You shouldn't assume that you're not going to get a good offer when you sell your luxury property because you're dealing with a buyer's market.
It should be quite possible for you to find an appropriate buyer if you avoid the following five mistakes for selling an exclusive neighborhood home in a buyer's market:
Don't set an unrealistic asking price
In a buyer's market, you may want to set your asking price not too much higher than the amount you actually want to get at closing. Buyers will feel confident in a buyer's market and they may pass over a property with an asking price that is shooting obviously high.
Give an asking price that's slightly more than what you hope to sell the property for, but not outrageously high.
Avoid putting your home on the market until it's definitely ready to be sold
Remember that the longer your home is on the market without a buyer, the less likely you are going to be to get a good offer.
Don't put your home on the market until you have carried out any remodeling or home staging you hope to do before selling it. This way, buyers are less likely to be able to use the length of time the home has been on the market as a negotiating point to get you to sell for a low ball price.
Do some research on what sellers are out there competing with you
In a buyer's market, it's definitely a good idea to get an idea of what else is currently on the market and what sellers are asking. Market research is especially important when property values are not at a high point in your area and you know that other sellers might be lowering their prices to sell quickly.
Make sure you find a real estate agent who's capable of finding you a good offer despite the obstacles
A good real estate agent with adequate connections and resources is especially important for sellers dealing with a buyer's market. Find an agent that specializes in your area and the type of real estate you're selling.
Show flexibility to buyers and be willing to work with them
The bottom line is that you don't want to take a loss when you sell your home and you want to find a buyer fairly quickly. In a buyer's market, you might easily be able to do these things if you simply are a little more accommodating to buyers.
Be available when a prospective buyer requests a showing and be willing to negotiate about any repairs or work the buyer requests as part of a closing deal if the price is right.