What Should You Know Before You Sell Your House in Florida
Selling your home is a big decision, and in many cases, a life-changing one. Many homeowners have little to no idea of where to start, how to proceed, and what to do to get the maximum value for your money.
Maybe your kids have moved out or maybe you are planning to expand your family or maybe you have to move on to a new city or state - there can be many reasons to sell your home.
Irrespective of the reason why you are interested in selling your Florida home, the process sure is not a cakewalk.
Selling a property can be a time-consuming and emotionally draining task, especially as it involves multiple steps for closure. Especially for most people, their home holds a significant sentimental and financial value in their life.
From dealing with lowball offers to interviewing potential homebuyers, you will have to deal with a lot to get your house sold. Selling a home can be complicated, although it doesn’t have to be that way.
If you are someone who has never gone through the process of selling a home before, it’s time to get yourself equipped with the right knowledge.
Or better still, leave it to a professional Florida real estate license holder to do all the hard work of selling your house for you. The salesperson will get a buyer, negotiate the terms, draw up contracts, and take you through the complete sale process.
In this post, you will learn more about how to sell a home in Florida while complying with the real estate rules and regulations of the state.
The Ins and Outs of the Real Estate Market in Florida
Throughout 2023, the real estate market in Florida has grown slowly and steadily, riding on the back of consistent demand for homes to buy. This is borne out by data which estimates that homes sold increased by 2.9% over the previous year. Because of this strong demand for houses, the median sale price of Florida homes also saw a marginal increase of 3%.
An analysis of this rising market trend has an interesting side to it. It is seen that it is largely because of homebuyers relocating to Florida from Washington, New York, California, and other states in the USA.
There was also a sharp rise in new listings which touched a growth rate of around 14% year-on-year, strengthening the perception that Florida is primarily a sellers’ market. Hence, the best time to sell a home in Florida is now!
A Guide to Selling A House in Florida
Go through the following steps to quickly sell your house in Florida.
- Determine the estimated market value: This is the crucial first step if you are to get a fair price while selling your home. However, you are not equipped to put a price on your home as there are various factors involved here.
Hence, always hire the services of a real estate agent or an appraiser to do so. They will be aware of the prevailing market trends, the prevailing prices in the neighborhood, and the best price your house will fetch given its present condition.
- Carry out required repairs before listing your property: Carry out minor repairs and have your house deep-cleaned before the showings. First impressions of buyers matter a lot and making your property attractive will get you a higher price.
- Get a professional home inspection: No homebuyer wants to invest in a property that is in poor shape or damaged condition. Most homebuyers seek a professional home inspection to find out whether your home has any potential safety issues or damages and if it needs any repairs or upgrades. Getting a home inspection done will help you avoid unwanted surprises and will give you time to identify potential deal-breaking issues.
- Finish repairs and updates: Selling a house becomes a lot easier when you are showing a clean, safe, and well-maintained property. If you find any cracks, leakage, damaged wiring, broken surfaces, or cracked floors during a home inspection, it is recommended to get them repaired and fixed immediately. Be sure to fix the lighting, walls, holes, and plumbing before giving a house tour to a potential buyer.
- Set up your home for staging: Now that you are all set to show your home, you can choose to enhance its interiors and exteriors and make it more welcoming. Many homeowners invest time and effort in staging their homes to give homebuyers a mental picture of how their homes will look. Remember to create a lasting and impressive first impression the moment buyers step into your driveway.
- Review the buyer’s offer - Assuming everything goes well during your home showing and you get to capture the interest of a homebuyer in Florida, you will most likely start receiving offers. If you plan to negotiate on the offer received, you can do so on your own or with the help of a professional real estate agent in Florida. By sending a counteroffer, you can let a potential buyer know your proposed sales terms.
Once both the seller and the buyer agree on an offer price and terms, they can sign the purchase agreement and move forward toward completing the formal details of the transaction.
After this, the final step will require you to submit the paperwork and related legal documents to transfer the ownership of your home to the buyer.
Factors that Determine How Quickly You Sell Your Home in Florida
Although Florida is seeing a growing demand for homes, it is still a competitive real estate market.
Many homeowners are trying to make the most of the rising demand by selling their properties at higher prices, but they are unable to do so.
If you are also thinking about selling a house fast in Florida, there are certain aspects you should keep in consideration.
Firstly, home sales in Florida are generally influenced by the season and month of the year. As real estate is a cyclical industry, it has its share of highs and lows.
According to Zillow data, if you want to sell your home fast, you should aim to list your property by May or June. It is estimated that a home listed in May has an average timeframe of 32 days in the market, from the day of receiving the offer to the closing day.
The data shows that August homes sold at least one to two weeks faster than others. Whereas October and November are the slowest months.
Secondly, the type of home is also a key factor affecting the timeframe to sell a property. Single-family homes sell faster compared to other residential real estate.
However, if you own a condo in Florida that is close to the coastline or facing the beach, then planning for a winter months sale can help you close the deal faster.
How Long Does It Take to Sell a House in Florida?
First-time homeowners often face a common question - how long to sell a house in Florida?
Although there is no silver bullet method to determine the exact timeframe for closing a deal, there is enough market and anecdotal data to get an estimate.
What is the Time Taken To Sell A House in Florida
The average time that a listing stayed on the market in Florida in 2022 was 79 dayswhich fell to 40 days in 2023.
Many factors at play can influence the speed of sale or the timeframe it requires for a homeowner to get an offer to reach the closing stage.
Let’s find out more about these influencing factors below:
Factors that Can Influence the Speed of Sale
- Location: The most important factor that can decide how fast (or slow) a house can move from getting listed to getting sold is the location.
Hot markets tend to move faster than slow ones, for example, a house in Miami is going to spend less time in the market compared to one in Fort Myers.
Popular tourist spots, neighborhoods with popular amenities and attractions, and homes with proximity to scenic views and natural abundance are more likely to attract potential buyers quickly towards them.
- Inventory: Inventory is determined by the overall balance between supply and demand i.e. how many homes are available for sale as compared to how many buyers are looking to purchase
If the inventory is too large i.e. when there are more than required homes available for sale, then selling a property takes longer than usual. On the other hand, low inventory can also be problematic in the way that although it can boost demand, it can also lead to higher prices than the market average.
This price rise could influence the speed of sale negatively as well as some interested buyers might decide to wait for the prices to get back to normal before purchasing.
- Industry: The real estate industry is a dynamic moving entity and it is influenced by a dozen of internal and external factors which can directly or indirectly affect the speed of sale.
For example - when the economy is slow, many home buyers decide to hold on to make a big ticket purchase. Whereas in a strong economy, the purchasing power increases significantly as buyers are more willing to shell out the cash.
Here’s another example - when the employment rates are low in a state, it could also affect the time required to sell a property indirectly.