The luxury real estate market has shifted decisively in buyers’ favor, according to Atlanta broker Keianna Williams, who says traditional marketing approaches are no longer sufficient for moving high-end properties.
Market Shift Demands New Strategies
“I definitely believe it’s a buyer’s market, the luxury market. It’s one of those areas in real estate where the value has dropped over the last six months,” says Williams, CEO of Luxelle Brokerage. This shift is forcing agents to radically rethink their approach to marketing premium properties.
Williams points to two recent listings – a $1.4 million house and a $3.3 million commercial property, that failed to sell with previous agents. “When I look at why these properties have not sold, there was not a lot of marketing being done on those properties,” she observes.
Beyond Traditional Marketing
“When you’re dealing with luxury properties, you have to do a little bit more than you would with just an average price home and you have to get creative in this type of market,” Williams explains. She notes that the target market for million-dollar-plus properties has become increasingly selective.
“You have to go above and beyond to get properties over a million dollars sold, because they’re not, this is not two years ago, three years ago, where the market was booming and you had multiple offers,” Williams says.
Evolving Buyer Profile
Despite economic headwinds, Williams sees continued activity from specific buyer segments. “When you think about your executives, doctors, entertainers, sports athletes, those people are still definitely spending the money, a lot of times cash to purchase their homes,” she notes.
