Portland Luxury Home Market 2016

Portland Luxury Home

Here’s a simple fact: Owning a home is a luxury. No rent, no landlord, and the freedom to truly make it your nest. But what are we talking about when we talk about “luxury homes”?

What we real estate agents consider the “luxury” category for Portland, Oregon is any home priced in the range upwards of one million dollars. While that might be a small group of listings (160 at last count of the MLS), luxury home buyers and sellers need to be just as diligent, persistent and attentive as anyone else when home shopping or putting their home on the market. In my experience as a Portland real estate agent, I’ve learned that this niche market definitely has its own quirks and subtleties. I enjoy listing and showing luxury homes because they’re a break from the ordinary. I also love matching the right home to the right buyer, at any price range!

Tips for luxury home buyers in Portland

Don’t just go by price. The most expensive home on the Portland real estate market right now is listed at just over $7 million.  A lot of buyers assume that they should look at the priciest homes on the market first, when the home they really want is somewhat less expensive. Start low and then work your way up.
Be realistic. You may have found the home of your dreams, but if the plumbing is shot or the property is prone to landslides, your real estate agent might advise you to give it a pass. Sure, with enough cash you might be able to make the house work, but is it really worth the time and aggravation? Be patient and the right Portland luxury home will come your way!
Prepare to show your cards. There are a lot of “Lookie Lous” in the real estate business. People like to see luxury homes even if they have no intention of buying them, and that is a lot of extra work for real estate agents! If a home is in the luxury category, most listing agents will ask to see your preapproval letter or proof of funds before they scheduling a walk-though.

Tips for luxury home sellers in Portland

Take your time. Just as home buyers might have to wait a while until the right multi-million dollar home hits the market, sellers will usually find that it takes longer to sell their home if it’s well above the median price range for Portland. There just aren’t as many buyers out there! That’s why, to catch the eye of those who are looking as well as those who don’t yet know they’re on the market, it’s vitally important to get the listing done professionally.

Visibility sells. A good listing agent will take pictures of your Portland luxury home and put them up on the MLS. An excellent listing agent will bring potential buyers from all over the world into your home — digitally! The technology I use has helped me sell luxury homes faster than other Portland listing agents. Check out my Luxury Home listing package! It includes not only professional photographs, home staging, and professional custom brochures but also a 3D tour of your home and an aerial video (as needed) to capture every bit of information, angle and view of the luxury property.

Big Data Targeted Marketing. Once I have the home’s features well represented with digital content, I give it my full advertising package, targeting it to the key demographic that shops for luxury homes. With Facebook and other platforms out there collecting more detailed data about their users, it really is possible to get your listing in front of a very specific set of potential buyers.

Luxury Home Selling Don’ts

  • Don’t have an open house. Most real estate agents advise against holding an open house for selling a luxury home. It opens your home up to parties who may simply be casing it for valuables, and it doesn’t allow your agent to devote enough time to each potential buyer (assuming any are serious). I greatly prefer a fully featured online presentation to show off your home. These can give enough information for buyers to decide whether or not they want to schedule an in-person walk-through.
  • Don’t skip the MLS. While offering your home as a “pocket listing” may make it feel very exclusive and give you an extra level of privacy, there aren’t that many instances when it is necessary. Although the MLS does display the home’s address, it doesn’t disclose who the current owners are. If you’re ready to sell, you want the global visibility that the MLS and partnering websites provide. Keep in mind, we pay additional funds to promote your home on the top five real estate websites in the country, pushing your home in front of our competition. You’ll get the best price for your home and sell it in the quickest amount of time possible!

This blog post barely scratches the surface of what I’ve learned about buying and selling luxury homes in my experience as a Portland real estate agent. I’m happy to answer all of your questions and offer advice, and I’m just a phone call or email away! Don’t delay selling or buying the next Portland Dream Home.

April 21, 2016
AUTHOR

Stephen FitzMaurice

Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. and a top 1% agent in the Portland Metro. Principal Broker in Oregon, Managing Broker in Washington he has been licensed since 2003 for residential real estate sales in the Portland Metro area. Call him direct: 503-714-1111.

Pay less (4.5% commission max.) and get more with his top 1% listing team or buy your next home with his excellent top 1% buyer’s team. We work from Salem, Oregon to Vancouver, Washington and beyond. Check out our full services areas on the top menu.