According to the Florida Realtors association, there are 10 factors that can affect how quickly your home sells. A quick summary of these factors follow:
1.) PRICE: Proper pricing is key to getting your home sold for maximum dollars and in the desired time frame. One thing that can accelerate the selling process is pricing your home competitively. Overpricing will lead to more time on market, and ultimately, you may end up selling for a lower price anyway. According to Florida Realtors, homes prices at or slightly below market value are almost 50% more likely to sell within 60 days than those priced 12% or more above market value.
2.) CURB APPEAL: Realtors frequently named curb appeal as the number 1 factor affecting the amount of time a home is on the market. Your home’s exterior is the first exposure a potential buyer will have to your home so it is important that the home looks well maintained and landscaped.
3.) LOCATION: You always hear that location is key to selling your home. Without question, it is one of the most important considerations for a buyer when looking for a new home.
4.) LOCAL SCHOOLS: Homes that fall in a good public school district sell faster and at a premium. In one study reviewed by the Florida Realtors, one in five buyers said that they would pay 6-10% above their budget for the right home.
5.) MOVE-IN CONDITION: According to The Wall Street Journal, homes that can be marketed as “move-in” condition sell 12% faster. If major renovations are not needed, it is still important to take care of any easy fixes that might deter potential buyers such as painting, swapping out outdated light fixtures, installing new hardware on kitchen and bathroom cabinets, fixing loose tiles or tightening leaking faucets.
6.) QUALITY PHOTOS: According to a Redfin study, homes that were marketed with professional photos sold faster in one study, and for $3,400-$11,200 more than homes presented through amateur photos. Professional real estate photos only cost a few hundred dollars and; the cost will be covered by your listing agent in most cases. Prior to images being taken, make sure your home has plenty of light by turning on all lights and letting in as much natural light as possible.
7.) VIRTUAL TOURS: Especially in the era of COVID-19, adding a virtual tour of your home as a marketing component will help decrease time on market and enhance sales price. A virtual tour will also help qualify potential buyers for in-person viewings.
8.) STAGING: According to a recent study, 48% of recent buyers said having the home staged is extremely, very or somewhat important to their home-buying decision. The Real Estate Staging Association states that staged homes spend 73% less time on market than non-staged homes.
9.) DESIGN FEATURES: Homes with certain features such as farmhouse sinks, subway tile, frameless showers, double sinks, walk-in closets, tankless water heater, stainless appliances, security system and central air sell much faster.
10.) THE RIGHT AGENT: The upside to hiring a professional real estate agent is that they know what it takes to get a home sold quickly in your area. In exchange for a customary 3% commission, they will advise on pricing, handle the marketing and showings, represent you in contract negotiations and coordinate for signing and closing.
I hope that you have found the above to be of value. Should you be looking to buy or sell residential real estate in the greater Ft Lauderdale area and not currently working with a real estate agent, please do not hesitate to let me know. I can be reach at (954) 547-9483 or via email at email@example.com. Thanks