If you own a property in Miami, you can consider yourself one of the lucky ones! The Magic City has perfect weather all year round and a prime location on the Atlantic coast. It provides endless investment possibilities due to its broad economy and continual growth of the real estate sector, with new residential developments continually sprouting. Countless people are looking to relocate to the Sunshine State or to invest in the booming market. All of this dramatically benefits your chances of selling a house in Miami fast and for a great price.
If you are looking to downsize, buy a larger home for your family, or relocate to another state for work – we are here to help you. This guide will let you in on everything you need to know about selling your home in Miami.
What do you need to know about selling a house in Miami?
We have all the best Miami real estate market tips and tricks. But before we get into the details and give you the essentials on how to successfully sell your Florida property, let’s dabble into the technicalities first.
Learn About the Miami Real Estate Market
Selling a home in Miami can be done quickly and efficiently, but it is essential for you, a seller, to get to know the market first. Whether you decide to hire an agent or opt for FSBO (For Sale By the Owner), you will need to gather the information necessary to determine the best price for your home.
Every home has a unique set of qualities that may entice buyers. The current state of the house, including repairs and preparation for sale, must also be examined. To determine the market worth of your Miami house, compare it to those currently on the market and recent sales. A price will be determined by comparing homes with equivalent square footage, lot size, location, and condition.
Important to mention: In contrast to some other states, Florida sellers have an affirmative duty to report known flaws and defects on the property. This duty stems from a well-known 1985 verdict, in which the Florida Supreme Court ruled that the principle of buyer beware did not apply to residential property sales.
If you want to get high offers when selling your Miami home, you have to give the buyers what they want in terms of home value. Even minor and cosmetic improvements can do wonders and increase the price. Here are some things to have in mind when getting your house ready for the real estate market.
Best Improvements for Home Valuation
It would be best if you went through the house, organizing and cleaning it. Remove all clutter, then package and store any items that are no longer in use. You might want to think about getting some staging assistance. To make the house sparkle, clean the windows inside and out, vacuum and shampoo carpets, paint or scrub walls, lighting fixtures, and woodwork.
Dripping faucets, holes in the walls, clogged pipes, cracked tiles, and anything else that most customers would consider faulty are examples of minor repairs. Major repairs, such as damaged foundations, collapsed driveways, and outdated roof replacements, should also be addressed. If you boost the curb appeal, you are much more likely to get the price you have in mind for your Miami home.
For Sale by The Owner vs. Working with a Realtor
Both the traditional approach of hiring an agent and choosing to lead the process yourself have their pros and cons. It is up to you to pick the best option for you and your Floria home, while we will give you an insight into the specifics.
Pros of For Sale by Owner
The advantages of FSBO or selling your property by yourself include reclaiming more of the sale price because you will not have to pay any realtor commissions. You will also be in charge of the selling process. It can be private if you like, and you can establish the time frames for accepting an offer and closing.
Pros of Hiring a Real Estate Agent
It is your agent’s responsibility to negotiate the highest possible price for your home. Agents are taught to negotiate skillfully and know the market and all the selling strategies. They contribute with experience and professional assistance.
Potential Costs When Selling Your Miami Home
You as a seller (and your agent) should go through the home and establish a list of changes required to raise the house’s value and help it sell promptly. Depending on what is needed, the costs can range from a few hundred dollars to thousands. This category includes cleaning expenditures, temporary storage to reduce clutter, and other minor adjustments.
Once you are done with selling a house in Miami, it’s time to move. You should keep in mind all the tasks related to your relocation and factor those in when setting your budget aside. These costs might include getting moving supplies, hiring a moving company, renting out a storage unit, etc.
If you decide to hire an agent, know that most people anticipate paying a 6% fee. The fee is divided up between the listing and selling agents. However, some sellers in Miami choose Flat Fee real estate. A flat fee is a fixed price paid to a broker rather than a percentage-based commission. The phrase is frequently used to refer to the flat fees charged by realtors for listing and selling a home.
When selling a house in Miami, you should count in your legal fees, mortgage discharge fees, and other bank fees for money transfers. In addition, homebuyers may request that the seller covers some or all of their closing costs in a slow market.
Meta description: If you are planning on relocating and you need tips for selling a house in Miami, keep on reading. This article will fill you in on everything you need to know.