Selling your home in Chicago isn’t easy, but it becomes even more difficult if you own Chicago luxury real estate. Higher priced homes require the right type of marketing, the best real estate agent, and plenty of preparation before hitting the market.
When you’re ready to sell your home in Chicago, you need to know how to move forward. It’s not as easy as choosing a price and throwing your Chicago luxury home on the market. Just as buying a luxury home in Chicago is a process, so is selling a luxury home in Chicago.
What Buyers Expect from Luxury Homes in Chicago
Owning a home worth more than $750K technically makes it a luxury home. However, buyers look at more than just the price to decide if a home really deserves the label “luxury” as they search for a Chicago luxury home for sale.
Understanding what buyers are looking for is the first step when you want to sell Chicago luxury real estate. Whether you own a luxury mansion, condo, penthouse, or townhome in Chicago, you need to understand the luxury real estate buyer before you list your home for sale.
Finishes, Fixtures, & Features Found in a Luxury Home in Chicago
Luxury starts with the price tag, but often, translates better when buyers see the finishes. Let’s look at some of the finishes luxury buyers expect to find in Chicago.
The countertops will likely be made of marble, quartz, quartzite, granite, or wood. Marble may be the most luxurious of all these finishes as it comes from Italy and provides a beautiful look. Plus, most buyers see marble as a luxurious option, but it does come with quite a bit of maintenance compared to some of the other countertop materials.
Quartzite also belongs in the ultra-luxurious category and provides a one-of-a-kind countertop. It’s highly customized as no slab will be the same.
While quartz, granite, and wood countertops don’t scream luxury like marble or quartzite, these countertops are rather common when it comes to Chicago luxury real estate. Wood is rather trendy and offers a unique look, which may work perfectly for the right luxury home.
Luxury countertops will also provide edge detail, floating surfaces, and integrated features when installed. They may appear thicker or have a sink cut from the same material as the countertop.
A luxury home buyer will seek certain types of tile throughout the home they decide to purchase. Subway tile is rather common, along with porcelain tile. However, the ultra-luxury homes will feature marble tile, which is one of the most expensive and highest end options. Marble mosaic floors are very popular in Chicago luxury homes.
Another popular tile option found in luxury homes is concrete tile. While it doesn’t come at the same high cost as marble, it can still be rather pricy. Concrete tile floors offer a fashion-forward choice and many luxury homes feature concrete tile flooring.
Throughout a luxury home in Chicago, you’re likely to find some type of hardwood. Red oak is very popular, along with white oak and reclaimed wood. You may even find wood inlays in a luxury home as the design makes the home a bit more unique. Custom designs are popular and inlaid floors are more common in luxury homes than any other home for sale in Chicago.
Polished concrete may also be found in some luxury homes, along with composite or laminate flooring, but these types of flooring are a bit less common. Sometimes, polished concrete floors are used and they are heated to make the home feel even more luxurious.
The most common finish found on appliances in luxury homes is stainless steel. It’s common to find high-end brand names, such as Subzero, Viking, or Wolf in luxury homes throughout Chicago. Some luxury real estate in Chicago may also feature midrange brands, such as Bosch, Bertazzoni, or Kitchenaid.
It’s important to be careful, however. Many sellers will decide to get an unbranded microwave or other appliance hoping buyers will assume it’s high-end because other appliances are high-end. It’s best to stick with matching brands throughout your kitchen appliances.
Chicago luxury real estate also tends to feature larger appliances. Wider ranges and larger refrigerators are rather common in the kitchens of luxury homes.
Kohler and Grohe are two of the most common plumbing brands used throughout the luxury real estate market in Chicago. These two brands are mid-range but often become the featured brand in luxury developments because they appear as a high-end option.
It’s common to find fixtures in the kitchens and bathrooms with high-end features, such as rain showers, body sprayers, pot fillers, bidets, multiple faucets, and the best technology on the market.
LED lighting is the most commonly found throughout luxury homes in Chicago. While homebuyers don’t necessarily look for a specific brand of lighting fixtures, they do look for a cohesive design with beautiful, uncommon options.
Chandeliers made of crystal scream luxury, while muted brass, bronze, or silver also provide a very luxurious look.
Other features found throughout the Chicago luxury real estate market include:
- Steam Showers
- Coffered Ceilings
- Crown Molding
- Heated Floors
- Built-in Shelving
Luxury home buyers in Chicago will seek out many of these features and you want to make sure your luxury home matches up. While your home probably already features some of these fixtures and finishes, if you plan to remodel before selling, make sure to consider what luxury home buyers want.
Marketing Chicago Luxury Real Estate
Once you have a good understanding of what luxury home buyers seek, you can start marketing your luxury home in Chicago. Of course, this is the job of your real estate agent, but you should understand their marketing plan for your luxury home.
Hiring the right Chicago luxury real estate agent will go a long way to ensuring your home is sold quickly and for the right price. Without a good luxury real estate agent, the marketing may not be as good. Not all agents know how to get luxury homes in Chicago sold.
Marketing Chicago luxury real estate starts with the right price and moves on with the right exposure. It’s not a one-size-fits-all strategy as some luxury home sellers want privacy, while others want as much exposure as possible. Your agent should be able to accommodate your needs when selling luxury real estate in Chicago.
Setting the Price
The most important step in marketing luxury properties in Chicago is the price. An effective price will often create a bidding war for your home and drive up the final price. With a thorough market analysis, a good luxury real estate agent in Chicago can set the perfect price to ensure your home gains the right exposure to create competing offers.
If you seek the maximum exposure for your luxury property in Chicago, it’s necessary to emphasize the unique selling points of the property. Putting your home in front of the right buyer matters, whether this includes the MLS and other databases or you prefer a more private marketing method. Features in popular real estate publications will also make a huge difference for exposure.
While local exposure matters, luxury buyers are often shopping for real estate in locations all across the globe. A good real estate agent will create a marketing plan to gain exposure on a local, national, and, potentially, global level.
Staging & Pictures
Of course, exposure doesn’t really matter if your property doesn’t deliver. Luxury homes in Chicago have to look amazing or they may struggle to sell. Attracting the right buyers, and plenty of them, matters.
Staging a luxury home is a must before having professional listing pictures taken. It’s important to ensure the home is staged to look incredible in the listing pictures or you may struggle to gain the interest your beautiful home deserves.
A good luxury real estate agent in Chicago will recommend the right professional staging service, along with a top photographer for your listing pictures.
Consider Including Art or Furniture
A rather unique way to attract more attention to your property is to include high-end furniture or artwork as a part of the sale. Luxury home buyers may like the idea of buying a home with attractive artwork or luxury furniture perfectly curated to fit the home’s design. This is especially true if the pieces fit with the history of the property or the specific design.
Some of the things you should expect your Chicago luxury real estate agent to do when marketing your home include:
- A complete Comparative Marketing Analysis or CMA
- Interview you and Identify unique features
- Professional Photoshoot for the home
- Hold a Broker’s Open House for the property
- Reach out to Real Estate Network
- Showcase your Property on their Website
- Create a Custom Brochure for your home
- Create a Custom Video for your Property
- And More!
Every luxury real estate agent in Chicago is a little different and may have a bit of a different strategy. Choose an agent with the marketing strategy you like the best and with a proven reputation for getting luxury homes in Chicago sold.
Selling a Luxury Condo in Chicago
Selling Chicago luxury real estate isn’t just about selling single-family homes and mansions. Chicago is filled with amazing luxury condos and penthouses, too. These properties are a different animal when it comes to prepping, marketing, and selling. Here are a few steps you should take when selling a luxury condo in Chicago.
Check the Condo Association Rules
Before you do anything else, you must check the rules of your condo association. Some improvements and changes you may want to make may not be allowed or you may need permission. In addition, you may not be allowed to place a “For Sale” sign in the window and you may be limited on the number of open houses you can hold.
Condo associations may also need to screen any potential buyers before they can actually buy your luxury condo. Make sure you understand all the rules of the condo association before starting the process to sell your luxury condo in Chicago.
Choose the Right Improvements
It makes sense to make specific updates to a luxury condo before selling it, especially if it has been many years since the condo has been updated. Some renovations will pay off big, while others won’t provide the same return on investment. It’s best to discuss the potential improvements with your local luxury real estate agent in Chicago before moving forward.
Sometimes, a simple coat of paint and updating a few fixtures will be enough. Other times, you may need to remodel the kitchen or make other larger improvements to really make listing your luxury condo for sale worth it.
Hire a Professional Stager
Just as you need a stager when selling a luxury home in Chicago, you should hire a professional stager for a luxury condo, too. Hire the stager before you have listing pictures taken to ensure the condo or penthouse looks amazing. Then, when the listing pictures are taken, you’ll be able to draw plenty of attention from buyers seeking luxury condos for sale in Chicago.
Hire a Luxury Realtor in Chicago
Not all Chicago Realtors have the experience and necessary skills to list and sell your luxury condo. Some Realtors don’t really work with luxury properties, even though they’d probably be happy to take your listing due to the higher commission. You need the right Realtor for your needs, which means you need someone with experience selling Chicago luxury real estate.
After hiring the right Realtor for your needs, it’s best to listen to their advice. They will be able to guide you through the rest of the selling process, including setting the right price, marketing the condo for sale, and negotiating the best possible sale price.
Selling luxury real estate in Chicago isn’t the same as listing any old home for sale. The luxury market works quite differently and buyers tend to be a bit more discerning.
With the right luxury real estate agent in Chicago, you’ll be able to get your luxury home or condo sold fast and for the right price. If you’re interested in selling your Chicago luxury home, I am ready to help you get it sold fast. As a Global Luxury agent, I have the necessary skills, marketing plan, and experience to help you get your luxury home sold for the right price. Contact me today to discuss the sale of your Chicago luxury home.