house market crash

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It's clear that high-end real estate is a different animal than traditional residential markets. It tends to move much slower. Generally, there are fewer homes on the market at any given time and there are fewer buyers out there with the means to purchase such expensive properties. The stakes are higher for everyone involved. So on average, it takes significantly longer to sell one of these homes. In addition, there is a lot of competition out there for a limited number of properties, so it often requires more patience to break into the house market and build a strong client base.

This is truly a case where the end usually justifies the means if you have the right understanding and commitment going in. Though listings are harder to come by and it takes longer for them to sell, the large check at the end of the transaction is worthwhile. But not all agents have the stomach to wait longer in between commission checks. Oftentimes, this is the hurdle that stops them in their tracks.

"In my experience in high-end real estate, six months on the market is nothing. On average, it's more like nine for a listing to sell," says Robin. "Also, if they are not truly motivated to sell, you will waste a lot of time and money on marketing. In some cases, I will adjust my commission rate so that the marketing costs are covered by the seller. It helps to offset the time it takes to sell. You also shouldn't go into luxury real estate without money in the bank. It's a long-term process to build your business and if you are not prepared, it can break you quickly."

 
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