If you’re considering selling Miami real estate, one of the most important things you can do is put it on the market with the right price. This isn’t quite as easy as it sounds. A lot of people think that they can add the price they bought their house to the cost of improvements they’ve done and make the total the asking price. The reality is more complicated than that.
First of all, the market is dynamic, and lots of factors affect house prices. Mortgage rates, bank lending rules, and local trends impact the real estate market. If you’re not a real estate professional, it’s hard to keep track of all this. This is why you should work with an experienced real estate agent when you sell your house. Research shows that most people overvalue their homes, so it’s important to get an objective opinion on the worth of your home so you don’t over price it. Real estate agents know the trends for South Florida homes for sale. Given that experience, they know what sorts of recently sold houses are comparable to yours and can give you solid advice about setting a price.
Compare Your House to Other South Florida Homes for Sale to Get the Price Right
Why is this so important? When a house is overpriced, it will be overlooked by most buyers. So many people start their Miami real estate searches online. They set the price parameters that work for their budget. So a house priced at $425,000, but worth more like $390,000, is not going to be seen by the people who are looking at homes at $400,000 and below. That same house won’t appeal to the people looking at houses $400,000 and above, because it won’t have the number of bedrooms or square footage of other homes in the bracket.
The result of all this is that the overpriced house sits on the market for a long time. Most people assume there’s something wrong with a house that doesn’t sell after a few weeks. Often the only thing wrong is the price.
Don’t let this sad fate be yours! Ask your real estate agent to research comparable homes in your area. Listen to their advice about how houses are selling and how you should price yours. A house priced correctly will sell faster, allowing you to move on to your next home.