When it comes time to sell a home, certain rules of supply and demand apply that are basic to any sales transaction.
Sellers (usually with the help of a professional realty agent) try to zero in on current market conditions to determine how to price the home, decide what type of buyer might purchase the home, and then market the home to reach the targeted buyers.
But what happens when the home involved is a "luxury home."
Luxury can mean different things to different buyers. For some, it might simply be a big and expensive residence. For others, the lure of a property with unique architecture or historic value might be more significant. Location can play a big part in determining the value of luxury. The $600,000 that buys a rambling two-story home in one location might only purchase a small condominium in another.
Whatever the characteristics of the property, sellers aiming for the luxury market need to keep a few things in mind. Here are some tips from Joan McLernon, the 2007 Pen-Mar Regional Association of Realtors Maryland Realtor of the Year. Joan is associated with Coldwell Banker Residential Brokerage, Hagerstown.