The South Florida real estate scene has seen many years of continual price growth, combined with high property demand.
Recently, however, buyers have been under more pressure. Although we have seen some falls recently, the general trajectory of mortgage rates has been upward for some time, and is expected to continue. Home prices have arguably been outpacing affordability for considerably longer than that.
The important take away from all this for sellers is to recognize that the market is in a state of flux and to make sure that the listed home is in good shape to attract buyers. The best homes in every sector will always sell fastest and for the best return.
This starts with a realistic asking price. The strategy of asking a too high a price can create a situation where you chase the market down. Overpriced homes run the risk of attracting few, if any, viewings, so work closely with your agent to arrive at an initial price point that will attract, not deter, and still put you in a great place to receive the highest possible return.
Given that buyers may have more choice going forward, the condition of a home will need particular attention. Even something as trivial as a dead light bulb is enough to raise suspicions that bigger problems may be lurking elsewhere. Attention to detail with home presentation is therefore paramount.
Fortunately, you are not alone as the market changes. Contact us for an informal conversation about the best strategies to demonstrate that your home is the perfect fit for today's buyer.