Although there are many challenges in both buying and selling luxury real estate in today's economy, the luxury real estate market in Reno has been steady for most of 2010.

I have been working on our year-end reports for Montreux real estate and luxury real estate in Reno. (I will post this report soon). Despite the slow economy, we have made some home sales for our buyer and seller clients.

Here's a couple tips for both buyers and sellers of luxury real estate.

For Buyers:
Now is one of the best times in history to purchase the home of your dreams. Interest rates are still historically low, with the average long-term fixed-rate mortgage rates below 5%. Home prices remain low, and available homes on the market remain high.

Another important point to make for potential buyers is to find your comfort zone. How much do you plan to spend on your monthly mortgage? This decision should be part of your long-term financial picture.

What is the goal for buying a home? Are you looking to escape the high taxes of California? Do you want to live in a private golf community like Montreux? Now is the best time.

For Sellers:
If you are selling your home, and are worried about selling in a "buyer's market," there is some good news. If you get a lower selling profit when you sell your home, you may be able to offset a lower purchase price on your next home.

Whatever your reason for buying or selling luxury real estate in Reno Nevada, make sure to consult with a real estate agent that has a proven record, and past client testimonials and referrals.

If you are looking to purchase luxury real estate in Montreux, Reno, or Lake Tahoe I can help you find that great home! Please take a moment and fill out my contact form, or call me today: 775-813-4890.

In this current real estate market it's very important you get a professional real estate evaluation from an experienced Realtor. Your Realtor is the only one who can provide you with an honest assessment of your home's value.

As a professional real estate agent focusing on the luxury real estate market, I base the selling price on many real estate market factors, including:

• Real Estate Market Conditions
• The Actual Condition of your Home
• Repairs or Improvements your Home Needs
• The Timeframe for Selling your Home

The sales price you set is a critical factor in selling your home. If your home is priced correctly, you should be able to sell in your alloted timeframe. If it's not, you might sit on the home for awhile.

When I evaluate the sales price for any home, the goal is to get the home priced at market value. Market value is the price at which a particular house, in its current condition, should sell within 30 to 90 days.

If your home is priced too high this will limit potential buyers. My goal is to show your house to as many potential buyers as possible. Another downside to an incorrectly priced home is time on the market. When a home is on the market too long, it may get the wrong perception. Buyers may wonder, "what’s wrong," or "why hasn’t this sold?"

If your home stays on the market longer than the average selling time, you might ultimately get a lower selling price. To sell it, you might have to reduce the asking price several times. Ultimately, you will probably get less than if you had priced the home correctly from the start.

Homes that are properly priced in the beginning always get you the fastest sale for the best price!

For more information on selling your home, please read these articles:

• Selling Luxury Real Estate
• 5 Steps to Sell Your Home
• Ten Important Features to make your Custom Home Stand Out from the Crowd
• To Remodel or Not to Remodel
• Show Off the Sizzle Not the Steak in Real Estate Sales
• The Seven Seller Sins

Step #1 – Take Re-Financing Appraisals with a Grain of Salt

Many homeowners make the mistaking of thinking that they can sell their home for the same price as a recent re-financing appraisal. More often than not, the market price of your home will be less than a recent refinancing appraisal. Lenders often estimate the home value to be higher than the actual market value of your home in order to qualify you for more money.

Step #2 – Contact a Realtor Who's an Expert in Your Specific Neighborhood or Location

Not all Realtors can be experts at everything. The majority of Realtors (at least the good ones) have a specific niche that they focus on and know inside and out. Specific niches include: high-end luxury, affordable condos, golf course communities, horse properties, ect. Find a Realtor that is the expert in your particular area and seek out their opinion on what your house is worth today. That realtor will have their finger on the pulse of the quickly changing market and will give you the most accurate information, including valuable comparables. Values are changing day by day!

Step #3 - Price Your House to Sell From Day One

The most common mistake that causes sellers to get less than what they had hoped is listing too high during the first days on the market. Listings reach the greatest proportion of potential buyers immediately after they are listed. All new listings show up as "New" for agents that participate in the Multiple Listing Service. If the property is dismissed as being overpriced, or if perceived that the seller is unrealistic, the potential buyer will then elect to wait it out and not seriously consider the property. As the number of days on the market grows, later price reductions are the result. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have, had they been priced properly at the onset.

Step #4 – Show Off Your Homes Assets

Leave nothing to the imagination of potential Buyers. Show off your home to its highest potential. Make all necessary repairs, such as: touch-up paint, fixing dragging doors, clear out clutter, and remove everything that you can from counter tops. Don't assume that a buyer can see the "potential". If your home looks well taken care of, a Buyer will assume the home is in good repair in areas that they can't see, e.g., overall construction quality.

Step #5 – Choose the Right Realtor

Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a Realtor who is the right fit. One who has your best interest at heart. Make sure to verify their overall experience and specialty in your particular area. In today's technology depended times, the right marketing plan must include a Realtor who is savvy on all the latest online marketing and social media avenues and a website with heavy traffic is a must.

The video below outlines why Steve Jobs is such a captivating speaker. The video is about 7 minutes, by Carmine Gallo.

Carmine Gallo points out some great techniques Steve Jobs uses during his presentations. All of these techniques can be used while presenting real estate to potential buyers or brokers.

Many real estate buyers, sellers and brokers have commented on how enthusiastic and excited I am when presenting or showing clients luxury real estate. As a real estate agent, one has to remember, your clients are giving you permission to have fun and be excited about the properties you are showing!

An important thing to remember is: even though you may have shown a particular property 100 times in the past, this is the first time that buyer has seen the property, be excited about it. Go into detail... don't leave anything out. It's your job to make sure your client remembers everything about that beautiful house!

How do you make your home stand out from the others? Here are ten features that will make your luxury home stand out!

1. Large kitchens – the Number #1 most important room in your house! If your budget is limiting you to only one room to really make impressive, do not hold back in the kitchen! Your design dollars will be well spent on granite countertops with nice "beefy" edges. Back splashes are important as well. Go for granite to match, or mix it up with some stone. Sitting/gathering areas is ideal. Second sinks are also big winners. Brand name appliances (must be stainless or enhanced with cabinetry) is the cherry on top!
2. Energy efficient appliances, high-efficiency insulation and high window efficiency. Among the "green" features touted in homes, these are the ones buyers value most. The use of recycled or synthetic materials is only borderline desirable. Additional insulation or advanced construction that increases R-value is expensive, but becoming more and more popular.
3. Home office/study. People would much rather have this space rather than, say, a formal living room. A room with multi-purposes i.e., desk with comfy couch or theatre chairs is more usable than just a formal room to hold unused furniture.
4. Main-floor master suite. This is a must feature for all types of buyers in varying life stages, and appears to be getting more popular in general. This is a sure fire advantage when considering "resale" down the road.
5. Outdoor Living Room. The popularity of outdoor spaces continues to grow, even in seasonal or colder climates. People want to spend more time outside – cooking & entertaining. This is a lifestyle change and priority for many people today.
6. Great-rooms. This "buzz-word" is a must have for most of today’s house hunters. The kitchen open to the main family/gathering room is essential to demonstrate a modern floorplan necessary for today’s lifestyle.
7. Jetted Tubs and Expansive Showers. Jetted tubs are still desirable for many home buyers, although they may not be overly used. Oversize showers with seating areas and multiple shower heads are also moving up in popularity.
8. Stone and Brick Exteriors. The old standard of "curb-appeal" still holds true. Stucco and vinyl don't make the cut. The more stone and brick, the better! And, well worth the investment.
9. Community Landscaping, with Walking Paths and Playgrounds. The more your community offers the better. People love to see well-cared-for common areas and lush golf courses on their way to their own driveway. A community--like Montreux--that offers walk paths, parks, pools and tennis courts is even better.
10. The more Garages the Better. Regardless of how many cars you may actually own, more garages are better. Three garages is the new standard. An entire bay must be available for storage... toys, boxes, golf carts, ect all need a home, and the space will be well utilized.

Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors who completed a recent survey, by RIS Media.

On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80% of project costs upon resale. A steel entry door replacement–a new addition to this year’s list–recouped 128.9% of costs, followed by upscale fiber-cement sliding replacements at 83.6%.

“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors can help give your home curb appeal while adding value to the real estate transaction.”

The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 12th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with Realtor Magazine, as Realtors provided their insight into local markets and buyer home preferences within those markets.

On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1% of remodeling costs compared to 73.8% in 2008. These types of additions are considered less expenses additions to overall square footage. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3% costs recouped.

Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79% of costs. In addition, several types of window replacements–midrange wood, midrange vinyl, and upscale vinyl–all returned more than 76% of costs upon sale.

Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1% and 50.7% of project costs.

How many times have you been with a real estate professional on a house tour that went something like this: "Here's the bathroom... here's the toilet... here's the kitchen... here's the refrigerator"... and so on?

As luxury real estate Buyers become more and more savvy--often purchasing multiple properties in a lifetime--the time spent with a luxury real estate professional has taken on a different role. No longer does a realtor need to show off the basics. These items are either self explanatory to well experienced Buyers, or often they have been well viewed through virtual tours and internet listing displays.

What a successful real estate agent should now demonstrate is what makes your home "Sizzle"? How is your house different than other homes? What is the emotional tie to the home? Why should a buyer purchase this house?

Good agents must learn to tell a story. For example, instead of pointing out the obvious "here's the kitchen", the agent can paint a picture of using that fabulous gourmet kitchen for an intimate dinner party. "There is plenty of room for your family and close friends to share a bottle of wine around these comfortable bar stools and expansive granite bar, while the family chef works his/her magic on the very best range. What an ideal space for everyone to be together in this great room layout! You know everyone follows the smell of good cooking."

This story telling idea works best when you know some details about the Buyers... what some of their "triggers" and preferences are. If they hate to cook, skip painting a picture about the highlights of the SubZero Refrigerator. Instead focus on the homes proximity to some of the areas best restaurants. If they have children, discuss how the bonus room would be the ideal place for game nights and sleep-over's. And, for the couple with no kids, that same bonus room has the perfect windows for an exercise room, providing views and ventilation!

Don't Be a Helicopter

In order for the Buyer to truly feel an emotional connection to a home, do not hover over them throughout the house. Paint the picture, see if there is interest in the home, and then get out of the way! There is nothing worse than following a prospective Buyer from room to room, hovering at each step.

After the Buyers have seen the home, give them some space. Offer to step out onto the patio, while they take a seat in the family room and enjoy the view. If they are captivated by the back yard landscaping, offer them a spot on one of the patio chairs with the excuse of checking your voicemail inside. This will give them a chance to discuss the pros and cons of the house, and most importantly, the opportunity to envision themselves living in the home. Of course, this picture does not include even their most beloved Montreux real estate agent!

Becoming a great real estate agent takes hard work and dedication. You must be willing to outwork all other real estate agents, get all the little details correct, keep your standards high, focus on the process of selling and listing real estate, and most important, don't get lazy. When you're successful, you must work even harder to stay there!

To become a great real estate agent, you must get the fundamentals right. Doing the little things over and over again, every day of the week, every month, and year after year. Individuals that focus on the basics are the ones that survive the tough times hit.

Anyone can become a successful real estate agent if they possess the dedication, focus, initiative, and positive energy required to do so. The old rule still stands true: "Hard work and dedication breeds success."

To be the best real estate agent you must be willing to outwork everyone else. You become the best by doing the same things over and over again, with hard work and dedication. With this you will become a master of all the things you do over and over. It takes dedication to hone your individual job skills until you master them.

Be sure to stay the course long enough to become the best at what you do. If you keep shifting your strategies or your job focus, you'll never become the best.

Getting all the little details correct is a must in luxury real estate. Common job tasks such as returning phone calls, filling out reports, managing your client database, doing market research, marketing your properties, preparing for client and broker meetings, all take time, and must be completed with attention to detail. One minor mistake can cause an entire deal to go south. Watch the details!

Keeping high standards is another important trait of a successful real estate agent. Always do what's right. Do your best. And, treat others the way they want to be treated. Can I trust you? Do you care about me? Are you committed to excellence? These are all questions current and future clients will ask of you. If you can't answer yes, you will never become great. Period.

Focusing on the process of your work will lead you to great outcomes. Repeat the actions that got you listings and sales in the first place. Have a roadmap, goals. Each day, week, month, and year you should set goals to reach. The key to reaching those goals is to focus on the process, not the outcome.

Don't get lazy. Of course, that is easier said than done. But, if you want to be successful, it takes hard work and dedication. I am a true believe in luck. I find that the harder I work, the luckier I get. Hard work, focus and dedication to your will is what creates success. You need to be on the ball... arketing, advertising, offering new methods of listing and selling real estate, improving your client service, and staying one step ahead of your competition.

1. Don't be insulted by low offers.
Low bids often turn into an accepted deal. Take each offer seriously because the first offer is often the best. In today's market, 4 out of 5 Buyers expect a counter offer. The first offer can simply be the start of the conversation.

2. Leave the property during open houses and showings
The Seller / home owner needs to leave the house. A potential Buyer isn't going to open up closets and medicine cabinets when there. They cannot visualize the home as their own with the current owner milling around. If you have to stay, stay outside or in the smallest most unattractive room. If the prospect asks you a question, be polite yet as curt as possible. Leave questions and answers up to the real estate professional. It is their job to "sell" your home.

3. Clean up the closets.
When a Buyer sees a really clean closet they'll think the house has been maintained well throughout. A clean and organized closet (what they can see), means what they cannot see, e.g., electrical, wiring, plumbing, et cetera are also in good shape.

4. Make the small, visible repairs now.
Replace light bulbs, repaint, fix cracks, and so on before putting the home on the market. Although most Sellers do not what to put any more money into the home they are trying to sell, they will net more in negotiations if the Buyer does not expect to make these repairs themselves after the sale.

5. Remove the clutter.
Clear off counter tops and put away personal items, e.g., picture frames and nick nacks. A messy room always looks smaller.

6. Invest in quality, professional photography.
With 80% of all Buyers doing their homework online, the old concept of "curb appeal" is now seen through good photography. The first time a Buyer will see your house, will most likely be online, versus driving by. Make sure the photographer uses a wide angle lens and pictures are taken in the right light.

7. Pay a full commission.
There is a lot of inventory right now and real estate professionals can be selective on what homes to show Buyers. In order for your house to be at the front of the line, make sure you pay a full, cooperating broker commission. You do not want to reduce the commission and be put at the back of the line before a potential Buyer has a chance to consider your house.