Selling Big in a Small Market

Ultra-large homeowners may have to make some concessions when selling their uber-houses, say realtors. Sacrificing a little price per square foot and implementing energy efficient measures is just the start.

by Carole Harrison

With the recent trend in fuel prices and utility bills, more and more buyers are looking to downsize their purchases. In this market, where property taxes are skyrocketing, and efficiency is the new extravagant purchase, larger home sales are falling by the wayside.

Buyers who were in the past seeking ultra-large homes are now going small. Demand has shifted in recent months to homes in the sub-7000-square-foot market. Owners of ultra-large homes are being forced to make concessions when selling these nouveau-mansions if they want to sell under these market conditions. The price per square foot in the largest homes on the market is often significantly less than their smaller counterparts.

Nevertheless, there are some tricks that can ensure a more seller-friendly attitude. Working with an agent who is familiar with internet listings is essential, since many home-buyers are headed to the web to get their first impressions. Also, with much of the large real estate being snatched up by foreign buyers, placing a large home in international real-estate publications is a must.

However, marketing the size of the home and its amenities is just the start. Homeowners wishing to sell their massive manses should also consider marketing to the “green” consumer. If a home has green qualities, such as multi-zone climate control, central vacuum, or evergy-efficient windows, that should be noted. Also, noting in the ad the insulation type and qualities is always sure to get a second look.

Homeowners may need to invest some money in larger homes, if they want to sell a bit more quickly. Adding energy-efficient measures such as double-pane windows or tankless water heaters. This will lower the home's perceived impact on the environment and will raise its desirability among environmentally conscious consumers. In short, when it comes to larger homes, its all about the marketing.