Currently, we are seeing a rapidly emerging real estate seller’s market that’s full of ambitious buyers looking for their dream house, with a lack of home inventory present. If you’re considering putting your property on the market, get the best returns for your time and effort with 5 ways to capitalize on the seller’s market in Miami:
Laying Down the Groundwork
Since 2020 was mainly a year of staying in and likely working at home, this gave homeowners the perfect opportunity to work on some major renovation projects and upgrades.
It is important to let these updates shine by frequently deep cleaning and decluttering your living space. Try your best to make good use of available storage space while eliminating any and all items that you no longer want or need.
Don’t Do it Alone
Selling may seem like the obvious way to go about a seller’s market but this overconfidence often makes for a trap for sellers under the impression that they can make a fast, big profit simply because the demand for homes outweighs the supply.
This is where hiring an agent to have your back will make a major impact. An agent has years of experience and professional connections to keep you rational while taking your home sale to the next level.
Research for the right agent for you by meeting with at least three agents to discuss your home sale targets, and the attributes that make your property stand out. Communication between you and your agent is essential, so feel free to ask questions and don’t be shy.
Following this, you should take time before making the decision on which agent understands your circumstances best while suiting your specific needs.
One area where an agent will pay for themselves immediately is by appropriately pricing your home.
Nothing will kill a home’s prospected sales faster than a price that is either too high or low. Some key points that influence the right price for a home are features, available living space, and access to amenities.
Aside from these points, the largest impact on pricing your home can be found in the sale prices of your neighboring homes over the last several years along with the current seller’s market factors.
Your agent should carefully pinpoint the best price for your property by considering all of these data points and predicting where the market will be heading in the following months.
Once your home is for sale and you have a stellar listing of your property’s highlights and strengths, it’s time to get the word out!
If you hired an agent, they will likely handle this, but it can’t hurt to supplement the advertising. Share a short and informative post that includes pictures of your property on the social media platforms of your choice.
Maybe you’re familiar with local real estate or city groups that post and share home listings, absolutely share them there as well. Kindly ask your family and friends to share to further extend the reach of your home listing and create more interest.
Investigate All Offers
Once offers begin coming in, do not immediately take the highest bid and move on.
Offers will come in with earnest money, personal letters from prospective buyers, and even contingencies consisting of inspections, repairs, appraisals, and requests for you to leave items for the new buyer.
Look into every detail and you may find that the highest bid came with repair contingencies that require major repairs or points that quickly eat away at that high price of the offer.
Professional Help with Capitalizing on Miami’s Seller’s Market
If you’re looking to list a home in the Miami seller’s market, contact us today at 305.771.1710!