is a reason why utilizing professional photos and video or virtual tour become an intricate part of the marketing and the best way to present the home and lifestyle as one!

SECRET TIP#8 How Sweet it is!

Everyone loves sweets and so do buyers. Throw in something to sweeten the deal and guess what it can be a game changer. Your custom furniture, selective art pieces, or even your car can become the leverage you need in order to motivate the buyer.

SECRET TIP#9 Get Listed with us - GET YOUR LUXURY HOME  OR CONDO SOLD TODAY !

You’ve been saving for awhile, weighing your options, looking around casually.  Now you’ve finally decided to do it—you’re ready to buy a house.  The process of buying a new home can be incredibly exciting, yet stressful, all at once.  Where do you start?  It is essential you do your homework before you begin.  Learn from the experiences of others, do some research.  Of course, with so many details involved, slip-ups are inevitable.  But be careful:  learning from your mistakes may prove costly. 

Use the following list of pitfalls as a guide to help you avoid the most common mistakes.

Searching for houses without getting pre-approved by a lender:

Do not mistake pre-approval by a lender with pre-qualification.  Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford.  Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier.

Allowing “first impressions” to overly influence your decision:

The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy.  Make a conscious decision beforehand to examine a home as objectively as you can.  Don’t let the current owners’ style or lifestyle sway your judgment.  Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work.  Likewise, don’t jump at a home simply because the walls are painted your favorite color!  Make sure you thoroughly investigate the structure beneath the paint before you come to any serious decisions.

Failing to have the home inspected before you buy:

Buying a home is a major financial decision that is often made after having spent very little time on the property itself.  A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run.  Your Realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.

Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:

Make it a priority to know your rights and obligations inside and out.  A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract.  Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs.  These problems may even lead to a void contract.  So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer.  With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.

Making an offer based on the asking price, not the market value:

Ask your Realtor for a current Comparative Market Analysis.  This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying.  What have other similar homes sold for in the area and how long were they on the market?  What is the difference between their asking and selling prices?  Is the home you’re looking at underpriced, over-priced, or fair value?  The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.

Failing to familiarize yourself with the neighborhood before buying:

Check out the neighborhood you’re considering, and ask around.  What amenities does the area have to offer?  Are there schools, churches, parks, or grocery stores within reach?  Consider visiting schools in the area if you have children.  How will you be affected by a new commute to work?  Are there infrastructure projects in development?  All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.

Not looking for home insurance until you are about to move:

If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you.  Make sure you give yourself enough time to shop around in order to get the best deal.

Not recognizing different styles and strategies of negotiation:

Many buyers think that the way to negotiate their way to a fair price is by offering low.  However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations.  Employ the knowledge and skills of an experienced realtor.  She will know what strategies of negotiation will prove most effective for your particular situation.

Demand for second homes remains healthy despite a slow housing market. With homebuyers enjoying an advantage in many markets, now may be the time to buy that second home. Whether you're dreaming of paradise or profit, master these 10 tips for a smart investment.

Resist the urge to impulse buy.

Don’t come back from vacation with the keys to a new house without having thoroughly researched your purchase first. If you buy on a whim, you may end up with a second home you can’t afford or that doesn’t fit your needs.

Evaluate your needs and long-term goals.

Be realistic about what type of second home suits your lifestyle. If you’re looking for a weekend getaway, staying within a day’s drive of your primary home could be a good move. If you’d like your second home to someday serve as a retirement spot, assess the home’s accessibility and check out health care services in the area.

Get to know the area before buying.

Even if you’ve been visiting the same vacation spot for years, you need to get to know the area from a non-tourist perspective if you plan to buy there. Visit the place off-season, and talk to locals to get their take on the area.

Hire a local real estate agent.

Buying a vacation home outside your area can be tricky, as residential real estate is extremely localized. A local agent can help you get to know the market.

Decide what type of home is right for you.

Think about how much time you’re willing to devote to maintenance when deciding between a condo and a single-family home. Condos are a good choice for buyers who only plan to use their homes occasionally and don’t want to deal with year-round maintenance. But if you don’t want to sacrifice privacy, stick with a single-family home.

Shop around for a mortgage.

The market changes constantly, so resist the temptation to take whatever terms your lender on your first home offers you. See what else is out there to get the best deal possible.

Calculate additional expenses.

Don’t forget about insurance and maintenance when adding up the costs of your second home. Some of the most desirable areas are at a higher risk for hurricanes, floods or forest fires, so insurance for these areas can be pricey. Get several insurance quotes before making an offer. For maintenance, a good rule of thumb is to set aside 2 percent of the home’s value per year for upkeep and repairs.

Consider fractional ownership to cut down on costs.

If you buy a second home on your own, you may find yourself shelling out a lot of money for the amount of time you actually spend there. By pooling your resources with friends or relatives, many people can enjoy a vacation getaway for a fraction of the cost.

Look into tax benefits.

You don’t have to pay taxes on rental income if you rent out your home for fewer than 15 days a year, but you can’t deduct any rental expenses. If you rent out your home for more than 15 days a year, you have to report the income, but you can deduct expenses like maintenance and cleaning.

Rent your home out for extra income.

If you need extra cash to supplement your monthly mortgage payment, renting out your second home could be a good option. Being a landlord comes with more responsibilities than many people realize, so familiarize yourself with landlord/tenant laws and the Fair Housing Act before renting out your home.

1. Heed the following six pieces of advice while home shopping this year.

    

   Sooner is better

   Of course, you should make sure that you focus on a home that fits your needs, with access to the school districts or other amenities you desire, Fleming said. But once you’ve done that, decided how much you can afford and found the place you want to buy, make a move — and quickly.

    

   “Sooner is better than later because interest rates will probably rise this year and house prices will rise some more,” he said. So start soon. “If you’re thinking about doing it this year, do it early.”

    

   Hire an expert

   Many people hire the first real-estate agent they meet with. That’s a huge mistake, said Charlie Young, chief executive of ERA Real Estate. Interview a few agents who work in the neighborhoods you’re interested in, and make sure they have relevant expertise. For example, if you’re looking for a starter house, don’t choose someone who focuses mainly in luxury homes.

    

   Ask buyer’s agents what the list-to-sales price ratio (the difference between what the home is listed for and what it eventually sells for) is in the neighborhood — and what their personal list-to-sales price ratio is, Young said. That will give you a sense of the agent’s negotiating skills.

    

   Strong knowledge of the market is key. “In this kind of market, where inventory is low, the ability for a Realtor to help you find homes that may come on the market is going to be important,” said Steve Berkowitz, chief executive of Move, Inc., which operates the website Realtor.com. The earlier you know about a property, the more time you have to consider it and prepare a competitive bid.

    

   Know the market

   A good agent will also be able to tell you if a list price is misleading, Haley said. For example, if it’s listed for $500,000 but is in a neighborhood where homes are getting five to 10 offers and it’s more likely that the home will sell for $600,000, your agent should be able to tell you that up front.

    

    

   And they can tell you how tight the inventory is where you want to live, including how long homes typically last on the market. That’s the best indicator of how fast you’ll need to make a decision — and how hard it will be to find a home to meet your needs.

    

   Know your finances

   Understand what you can afford. That’s different than what a mortgage broker says that you can qualify for, Young said.

    

   It’s important to think about how large of a mortgage bill you’d feel comfortable paying each month, he said. When bidding wars get intense, it can be tempting to blow your budget, but you may regret the decision later.

    

   Some buyers also might consider adjustable-rate mortgages to finance their home more affordably, especially those who plan on living in the home for a shorter period, say, five to 10 years, Young said. If you go this route, just make sure you can deal with the interest-rate resets scheduled after the introductory period. Otherwise, if your plans change, you could be in for an entirely different kind of sticker shock.

    

   Be an attractive buyer

   Get preapproved for a mortgage before shopping, Young said. Sellers will take you more seriously, an important point when they’re getting multiple offers.

    

   For sellers, the best offer isn’t always synonymous with the highest bid. In general, the fewer contingencies you have on the contract, the better, Haley said. “When we’re looking at five or 10 different offers, having the highest price is great, but we’re also looking for the highest certainty of closing,” she said.

    

   A contingency that you need to have a contract on your current home before completing the transaction, for example, could put you at a disadvantage when you’re competing with a buyer who doesn’t make that stipulation. But tread lightly when giving up conditions: A home inspection contingency, for example, could save you from buying a home fraught with problems found during an inspector’s exam.

    

   Consider other neighborhoods

   For many prospective buyers, increasing home prices and mortgage rates won’t restrict them from buying this year. But they might need to make some compromises.

    

   Aside from buying a smaller or less desirable home, you might also consider buying in a different location. The next town over may be more affordable than the area you originally were considering, Young said. Compare real estate taxes from city to city as well; there could be a big difference between the taxes you will pay for one house versus another across the street.