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Wednesday, October 25 2006 @ 04:04 PM Central Daylight Time
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For those who are contemplating about selling a home in Miami, there is a rife apprehension due to ubiquitous headlines that foretell the imminent burst of the real estate bubble. Evidently, the flurry of buying in the Miami housing market has decelerated considerably in recent years.
Price growth in the Miami housing market in particular has been reported to be pretty sluggish in the last quarter of 2005. Such a trend is also observed at the national level—the real-estate market appreciably pedaled a brake with respect to the flurry of 2004 and 2005.
The National Association of Realtors foresee a widespread drop in home sales in the Miami housing market as mortgage rates rise this year. By the numbers, the projected total figure for home buyers by the end of 2006 will be around 400,000 less than the value reported for 2005. This real estate phenomenon is indicative of equilibration of the real estate market, wherein a balance between buyers and sellers is in the offing. In a balanced real estate market, “buyers can take the time to do the due diligence,” rather than having to “bid over the asking price.”
Research, as usual, provides an edge to anyone who plans on selling in the Miami housing market. A well-informed seller who takes a detailed look at the present conditions of the Miami housing market by finding out what is selling, what is not and why, is in a better position to grab a satisfactory deal.
High expectations would not get anyone far, especially not in a cooling market such as the Miami housing market. To avoid too much frustration, a home seller must not expect to get more for a house than another got a year ago. Last year was hot, this year is not. The best advice real estate experts give is for one to examine more recent sales data and use these as basis for pricing a home appropriately.
Appropriate pricing of a home implies not asking too much, because aggressive pricing does not expedite sale, especially now that buyers have more options to choose from. Consequently, a seller who prices too much could get stuck with a home that fades away on the market. The longer a property for sale floats, the more difficult it is to sell. In point of fact, homeowners who ask more for the homes they sell ironically tend to get less in the end. Studies have shown that pricing homes appropriately would sell them faster and at a higher price show than pricing them aggressively. The results of the study are simple to digest—overpricing results in low bids, while proper pricing results in high bids.
Remember that first impressions could make or break a prospective deal. The last thing a seller would want is to turn off a potential buyer even before he or she takes a glimpse inside the house. To add aesthetic value to the home, make sure it is painted, and call a landscaper to get the lawn in perfect shape. Not only could a home with a more inviting appearance sell easily, but also it could sell it at a higher price for the added aesthetic value. Furthermore, make sure everything is mechanically functioning perfectly. Have an inspector examine everything from the central air conditioning system to the furnace and water heater. The air conditioning must be in perfect shape especially for a hot place like Miami. Even minor repairs can critically affect a buyer’s decision to purchase a home. Hire a contractor to check each and every detail of the home. As an admonishment, a homeowner who prefers to leave the home as is must be prepared to drop the asking price.
Keep the home as spic-and-span and clean as possible. Closets must be cleaned out and excess clutter and furniture must be gotten rid of. Anyone looking to buy a house would naturally want it to look as spacious as possible.
Patience is a virtue, most especially in selling homes. A good six months is adequate to carry out all the tips suggested here. The hassle is worthwhile for getting the best selling price in the Miami housing market.
Earl O. Juanico
http://www.miami-realestate.net |
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