Buying a new home in Florida
If you are looking to buy a new home in Florida, you have to do your research. If you don’t, you’ll face a nasty surprise after you close on the home – even if you are buying it way below current market levels like we buy houses in Florida.
Property taxes in Florida are outrageous even during this period of depressed home values. Ask the county tax assessor what the property taxes will be on the home that you are considering.
Pricing a home is not that simple. It requires a good understanding of the market conditions since the buyers’ and sellers’ market differ widely in each state, city or neighbourhood.
You would also need a good evaluation of the house to be sold such as checking whether the house needs major repairs or just minor ones. It takes more than just an estimate of a price range.
Employing the services of a real estate agent
Before selling a home, especially in Miami, Florida, you need to properly price it, so you need to take the services of a real estate agent who will evaluate the condition of your home before suggesting a price for it. For residential places that need a lot of repairs, it usually costs you a greater amount of cash according to the repairs needed. However, this will reduce the quality of your house up to 85% of the money you shelled out for the repair.
With all of these things at hand, the real estate agent will now have an idea of the price range that he can suggest for your house. Usually, they do a Comparative Market Analysis to determine the value according to location and market conditions to come up with the best price for the property.
It is also important that you ask yourself the worth of your house then discuss it with your agent. If you think the house is not selling for quite a long period, ask your agent if there is a need for a reduction of price.
Pricing real estate in Florida
Homes located in an attractive neighborhood with a few homes listed for sale and haven’t been there for quite long means there is a good opportunity for you to sell soon. However, the picture is different from the other side where there are lots of houses listed for sale and have already been there for a considerably long period. This case requires immediate assistance from real estate agents since you might need to revalue your house to attract more buyers.
It is also helpful if you review some homes listed for sale that is situated in your neighborhood and also their DOM or days on the market. It will give you a good idea of the buyers market in the place. You might also want to check the local news for the availability of jobs in the vicinity because typically, home buyers search properties in places near their workplace.
Pricing requires certain things that should be taken into account, and it doesn’t necessarily mean that the estimate you have is enough. In all cases, it will still require the professional services of a real estate agent.