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What does the future hold for high-end home sales?

by Chicago Agent

Cecilia Kleiner
Agent
Century 21 McMullen
Chicago
A lot will depend on the area, the lending situation and, of course, the economy. I feel the truly affluent buyers will always be able to buy high-end homes. However, I do think there will be less of the middle income buyers buying the high-end homes. The biggest concerns are in relation to the financing. Buyers need very high credit scores, large down payments and have to pay higher interest rates. Will they be forced to scale down? No, I don’t think so. I think the high-end buyers will just be more selective.

Josie Gallagher
Realtor
County Line Properties
Hinsdale
Those responsible for marketing high-end properties will be forced to embrace the new world order, or find themselves sitting on overpriced, underexposed properties for a long time to come. Sellers will need to adjust their thinking not only about price and commission structure, but also the essential part of the equation – productive marketing. Some markets will always trade locally, but more and more the “flattening” of the global marketplace is becoming the population to address. Listing agents who understand this will become the key element in future luxury marketing. Along the same lines, potential buyers of high-end properties will need representation that is sophisticated about how the properties are being handled. The bottom line is that both buyers and sellers of luxury properties are going to need – more than ever – the most savvy representation they can get.

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