One thing that many people often don’t take into consideration is timing. Timing in real estate is everything when selling Miami real estate. It can take some time to buy a property, and it can take some time to sell a property.
Buyers typically have more control over the timing factor as they are the ones who make the decision to buy the property and it’s up to them to perform the majority of the actions during the sales transaction (hiring title, inspector, sending in documentation to the lender, etc.). The sales contract does provide for specific timeframes for which actions must be performed, however, if the buyer doesn’t perform as promised, ultimately the home doesn’t sell. Even if the deposit goes hard, it doesn’t really make up for not selling the house, which is the end goal.
Sellers, on the other hand, are in a different situation. There is a bit of analysis that goes into the timing of selling a home. First, you have to consider the price, condition, and location of the house. Next the market condition and the average time to sell a home in your specific neighborhood. Sometimes we are in a seller’s market and sometimes a buyer’s market. There is no crystal ball when it comes to the timing of selling a home and the timing of the market.
The good news is that generally, a home will sell when priced correctly. The bad news is that it may not be the price the seller desires.
Let’s get back to the timing of selling Miami real estate.
First, you have to know the average time it takes to sell a property in your neighborhood.
In all of Miami-Dade County, the Average Days on Market in September 2017 is 66. That’s up 1.5% compared to last month and up 6.5% compared to last year.
To get a really good picture of the market for your specific neighborhood, you have to dig a little deeper.
For this example, let’s look at Miami Beach single-family homes listed at $999,000 and less. In this case, you can see that the Average Days on Market in September 2017 is 151 days. This is up 31.3% compared to last month and down 19.7% compared to the previous year.
So, once you know the average days on the market, you can take the next step.
Once you know how long it may take to sell your home, from there, you need to take into consideration the competition. If there are 5 other comparable homes priced at $799,000 and you want your home to be the next home to sell in your neighborhood, you need to price competitively against those other properties.
Next, the buyer makes an offer, and now you are officially under contract.
Once you go under contract, you can expect about 45 days to close if the buyer needs financing. If the buyer is a cash buyer, they can close faster if everything is in order to close (& all parties want to close sooner).
When the offer is accepted you should plan for several due diligence periods for the buyer to perform:
-Inspections also have an insurance component. (This is detailed, and I will address in the future, but it can make or break a deal because if the buyer needs financing and they cannot get insurance, they cannot get financing.)
-The financing portion
If any of these (& more) details above don’t pass the test, it may delay the process. Depending on the contingency and the issue, the buyer may be eligible to cancel the contract. The good news is most of these details can be worked through and in the end, you can successfully sell your home.
The most important thing to know is that when you decide to sell your Miami home, it’s important to take into consideration two main timing factors.
- The market and time to sell.
- The buyer’s contract timing.
If you have more questions about successfully selling your home in today’s market, give us a call at: 305-793-8965
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Miami Real Estate Neighborhood Updates
Ok, let’s get right into all the latest listings, price reductions, and solds from some of the popular neighborhoods of Miami and Miami Beach.
We are in the process of revamping our weekly updates and will add more neighborhoods bit by bit. Enjoy!
If you own a home or condo in Miami or Miami Beach and you’re considering selling, GIVE US A CALL. Our market is very competitive and to sell in today’s market, you need an experienced agent to help you sell faster and get top dollar. We would love to show you our savvy marketing and digital plan that allows properties to sell faster.
If you’re a buyer, let us know EXACTLY what you’re looking for, and I can set you up in our VIP MLS registry. This data is way more accurate than what you will find online on your on own, and you will be notified of properties as soon as they hit the market.
Miami real estate is like every other in regards to today’s market condition it’s all about market supply/demand, condition, location, and price. If you have any questions about buying or selling in today’s market, give us a ring, and one of us can go over what you can expect today: 305-793-8965
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