Robert and Jennie, below is the formula that Best of US Homes has developed for selling luxury homes. If you’ve had difficulty selling your home on Agusta Way in the past and would like to work with us, we’d be happy to assist you in future efforts. If you’re currently working with an agent and having difficulty selling your home, feel free to share this formula with them.
Your home on Agusta Way is a unique home and it will require a unique buyer; you’re not selling a Ford, you’re selling a Ferrari. To find Ferrari buyers, you’re going to have to identify them then market to them. We suggest you start with a video that shows your Ferrari buyers why they need to come to your home and test drive your home.
Identifying your Buyer
The Numbers: Past sales data indicates that there’s a 58% probability that the buyer of a luxury home will come from the homeowners currently living within a 3-mile radius of the home for sale, a 22% probability that they currently live in Alabama but outside the 3-mile radius and a 20% probability that they will come from out-of-state. We also know that the average home owner lives in their home for an average of six years before considering the purchase of a new home.
Using MLS past sales data, we can identify all the homes that have been purchased within greater Birmingham in any price range or any neighborhood from 2000 to 2013, thus having lived in their homes for over six years. This will produce your Target Market #1 for your home. As an example, this data would produce a list of 24,200 potential buyers for $750,000 to $3,000,000 homes in the greater Birmingham market. That might seem like a substantial number, but it effectively reduced your target market from 460,000 Birmingham households to 24,200.
There are over 3,600 active real estate agents in the Birmingham market, 150 of them sell 96% of the homes priced at $750,000 or more. There’s a 90% probability that an agent other than your listing agent will bring your eventual buyer to your home. These 150 agents are your Target Market #2.
There’s a 22% probability that your buyer will come from outside the three-mile radius but within the state of Alabama and a 20% probability that your buyer will be from out of state, these two groups are your Target market #3.
If you have your home up for sale, there’s an 85% probability that you’ll be in the market for a new home once you sell your current home. There are currently 710 listings in Birmingham for homes valued at $500,000 or more, 603 of those sellers will be in the market for a new home, 362 of them will buy a home within a 3-mile radius of their current home; this is your Target Market #4.View More