Newport Beach in Orange County is a genuine example of an upscale SoCal locale with vibrant shopping and dining hubs, bustling beaches, and high-end homes and exclusive enclaves. That’s why real estate here is highly coveted, not only in the Golden State but in the whole country.
If you’re selling your Newport Beach property, you can expect a long queue of buyers eager to take that out of your hands. However, selling it for top dollar will require more strategizing and due diligence. That said, you’ll want to employ a professional to be your guide in selling your Newport Beach home.
Below, you’ll understand why it makes sense to hire a reputable one from the long list of real estate agents in Newport Beach, CA, not only to help you throughout the home-selling transaction but also to ensure the best returns on your investment.
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NEWPORT BEACH LUXURY HOME MARKET AT A GLANCE
Known far and wide as a “pleasure seaport,” Newport Beach never fails to impress. That’s why it’s no surprise that the area is constantly on the radar of people who fully appreciate the beauty and popularity of the area, including tourists, investors, and many others who desire a property that provides all the perks of a luxurious coastal lifestyle.
The numbers
The numbers say it all. As of May 2023, data from Realtor.com reveal that Newport Beach remains a seller’s market – the current inventory of available homes for sale is not enough to cater to the huge demand. With the scales tipped on the seller’s side, Newport Beach sellers can expect a barrage of offers for their homes headed their way. Homes here were sold at a median price of $3.1 million – higher from the previous month ($2.8 million) but slightly lower year-on-year ($3.4 million).
Newport Beach homes are also getting bought faster in May after staying in the market for 57 days, compared to the previous month at 62 days – but still not as quickly as the previous year’s 33 days. Nevertheless, the number of days that a home stays in the market has been getting shorter since the start of the year and this trend could continue in the next few months.
Taking all these market indicators into consideration, the time is ripe for you to sell your Newport Beach home. Below are other reasons why putting your Newport Beach home on the market now is an idea whose time has come.
The opportunities
We already mentioned the strong demand and scarce inventory that’s keeping the Newport Beach real estate market heavily leaning toward the seller’s side. Other factors include:
CASH BUYERS. Newport Beach holds a certain prestige that appeals particularly to the high-end segment who can afford to consummate a real estate deal using cold hard cash. With buyers of this nature coming into the market and taking interest in your home, negotiations and closing won’t take too long. And with a Realtor by your side looking after your interests during negotiations, you’ll be selling your home for top dollar in no time at all.
SOARING HOME VALUES. Prices of real estate in Newport Beach have been historically high, owing to the coastal city’s status as one of the most popular coastal destinations in Orange County. There’s no better time to cash in on your home’s increased value than now, given the record-breaking price growth it has seen over the years.
UNCERTAINTIES ON THE HORIZON. With the Fed hiking interest rates to unprecedented levels yet again in May to tame the soaring inflation, mortgages are bound to adjust to the new rates. Loan terms could become too much to handle for some home buyers and this could result in a market with fewer buyers. Those with plans to enter the Newport Beach housing market may be boxed out and home prices could take a hit, as well. Cashing in on your profits now can make you immune to the effects of these looming market upheavals.
MAXIMIZING YOUR PROPERTY’S VALUE
Its nature as a premium lifestyle destination has put the price of real estate in Newport Beach at way over the $1-billion benchmark. But you cannot rely on simple location alone if you want to make sure you get the best returns from your investment. Below are some pro tips to help you as you prepare to sell your Newport Beach home.
Consider an open floor plan
Apart from being one of the most preferred concepts that buyers would like to see in the home of their dreams, an open floor plan also allows for a more seamless flow of air and movement throughout the house. Knocking down walls between some of your living spaces can help to achieve this but make sure to consult first with an expert about your plan to ensure that you retain your home’s structural integrity while going for this design.
Target the right buyers
Luxury homes like your Newport Beach abode are most likely to attract a specific group of buyers. That said, you need to know what will bring them to your home. With your real estate agent’s help, you could opt to have an appointment-only viewing instead of the standard open house. This minimizes nuisance buyers, cultivates an air of exclusivity, and makes buyers feel like viewing the home is a privilege.
Similarly, focus your marketing efforts on quality results rather than the number of interested buyers. Rather than putting up ads and yard signs, invest in quality marketing, professional staging, and high-end photography.
Focus on what sets the house apart
The unique selling proposition is a popular marketing concept that can be used when selling real estate. Emphasize on the qualities that distinguish your home from other properties at the same price point. These qualities may be in the form of your indoor pool or top-of-the-line wine cellar and imported kitchen appliances; not much your marble countertop which is quite common among standard residential properties.
It’s the little things that count
In all the preparations for selling the home, you may sometimes tend to forget some little details. Remember that most high-end buyers possess a sharper eye for seeing anything and everything in your house – both big and small. After seeing to the grander aspects of the house like floor-to-ceiling windows and a patio for enjoying relaxing afternoons, check for small items that may cause distractions or problems. Are the storage areas devoid of your personal clutter? Does the light in the area under the stairs need replacement? Are your windows and mirrors nice and clean? Check your water pressure – buyers tend to fiddle, open, and turn random things on.
HOW A NEWPORT BEACH LUXURY REAL ESTATE AGENT CAN HELP
As mentioned earlier, luxury real estate appeals to a niche set of buyers. While it’s perfectly legal to sell your luxury home in Newport Beach on your own, there’s a chance that you might not be able to fully reach out to this niche group. Plus, you also run the risk of making costly mistakes and getting bogged down by delays as you go on in the home-selling process.
To ensure that nothing derails your home-selling journey in Newport Beach, CA, it’s best to let the experts in. Below are some of the reasons why hiring local real estate agents to guide you in navigating the process is highly recommended.
Knowledge of the local market
Real estate agents with years of experience working in Newport Beach, CA understand the local housing market like the back of their hand and know how these factors could impact your home-selling plans. They can do comps of recently sold homes in your neighborhood to help you determine the best price for your home. They can analyze trends so that they could recommend the best time to enter the market. They know people in the neighborhoods, especially if they have been either working and living in Newport Beach for a long time or were born and raised here. They’re up-to-date with neighborhood developments that could affect home values in the area. What they know puts you at an advantage as you craft the best strategy for proceeding with your home-selling endeavor.
Professional network at your disposal
Many luxury real estate transactions don’t end up in public listings. Some of the people behind these transactions are high-profile individuals who desire to keep their privacy as they undergo the process of buying or selling a Newport Beach luxury home. That said, they go to their respective local agents who, in turn, dive into their network of colleagues and industry affiliates. Through their network’s own pool of offline clients, they manage to make connections and – after negotiations, agreements, and paper signing – seal the deal. In working with real estate agents in Newport Beach, CA, you get access to their network and, in effect, widen your reach to include these offline luxury home buyers.
An agent’s network also connects you to reputable professionals in related industries, from lawyers and accountants to home inspectors and electricians. You don’t need to look for these providers on your own, not knowing how reliable they could be – your real estate agent will point you to one with a guarantee that these are trustworthy experts in their fields.
Marketing prowess
Real estate agents in Newport Beach, CA know how to effectively market a home and sell the property and the lifestyle that comes along with it. They have the latest tools in marketing, including digital technology, that they will utilize according to the market that you want to reach. When choosing your real estate agent, find out their strategy for selling your home to see what weapons they have in their marketing arsenal and how they will use these.
Negotiation skills
Negotiation skills are honed over time and after many bouts at the negotiation table. A sharp-witted real estate agent will come in handy to advocate for your best interests, ultimately increasing your chances of getting top dollar for your property.
An experienced negotiator will also be the voice of reason when you become too emotional in the sale proceedings. It’s something they usually expect from home sellers who have built beautiful memories in that home and, because of that, tend to mark up their home’s price. They will be there to remind you that this is a business deal after all and that a good listing price is one based on data, not emotions.
Paperwork and other details of closing the deal
One of the most time-consuming and tedious parts of selling your home is dealing with the paperwork, such as tax information, deeds of sale, listing contracts, property titles, and more. Doing this yourself opens you up to possible mistakes that could cost you money and delay your sale. But with a real estate agent in Newport, CA to help you, they take that load off your shoulders and coordinate with concerned individuals and agencies to help you move forward in the process. This leaves you with less stress and more time to do the things that really matter to you and your family.
CHOOSING THE RIGHT LUXURY REAL ESTATE AGENT IN NEWPORT BEACH
Luxury properties attract high-net-worth individuals with a different set of requirements. These potential buyers prioritize quality, upscale amenities, premiere locations, and modern design. That’s why you need a real estate professional who specializes in luxury properties as they not only know the properties but also the kind of clientele who buy them. Newport Beach has many agents working within its scope so finding the one to work with you may pose a challenge.
To help you out with your decision-making, here are some questions to ask yourself:
- Is the agent licensed? A licensed agent knows by heart the protocols and ethical standards of their work and will use this knowledge and discipline in dealing with their clients. Look up your state’s real estate agency’s website to do a background check.
- How much will they be paid? It’s best to have this settled before beginning any work. Usually, the seller pays the real estate commission while the listing agent splits with the buyer’s agent. In California, real estate commissions can typically range from 4-6% of the sales price.
- What’s their experience in your specific area? A knowledgeable agent should be able to provide a comparative market analysis, including information on the homes sold in your area over the last six months.
- Do they have recent references? A reputable agent will not hesitate to provide references of previous work with clients. Find out if these clients were satisfied with the agent’s work and if things went smoothly. If the feedback is generally positive, that’s a good sign.
- How do they communicate with you? You can ask this question to their previous clients to find out their style of communicating. You can also ask the agent how quickly they update their clients (strictly during business hours only or ASAP?). Communication can also be in how they explain real estate market lingo and other technical concepts to you. If they could present information in the most basic and comprehensible terms then consider this a plus point.
EXPECT GREAT RETURNS ON YOUR REAL ESTATE INVESTMENT WITH GEORGINA JACOBSON
Ready to sell your Newport Beach property for top dollar? To do so, it matters to have a partner in your home-selling endeavor who can guarantee that your interests are their top priority, especially in a competitive market like Newport Beach. And since this coastal city’s breadth of properties primarily consists of luxury real estate, you’ll need someone whose long-time specialization is in upscale properties – someone like yours truly, Georgina Jacobson.
Together with my team at the Georgina Jacobson Group, we deal in luxury real estate in the exciting and beautiful coastal cities of Orange County. The professionalism and expertise we imbibe under the prestigious Coldwell Banker luxury real estate brand are what we bring to the table in every transaction conducted on behalf of our clients.
Call us to help you get the best deal out of your home-selling transaction at 949.285.8380. You may also send an email here.