Luxury homeowners face growing difficulty selling at expected prices, with even high-profile sellers cutting prices on megamansions. Elevated home prices and mortgage rates are causing buyers to scrutinize purchases more carefully. Additional local mansion taxes in markets like Los Angeles and Cape Cod raise overall transaction costs. Sellers and agents are adopting creative approaches, including steep price reductions, unique marketing campaigns, and offering trial overnight stays in properties to let buyers test comfort, size, and layout. Trial stays have included month-long or multi-month arrangements at premium rates to allow prospective buyers to evaluate livability before committing. These tactics aim to generate attention and accelerate sales.
In today's luxury housing market, it's become increasingly difficult to sell for what the homeowner might think the home is worth-and even high-profile sellers have been forced to drop prices on their megamansions. Because home prices and mortgage rates remain elevated, buyers are scrutinizing their purchases now more than ever. Plus, in several luxury housing markets, extra " mansion taxes " are tacked on, making purchasing costs even more expensive.
So to woo prospective buyers, sellers are trying a new tactic: offering up sleepovers in their mansions to help seal the deal. Julian Johnston, a real estate agent with The Corcoran Group in Miami, said this is a trend he's seeing more frequently in today's luxury market as sellers and agents are forced to become more open to creative strategies like pricing adjustments and unique marketing campaigns to stand out. "In the luxury sector, where buyers often have the means and the time to wait for the right property, anything that sparks fresh attention and differentiates a home from its competition can help move the market forward," Johnston told Fortune.
The Wall Street Journal first reported about this trend earlier this week, offering the example of a $60 million mansion where the owner allowed an overseas couple to stay at the home for two months at $250,000 per month before putting in an offer. Eric Albert, the homeowner, told WSJ the potential buyers wanted to be sure the home was comfortable for them and make sure it was a good size and layout for them. "For $60 million, you should try it before you buy it," Albert told WSJ. "It's a smart thing to do."
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