What are the Important Factors When Pricing Your Miami Home to Sell in Today’s Market?
Getting the listing price correct when selling your Miami home makes a difference in how quickly your home will sell and for how much. Strike out on the list price and you may struggle to attract interested buyers.
Selling your home may be a stressful process full of emotions. When your real estate agent provides you with data representing the real market value of your home, it may not be what you want to hear. However, you don’t want to be stuck with a home sitting on the market for months, while you lose patience and money.
If you’re planning to list your home for sale this year, make sure you get the list price right. Here are three important factors to consider before pricing your Miami home for sale.
How’s the Market Look for your Building or Neighborhood?
The real estate market can vary from city to city and even from neighborhood to neighborhood. While Coconut Grove may be hot today, it could cool off as another Miami neighborhood heats up. Before pricing your home, make sure you understand the market for your building or neighborhood.
Understanding whether you’re dealing with a buyer’s market or a seller’s market is a good start. In a buyer’s market, you will have more competition. This means, if the market shows your home should be listed for $1.2 million and you list it for $1.4 million, you may struggle to find interested buyers. However, in a seller’s market, the opposite may hold true.
Pricing to Sell
When you need to sell your Miami home fast, you want to price it to sell. This doesn’t mean you lower the price, which can actually hurt you more than it helps you. Instead, it means you choose the right price for your home based on the activity of the market, recently sold properties in your area and pending sales in the area.
Your Home Needs to Sell Three Times
You don’t need to sell your home just once to a buyer. Instead, it must sell three times; once to the buyer, once to the buyer’s agent and once to the bank appraiser. This means you have to consider all three when pricing your home.
It may start with the actual homebuyer, but the deal may never happen if the buyer’s agent isn’t sold and the appraisal doesn’t come back high enough. Make sure to consider the agent and the appraisal before setting the list price for your home.
When selling your Miami home, it’s best to hire a reputable real estate agent to help with pricing. The right price will ensure your home sells quickly and for top dollar.