When selling your Miami house, don’t rush into signing with an agent until you run the numbers and discover all your options.
Listing with an agent can get expensive and sometimes a direct sell is a more lucrative choice. Educate yourself first before you sign a listing agreement that binds you to an agent!
Don’t Sign A Listing Agreement In Miami
…without first reading the article below!
Commissions┃6%+ of the final sale price
The seller is responsible for covering commission fees. The percentage can vary but it’s typically around 6%. On top of this, agents will often have listing, administrative, and notary fees.
Inspections┃At least a few hundred dollars
Traditionally the buyer will pay for the inspection alongside the closing costs. However, as a negotiation tactic, more and more sellers are offering to cover this cost themselves. After this, repair costs are then negotiated between the buyer and the seller.
Appraisals┃A few hundred dollars
Again this is usually the buyer’s responsibility. Banks typically require an appraisal to be carried out before they can approve the buyer’s financing.
However, this cost can also be used as a clever negotiation strategy with some sellers opting to organize the appraisal themselves.
NOTE: If any appraisal is done on your property, make sure you keep a copy for your records.
Cleaning┃$0 to a few hundred
Making sure your property is clean for viewings is the understatement of the year. Open houses, surprise showings, and people stopping by to see the home means your property must be clean 24/7.
Plus, a traditional style listing will have more success if your house is really, really clean. You can opt to do this yourself or hiring a professional cleaning firm.
Depending on your schedule, keeping your home in tip-top shape may require some outside help. The pricing will vary depending on the size of your home. You should expect prices to start from $100 upwards.
Staging┃$0 to a few hundred
Maybe your home is already decorated with new hand towels, candles, bright colored throw pillows, and selectively placed houseplants. If so, good for you!
For the rest of us, giving your home that “straight out of a catalog” charm takes a little more work. But don’t panic! This doesn’t have to break the bank. There are some great DIY strategies you can employ.
Just remember no matter what you do, make sure you keep your space tidy and pulled together. If interior decorating just isn’t you, ask a friend to help, or consult Pinterest.
As mentioned above, repairs will need to be negotiated between the buyer and the seller. As a seller, if you’re aware of any repairs, it is best to inform potential buyersupfront and let them know that these costs have already been calculated into your asking price.
Come to the table with a credit for repairs so the buyer feels secure about purchasing the property. If new repairs come to light after an inspection, these will need to be taken care of and terms agreed to before the sale becomes final.
Bills While The Home Is On The Market┃Can be hundreds or even thousands!
Moving out of your property before it sells doesn’t mean you can just switch off the utilities. Buyers, agents, and inspectors will want to see the lights on, the AC in working order, and potentially check all the taps and water pressure. The issue here is that you have no way of knowing how long it will take to sell your home. It could be months!
On top of this, you’re responsible for covering property taxes and homeowners’ insurance up until the day of closing. If your home sits on the market for any amount of time, (as many do) these bills can add up to a small fortune!