In a frozen luxury housing market, buyers are asking to 'try before you buy' and having sleepovers in multimillion-dollar mansions | Fortune

"In today's luxury housing market, it's become increasingly difficult to sell for what the homeowner might think the home is worth-and even high-profile sellers have been forced to drop prices on their megamansions. Because home prices and mortgage rates remain elevated, buyers are scrutinizing their purchases now more than ever. Plus, in several luxury housing markets, extra " mansion taxes " are tacked on, making purchasing costs even more expensive."

"So to woo prospective buyers, sellers are trying a new tactic: offering up sleepovers in their mansions to help seal the deal. Julian Johnston, a real estate agent with The Corcoran Group in Miami, said this is a trend he's seeing more frequently in today's luxury market as sellers and agents are forced to become more open to creative strategies like pricing adjustments and unique marketing campaigns to stand out."

"The Wall Street Journal first reported about this trend earlier this year, offering the example of a $60 million mansion where the owner allowed an overseas couple to stay at the home for two months at $250,000 per month before putting in an offer. Eric Albert, the homeowner, told WSJ the potential buyers wanted to be sure the home was comfortable for them and make sure it was a good size and layout for them."

Luxury homeowners are struggling to sell at expected prices as elevated home prices and mortgage rates prompt buyers to scrutinize purchases more closely. Extra local "mansion taxes" in markets such as Los Angeles and Cape Cod increase transaction costs and reduce buyer appetite. Sellers are responding with steep price cuts, flexible pricing strategies, and novel marketing approaches. Real estate agents report increasing use of creative tactics to differentiate listings. Some properties offer prospective buyers extended stays or sleepover trials to test comfort, size, and layout before committing. A notable example involved a $60 million mansion where potential buyers stayed two months at $250,000 per month before making an offer.

Read at Fortune