Within the mass spectrum of the real estate market, there are many smaller markets, depending on your budget. One of the smallest is the luxury home market.
"2006 was the top of this market," Coldwell Banker associate broker Patsy Whitney said. "Upper tier properties are set up as between 1 million and 2.5 million. 10 houses sold in that price range in 2006. It dwindled down from ten to nine to seven and now we're leveling off at four."
Like we said, a very small market, but that doesn't mean you won't be able to sell, if you're looking to.
"When you get into a luxury home, there are many options for people. In fact their criteria is a lot different so you want to make sure you know how many houses you're competing with and not only in the market, but other similar suburban markets so that you can see how many houses do these people have to choose from?" Whitney said. "And focus in on one of the main features of the house.
Even at these lofty numbers, pricing is still very important.
"When people are looking over a million they aren't going to look like the guy who looks at 175 to 200, they have a range of a million to a million and a half," Whitney said. "New listing, price it right, that house is going to sell."
And just like any other property for sale, you want to make sure the information about your home that is out on the Internet is as accurate as it can be.
"I don't think there is such a thing as too much exposure," Whitney said. "The problem arises with the Internet is that we put our information on the multiple listing service database as accurately as we can. There are public websites that we have no control over that captures whatever information they choose to capture and some of it is accurate and some of it is inaccurate."
Again, this is a very small market of people looking to buy at these prices, so if you are trying to sell at one of these price points, it could be on the market for a while.