How To Set The Asking Price When Selling Real Estate in Miami

It’s no surprise that you want a great deal when selling your home in Miami.

However, you don’t want to fall into the trap of pricing your house too high and scare off potential buyers – a common first-time selling blunder. But you also don’t want to price too low and lose out on thousands of dollars.

Get The Asking Price Right The First Time.

Thankfully, there are proven methods and strategies that we would like to share in this article. Keep reading to learn how to set your asking price.

Know Your Market

Are there any similar properties on the market? Take some time to find out what comparable homes are selling for in your neighborhood.

A good idea would be to look at seasonal trends, and if you have the time, plan to list your house at a time of year when prices are higher. Lookup properties for sale on sites like MLS, Zillow, and for sale by owner sites (FSBO).

Don’t forget to take note of how long the properties have been listed. If a house has been on the market for a long time, chances are it’s priced too high.

You should think about supply and demand. In real estate, buyers have the advantage when there are plenty of new homes for sale.

You could also call a couple of realtors for a more detailed Comparative Market Analysis or CMA. Most realtors should offer this service free of charge as a marketing technique. Double-check beforehand just in case, but requesting a CMA should not put you under any obligation to the realtor.

Be Realistic

Chances are you’ve already thought about what you would like to sell your Florida house for before you’ve done any market research. Unfortunately, this can lead to unrealistic expectations.

These days buyers are getting smarter and smarter. With the internet at their fingertips, they have plenty of information at their disposal, and depending on the market, they may have a number of options to explore as well.

Purchasing a house for many families is one of the largest investments they will make so it’s no wonder they also want to secure a good deal. The trick is to find the sweet spot – a balance between what you the SELLER wants and what they, the BUYERS are willing to pay.

If you price too high, negotiations could get dragged out forever. Plus, constant reductions in price won’t look professional. These price drops will show on the MLS, and repetitive price changes can make you look desperate or give the impression there is an issue with the property.

A good rule of thumb is to price realistically, allowing for only one price drop if absolutely necessary.

If you’re concerned about pricing consistent with the market, it might be beneficial to have a professional appraisal done.

Ask Opinions

In addition to asking realtors for a detailed CMA, you can also ask friends, neighbors, and family for advice. Ask them for their honest opinion and see what THEY would pay for a home like yours. Don’t be offended if it’s not as much as you initially thought.

You never know your friends and family might notice some unique selling points or attractive features that will help you sell your Florida home.

There’s More To It Than Just The Final Price

If we’ve worried you into thinking you’re never going to price your property right, don’t panic. You do have some bargaining power when finding the perfect sale price for your home.

With some clever strategizing, you will be able to find a price that works for all parties. Consider offering a discount, but the buyer has to cover the closing costs. Or sell your Florida home as “furniture-included” in order to secure your desired asking price.

If you have any questions about buying or selling property in the Miami area, get in touch! Call us on (305) 916-3328!
Or, click here to fill out our short form. A member of our team would love to speak with you.

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David Veras

David Veras was born in Hialeah, Florida and has been involved in Real Estate since February 2019.

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