Hey guys, quick stat that can be meaningful for all of us is this:
Luxury home sales are up 81% compared to a year ago.
Now, why would that be? Why are affluent buyer's coming into this market so heavily?
The answer is they're smart. And they understand they can buy an existing luxury home for far less than it would cost for them to buy a piece of raw land, develop that land and build a new property of a similar size.
So they're seeing these as bargains.
Now yes, of course, prices have risen as demand has risen. But still — its way under what it would cost to build new construction.
So this is an opportunity for all of us that work in a market where there's some affluent housing.
Go back and look over the past two or three years of all the expired listings in the luxury market and target those listings. We know there's now a massive demand.
But it's a place where a lot of agents don't feel confident or comfortable. And so they don't go after it.
But you can go after it with just a little bit of education, just having some good data, a good brand, and a good presentation can lead to an incredible result because 81% increase in volume will get anyone's attention.
If you go to those sellers and say:
"Hey, I just got some interesting data. I saw you had a listing on the market a couple of years ago. Did you know that we've had an 81% increase in the sales volume of luxury housing in this market across the country? It might be a great time to put your house back on the market. If you consider having a conversation, I'd love to do that with you."
Think about that. Try that in your market and see if you can unlock some listings that might lead to some sales.
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