Real Estate - Pricing Homes In Florida

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 neighborhood.

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. These reviews reveal the needed improvements for the house such as painting, cleaning or minor repairs for an added value of the property.

For houses that need major overhaul, it may cost you a significant amount depending on the repairs required. However, this will make the resale value 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 in order 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 of time, ask your agent if there is a need for a reduction of price.

Pricing real estate in Florida

Homes located in 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 of time. 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 are situated in your neighborhood and also their DOM or days on the market. It will definitely give you a good idea about the buyers market in the place. You might also want to check the local news for 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.

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