Wondering if it’s the right time to sell a home in Miami? Check out some tips below to help decide if it’s the right time for you to move on from your house!
Miami, blending wonderful weather and lifestyle, attracts residents from around the world. It was voted the 27th most exciting city on the planet for 2018.
About 80% of eager home buyers are from other countries, with buyers seeking either primary or second homes. This variety gives the city a unique real estate market with distinct sub-markets. It’s beneficial to know the optimal time and strategies to sell.
Whether they house-hunt right on the ocean and islands, or in more family-oriented neighborhoods, there is never any shortage of people that want to move right into Miami’s lifestyle. The ideal home to sell is turn-key ready with high-end features.
It’s helpful to understand how different selling patterns in the sub-markets might affect your sale. Waterfront properties may change owners more quickly than other single-family homes might not change owners for a decades. It’s worth it to play sleuth on the age of the house, its systems (such as the AC), and the appliances, as well as on what upgrades and style are trending.
Whatever your location, there are tried and true ways to sell a house quickly:
- Make that great first impression with well-groomed native plants, fresh paint, good lighting, and a stunning front door area.
- Depersonalize by removing clutter and contents, and keep it sparking clean.
- Stage to appeal to the senses, including pleasant scents and indulgent textures.
- Use staging props, such as books or art, to show the lifestyle buyers desire.
- Get a “cash offer” to avoid mortgage delays.
- Sell “as-is” if you can’t make the right repairs or preparations.
There is also a best time to sell your Miami house.
To end the suspense…it’s August and September. Statistics reveal that an August closing earned the highest price, while houses sold in September spent the shortest amount of time on the market. With either of these priorities in mind, your home should be show-ready and listed by May or June.
Keep in mind that families looking for the perfect getaway, or even for a new year-round home, would like to close and settle before the school year begins for their children.
Here are some tips for a FSBO sale: (1) look up other FSBO sales and compare pricing with MLS listed property; (2) look for cost effective repairs and act accordingly; (3) consider how you will market the house – i.e. on Zillow, Craig’s List, flat-fee listing; (4) think about contract terms such as inspection period, cash/mortgage, escrow deposit, closing date, appraisal contingencies, and title company.
In addition to the best time of year to sell your property, consider whether now is personally a good time for you to sell. Whether it’s buying a new house, having savings to afford moving and new furniture, or just having the time to dedicate to a proper home search – selling a house can be frustrating and stressful.
How can you tell if it’s a good time to sell your home?
First, if you are relocating from your Miami residence, consider necessary expenses. We spoke about this in our blog “Steps To Take Before Relocating”. Moving expenses can be costly. It’s also important to consider all options for your new living quarters before moving, including buying a new place, renting an apartment, or even staying with friends or family.
Here are a few other considerations whether it’s the right time for you to sell:
- Available Equity: Do you have equity in your home? If you’re home is underwater, selling will be very difficult. You will either need to pay down the remaining debt on your own, have the buyer offer enough to cover the entirety of the mortgage, or ask the bank to accept a short sale. In all these scenarios, you will not make any profit on sale, making paying associated costs difficult.
- Extra Cash In The Bank: Think you’ve accounted for all moving and sale costs? Selling property and finding a new house nearly always have unexpected expenses. Make sure you have some extra cash set aside.
- Emotionally Prepared: Selling your residence is particularly an emotional issue if you’ve grown attached. There is enhanced stress due to showings, waiting potentially months for the sale, and prospective buyers pointing out imperfections.
- Review The Local Market: National trends give a “big picture” view. However, as they say, “real estate is local”. Gathering data on local sale prices, where houses are priced on the market and not selling, and average “days on market.”
Are you feeling emotionally overwhelmed at the prospect of selling your home?
According to Diane Saatchi, here are a few things she tells her clients to keep calm: (1) don’t get overly excited right at the time you list, as it sometimes takes a few months to sell depending on the neighborhood; (2) stay involved in the sale process to make it easier for buyers and agents; (3) have a firm plan on where you will relocate to – but don’t fall in love until you know the sale proceeds from your current residence; (4) don’t expect prices beyond what the market dictates.
Realtor recently released a report as to whether market conditions are right for selling your home. There are four reasons now is a good time: (1) mortgage rates on 30-year mortgages are still very low and expected remain that way for some time, (2) inventory – available homes for purchase – is low increasing the price of your house via supply and demand; (3) home prices have been going up at least 5% in most neighborhoods;(4) job markets have been strengthening so more people are in position to buy a new residence.
But if the best timing is difficult or the work to prepare is more than you can do, you also sell the house “as is,” for a large cash amount. Business that buy “as is” homes in the Miami area can help you move on quickly.
Check out this nitfy infograph on the right time to sell your house!