If you’ve been searching for answers about how to sell your house fast in Houston, you might be a bit worried. Prices are up, according to Redfin data, but as buyers struggle with high mortgage rates, fewer homes are selling. And those that do have been taking longer to get there — four days longer than this time last year.
If you’re really in a rush to unload your Houston home, though, don’t despair. Thanks to iBuyers and a wide variety of other homebuying companies that forego traditional market methods, you might be able to get a cash offer as soon as tomorrow. Read on to learn more about how to sell your house fast in Houston, and how much you can expect to make from the sale.
How fast can you sell your home in Houston?
Redfin data shows that homes here spent a median of 48 days on the market in February 2024. That’s not forever, but it’s only the time it took for homes to go into contract. After that, most sellers have to wait for their buyer’s financing to come through before they can close.
Need to sell faster?
If you can’t afford to wait over a month — if you need the proceeds right away, for example, or if you need to relocate in a hurry for work reasons — there are ways to speed up the process.
- Sell to an iBuyer: Houston is a hot market for iBuying: The two biggest names in the biz, Opendoor and Offerpad, both actively purchase homes in the area. Both move very fast, often making all-cash offers within 24 hours, and they can close within a few weeks rather than a few months. But don’t expect a massive payday — these companies typically charge fees for their services and are not likely to offer as much as you might make selling the traditional way.
- Sell to a local homebuying company: There are loads of companies that buy houses for cash in Houston, and these are especially good options if your home is in less-than-perfect condition. Cash homebuyers are looking for deals that they can fix up and turn into a profit via a rental or resale, and like iBuyers, they make fast offers and can close with remarkable speed.
- Be flexible: Work with a real estate agent, explaining that speed is your number-one priority with the sale. If you’re willing to price aggressively, for example, or offer certain concessions, the agent can use their local market expertise to inspire buyers to act fast. And if you’re willing to list as-is, you can forego the time spent haggling back-and-forth over repairs.
Selling your Houston home fast for fair market value
If you’re hoping to sell traditionally, by listing your home on the market, you need to have a good idea of how much it’s worth. A local agent who knows your area, and the ebbs and flows of the Houston housing market, can help you get an accurate sense of its fair market value. Before you list your home for sale, ask yourself — and your agent — these key questions:
- How should you price your listing? The most important part of any home listing is its asking price. Ask your agent for an opinion on the pricing sweet spot that can help your home sell fast — you don’t want it to linger on the market so long that you have to drop your price, like 26.8 percent of Houston homes did in February (per Redfin).
- Is it worth upgrading before you sell? Probably not, especially if your main concern is selling your house fast. Rather than spending time and money on a big renovation that will slow down the sale, try to focus on smaller, quicker projects, like boosting your home’s curb appeal.
- What should you fix before selling? Focus on the issues that might immediately turn off a buyer, such as peeling paint, cracked floorboards, leaky faucets and other visible problems. It’s equally important to know what not to fix to avoid wasting time and money prior to listing your home.
- Should you pay to stage your home? Whether you want to make the place look like the cover of a magazine or you just need some help decluttering and organizing, staging your home can help make it more appealing to buyers.
- What do you need to disclose to the buyer? You’ll have to fill out the Texas seller’s disclosure notice with all your knowledge about any defects in the home, ranging from flood damage to problems with the roof. And if it’s part of a homeowners association, you’ll also need to provide documents pertaining to the HOA’s finances and bylaws.
Closing day
Closing is the magic moment when you’ll officially transfer the property to the buyer and get the proceeds from your sale. However, you’re going to need to budget for a range of closing costs that will eat into your profits. One common expense you won’t have to worry about, though, is real estate transfer tax: This typical state tax doesn’t exist in the Lone Star State. Be ready to cover these costs, though:
- Agent commissions: Though the way Realtor commissions are paid are due to change soon, it will still likely represent the biggest chunk of cash that eats into your profit potential. At least until July 2024, sellers are typically responsible for paying both their own and their buyer’s agent fees, which usually total between 5 and 6 percent of the home’s final purchase price. On a median-priced Houston home, which was $335,000 in February according to Redfin data, 5 percent comes to $16,750.
- Title insurance: In Texas, sellers usually cover the cost of a title insurance policy for the owner. Rates will vary, but it shouldn’t cost more than a couple thousand dollars.
- Prorated property taxes: Property taxes must be paid up until the day ownership of the property is transferred. The same usually goes for HOA dues, if applicable.
- Attorney fees: You aren’t required to hire a real estate attorney to sell a home in Texas — but with so much money at stake, you should. You’ll pay their fee at closing, depending on how much time they spent on your transaction.
- Concessions: If you’ve agreed to any buyer requests for concessions — asking to cover the cost of a needed repair is a common one, for example — those funds will be paid at closing.
Next steps
Trying to sell a home fast can be stressful — especially in a huge market like Houston, where prices and buying activity can look quite different from one part of the city to another. If speed is your top priority, look into a cash-homebuying company. If you’d rather make more money than sell more quickly, find a local agent who can help maximize your profits.
FAQs
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A company that specializes in buying homes for cash can typically make you an offer within 24 hours and close the entire deal within just a few weeks. You’ll skip all the steps of listing the home, hosting open houses, negotiating with buyers and waiting for a lender to approve financing for a buyer — but you’re likely to earn less money than you would in a traditional sale.
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Yes. Plenty of real estate agents will help you focus on speed with your sale. While they won’t likely be able to close a deal as quickly as an iBuyer or cash-homebuying outfit can, they are your best bet at moving as fast as possible while still making as much money as possible on the sale.
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Whether you’re downsizing in the same town, retiring to the Jersey shore or planning to leave the Garden State for somewhere new, it’s a good time to sell a home in New Jersey. Data from New Jersey Realtors shows that the median sale price of a single-family home here in January was $505,000 — a healthy 12.2 percent increase over last year and well above the nationwide median — and that homes typically sold for 1.2 percent above their list price.
However, all that success takes time: Homes typically sat on the market for more than a month before finally going into contract. If you’re hoping to sell your house in New Jersey fast, or at least faster than that, read on.
How fast can you sell your home in New Jersey?
As of January, New Jersey homes spent about 42 days on the market before selling, according to Redfin data. But that’s just the time it took to go into contract — afterward, you’d have to wait even longer for your buyer’s mortgage to be approved before you could close. Things tend to move quicker in the summer, though, which is typically the best time to sell a house in New Jersey (and most other states, too). For example, Redfin’s data shows that homes spent just 31 days on the market in July and August.
Need to sell even faster?
If you can’t afford to be patient, there are ways to accelerate the process. Keep in mind, though, that time really is money in this situation — selling faster often means selling for a lower price. Look into these options if time is of the essence:
- Cash homebuyers: Compare companies that buy houses for cash in New Jersey, which range from national franchises to small local operations. These companies move with remarkable speed, typically closing the entire deal within just a few weeks or even less. And they usually buy homes as-is, making them a good option if the home is in poor condition. However, these outfits will likely offer a lower price than you could get on the open market.
- iBuyers: Similarly, offers from iBuyers will likely be lower than selling the traditional way. But the speed and convenience can be worth it if you need to move really fast. Opendoor, one of the industry’s biggest players, buys homes in northern New Jersey.
- Real estate agents: You can still sell faster if you use an agent — you just need to be upfront with them about your need for speed. A skilled agent who knows your corner of the New Jersey market well will be able to price your home to move, and knows when to make concessions or other ways to be flexible in order to keep things moving at a good pace.
Selling your home fast for fair market value
Hiring an experienced local real estate agent, while not as fast as a cash-homebuying company, is the best way to maximize the profits from your home sale. These licensed professionals know the ins and outs of selling a home in the Garden State and can advise you on pricing, marketing, negotiating and more.
Here are some other things to consider before putting your home up for sale.
- How should you price your listing? Your real estate agent can help you with the most important decision of selling a home: setting the asking price. How much is your house worth? Your agent will look at neighborhood comps to figure out your home’s market value and price it appropriately.
- Is it worth upgrading before you sell? Probably not — most major home renovations do not recoup their full value when it’s time to sell. Plus, hiring a contractor and dealing with ongoing supply-chain delays can take significantly longer than you expect. Rather than thinking about big upgrades, it’s smart to consider quick improvements that can boost the value of your home without breaking the bank.
- What should you repair before selling? You’ll probably want to address anything obvious that a prospective buyer might notice. Consider any issues that have annoyed you as an owner — a perpetually leaky faucet or a cracked floorboard, for example. You might also consider getting a pre-listing inspection, which can help you get in front of any problems that the buyer’s inspection might uncover.
- Should you pay to stage your home? Will a house-hunter be able to picture themselves living in the home, or is it full of personal items and quirks that make it obviously yours? Talk to your agent about whether it might be worth paying a pro to stage your home. Think of it as a professional makeover that provides a move-in-ready look to appeal to buyers.
- Should you sell as-is? If you opt to list your New Jersey home in as-is condition, you are broadcasting a simple message to buyers: You won’t be making any repairs. This can move the process along much more quickly, as you avoid back-and-forth negotiations about what needs fixing and what doesn’t, but it can also turn buyers off, so consult your agent.
- What do you need to disclose to the buyer? Every home seller in New Jersey needs to fill out a property condition disclosure statement, which details any potential defects with the home. From the age of the HVAC system to past termite damage, this document covers just about everything a buyer should know. Additionally, if your home is part of a homeowners association, be prepared to hand over documents about the association’s bylaws and financial health.
Closing day
Even if you stand to make a nice profit, selling a house costs money. If you’re still paying off a mortgage on your house in New Jersey, part of the proceeds from the sale will immediately go to settle up that debt. Then, you will need to pay the real estate agents’ commissions, which typically total 5 to 6 percent of the home’s sale price. So, if you sell your place for the median price of $505,000, you will pay up to $30,000 in Realtor fees.
You’ll also have to factor in closing costs in New Jersey. These may include:
- Transfer taxes: New Jersey sellers pay a 1 percent real estate transfer tax, a fee to switch ownership of the property to the buyer. So, if you sell your place for $500,000, you will need to give the state $5,000.
- Seller concessions: The buyer may request concessions during the negotiation process, for example asking you to cover the cost of a needed repair. It’s up to you whether you are willing to budge here, but this is very common and often helps move the sale along more quickly.
- Attorney fees: New Jersey does not legally require sellers to hire a lawyer, but a real estate attorney’s expertise is still worth paying for. Real estate contracts are complicated, and there’s a lot of money at stake, so you want to make sure your interests are protected.
- Capital gains tax: If your home’s value has risen significantly, you might be taxed on the profit when you sell it. It all depends on your marital and tax status, how long you owned the home, whether it was your primary residence and the exact amount of net profits — it’s best to consult a tax professional here.
- Title insurance: This cost often falls to the seller, but in New Jersey, sellers are in luck: The buyer typically pays for title insurance in this state.
Find a trusted real estate agent
You don’t have to figure it all out by yourself. An experienced local real estate agent can educate you on the trends that will impact your listing, determine your home’s fair market value and help you sell for the highest price possible. If you’re really in a rush to sell, it’s worth considering a cash-homebuyer or iBuyer as well.
FAQs
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As of January 2024, New Jersey homes spent around 42 days on the market before selling, according to Redfin data. Selling to a cash homebuyer or iBuyer can speed that timeline up significantly, but in exchange you will likely sacrifice some profits.
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Yes, an agent can help you sell your house quickly because they understand competitive pricing strategies and can market your home with speed in mind. However, if time is of the utmost importance, the fastest route is to sell to an iBuyer or cash homebuying company.
The hottest ticket in Las Vegas for the past few years has been real estate. The pandemic motivated many people to relocate, and plenty of them have landed in Clark County looking for low-cost living in the Southwest sun. Median home-sale prices rose by 11.1 percent between December 2022 and December 2023, according to Redfin data — however, while homes today sit on the market for far less time than they used to, it can still take a while to sell. Before you list your property, read on for everything you need to know about how to sell a house fast in Las Vegas.
How fast can you sell your house in Las Vegas?
Despite its year-round desert climate, Redfin data shows that the Las Vegas housing market follows the same seasonality as the rest of the country: Homes sell faster in the traditional spring/summer homebuying season and slower in winter.
The median number of days Las Vegas homes lingered on the market before selling in December 2023 was 48 — that’s more than a month just to go into contract, not counting the additional time it takes between contract and closing. And if that seems like a long time, consider that in December of 2022 it was a much longer 69 days. But it’s likely to speed up once spring and summer hit.
Need to sell faster?
If you don’t have time to wait that long — for example, if you need the proceeds from the sale immediately, or if you need to relocate ASAP for work reasons — there are ways to speed up the home-sale process. Consider these options:
- iBuyers: iBuying can be a good option for those in a rush to sell. These online companies make quick cash offers and can close the entire deal in just a few weeks — but you’re not likely to get as much money for the sale as you would in a traditional market transaction. Offerpad and Opendoor, the two biggest names in the industry, both buy properties in Las Vegas.
- Cash-homebuying companies: Companies that buy houses for cash move with similar speed. These real estate investment firms are very active in the Vegas area. In fact, nearly 30 percent of home sales in December 2023 were cash transactions, according to data from Las Vegas Realtors.
- Work with a local agent: A real estate agent with local expertise can help you to leverage the unique qualities of your home. They can market your home for speed and help connect you with motivated buyers who are looking to move quickly.
- Sell as-is: An as-is sale tells potential buyers that there will be no negotiations over repairs or other details. This speeds things along by avoiding lengthy back-and-forth conversations.
- Be flexible: A need for speed means remaining open to seller concessions or other compromises that can help to expedite the sale process. This includes pricing your home to sell — an agent can help you set an asking price that’s fair but competitive enough to catch buyers’ eyes and inspire them to bid quickly.
Selling your home fast for fair market value
Working with a trusted real estate agent may mean the transaction moves a bit slower, but it’s the best option if you want to sell for top dollar and capitalize on your home’s market value. Before listing your home, consider these topics with your agent.
Is it worth upgrading your home?
Most major renovation projects will delay your listing — hiring and scheduling a contractor could extend your timeline by weeks or even months. And they typically do not recoup their cost when you sell. But that doesn’t mean you shouldn’t invest in any home improvements at all. For example, a broken air conditioner in the Las Vegas heat definitely needs fixing before you list. Consult your agent to decide what’s a must-do and what’s a don’t bother.
Should you hire a professional stager?
Staging your home can make your property more appealing to prospective buyers, especially if it’s cluttered with years worth of personal items (or completely empty because you’ve already moved out). A buyer wants to be able to visualize themselves living there — if your agent thinks staging could help, it might be worth the price.
How should you price your listing?
This is the most crucial question to discuss with your agent. Their local expertise can help you determine a list price that is appropriate for your house and current market conditions, and if you want to move quickly they can take that into consideration in the price. A price point that’s low enough to appeal to buyers may help set your property apart and drive a quicker sale.
What do you need to disclose to the buyer?
Home sellers in Nevada are legally required to fill out the state’s “seller’s real property disclosure form.” This is standard in most states and details any known defects or issues with the property. In addition, if you’re part of a homeowners association, you’ll need to disclose all the HOA’s financial info and bylaws for the buyer as well.
Closing day
After you accept an offer, stay focused on fast communication with your attorney and your agent. The buyer’s attorney and agent will likely be making contract revisions and requesting additional information, so responding promptly will help you avoid further delay. Expect to pay some closing costs and related expenses before the transaction is complete. Here are some common closing costs for sellers in Nevada:
- Realtor fees: This represents the biggest chunk of cash that eats into your profit as the seller. Agents’ commission fees typically total between 5 and 6 percent of the home’s sale price. The median sale price in Vegas was $422,000 in December, per Redfin — 5 percent of that comes to more than $20,000.
- Transfer taxes: Clark County, where Vegas is located, charges a transfer tax of $2.55 for every $500 of value. So, if you sell your home for $400,000, the transfer taxes add up to $2,040. However, you might be able to negotiate to split this fee with the buyer.
- Title insurance: Sellers typically pay for the owner’s title insurance policy here, although this too can be up for negotiation. This protects against any potential problems with the home’s title.
- Capital gains taxes: If you stand to make a large profit on the sale, you may owe capital gains tax to the IRS. How much you owe will depend on a few factors, including your marital status and how long you’ve owned the home.
- Attorney fees: While you aren’t required to hire a real estate attorney in Las Vegas, it’s a smart investment. Selling a house involves lengthy contracts, large sums of money and potential liabilities, so a lawyer can make sure you’re protected in the deal.
Find a real estate agent to help you sell your home fast
Working with an experienced local real estate agent can help you maximize your home’s sale price while also moving quickly. If time is of the essence, interview multiple agents to find one who can work on your timeline.
FAQs
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Selling to an iBuyer or cash-homebuying outfit will likely be the fastest method of selling your home in Las Vegas. These companies can close a deal from start to finish in just a few weeks, as opposed to waiting more than a month for your home to go into contract, and then another several weeks (or more) until closing.
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Yes, an agent with expertise in your specific area in Las Vegas can help you price your home competitively based on local market conditions, and make strategic marketing decisions to help the home stand out. However, since you’ll likely have to wait for your buyer’s financing to be approved before you can close, selling directly to an iBuyer or cash-homebuyer will be faster.
The decision to sell your home is a big one. Even in a seller’s market, it can be stressful — especially if you’re still living there while it’s being shown. How do you prepare for a parade of strangers, all potential buyers, traipsing through your home while you’re still holed up there? And stay sane in the process? Read on for tips on how to sell your home while still living in it.
Declutter, deep clean and depersonalize
Before hosting your first showing, take the time to make it ready for the spotlight. There are several steps you can take to make your home more appealing to prospective buyers. Home shoppers want to be able to visualize themselves in your space, so start by depersonalizing it. That means removing family photos, kids’ toys, vacation souvenirs and more. The goal is to make your home look neutral so that buyers can imagine how they would use and occupy the space.
First appearances are also critical when selling your home, so you may also want to freshen up the landscaping. Not all updates and repairs are worth making when you list your house, but sprucing up its curb appeal doesn’t have to be expensive — just a few potted flowers and fresh paint on the front door can go a long way toward making house-hunters feel welcome.
Of course, the interior matters, too. Having your home professionally cleaned will help it look its best to buyers. And it’s tough while you’re still living there, but try to maintain that cleanliness throughout the selling process. You want to keep the home photo-worthy for as long as possible, even after you’ve had those professional photos taken for the listing.
Storage options for items you need to stash away
Don’t approach this part of your home-selling process as drudgery. Think of it as a bonus round of advance packing — a gift to the future you, who just sold your home and is ready to pack up and move out. Box up as much as you can while you’re prepping your home to be viewed by potential buyers, and make a plan for where you can keep the boxes for a while. Storage units and friends’ and relatives’ basements or attics are all good options. The main thing is to get the boxes out of your own house, if at all possible.
Prepping your home to sell while living in it
We all know the principles of home staging, even if we don’t know the specific term. Thanks to Marie Kondo and HGTV, the idea that a clean, clutter-free space translates into peace of mind is entrenched in our cultural psyche. Super-size this concept with some broadly appealing styling, and you’ve got the marketing tool known as home staging. Employed effectively, it can make a property sell faster, and for a higher price.
But that’s in vacant properties. What if you are still living there? What can stay, what should be hidden away and what absolutely must go?
What you can keep on display
To give your home the best shot for a top-dollar sale, it needs to be picture perfect — literally. Before potential buyers visit your home, they’ll evaluate it based on online photos. So, before listing photos are taken, pare everything down to your essentials.
It’s OK to keep furniture and artwork in place, so long as they don’t feel dated or quirky. But be sure to hide away items that are clearly personal. “Potential buyers want to be able to see themselves living in the space, not you,” says Birgit Anich, CEO and creative director of Connecticut-based BA Staging & Interiors. Anich recommends ditching small accessories and tchotchkes, too. “Bigger objects read so much better in a photograph,” she says. “Little things distract the eye, so the brain is not focusing on the most important components of the room.”
Of course, it’s not possible to pack away absolutely everything. Some rooms, like the kitchen, still need to function in an everyday way. Anich suggests choosing one or two appliances that you truly use on a daily basis to stay out on the counter — a coffee maker and a toaster, for example. And they should be sparkling clean. “Every object tells a story,” she says. “If the toaster looks banged-up and old, that will make a negative impression on potential buyers. They may think to themselves, ‘If the seller isn’t taking care of the toaster, what else isn’t being taken care of?’”
What you should hide away for safekeeping
With lots of people coming in and out, you likely have some items that you’ll want to not just stash away but lock away. Think things that have special value, whether sentimental or monetary, and that pertain to privacy and safety: jewelry, documents with identifiable info, prescriptions and more.
Another item that should be locked up: your kitchen knife block. It may seem extreme, but for the safety of the real estate agent showing your home, it’s an easy precaution to take. “I always say, ‘Out of sight, out of mind,’” says Anich.
What you should never, ever have in the house
Apologies to all the animal lovers, but the top thing to never have in your house while it’s being shown is a pet. Many potential buyers do not love Rover the way that you do. And they won’t love any signs of him, either: Make sure that food and water bowls, litter boxes and any pet-related things are well out of sight before buyers visit your home. And vacuum well to get rid of any pet hair. “You want to minimize any touchpoints that might remind potential buyers that pets live on the premises,” says Anich.
Other things to never have in your house while you’re selling it include objects with any religious or political affiliations. However strong your convictions, buyers may not share them, and these items may prevent them from being able to see the space as theirs.
Likewise, remove anything that might make it seem as if you’re concealing a problem. Multiple scented candles or air fresheners, for example, could be construed as red flags, making buyers wonder what odor they are covering up.
Reducing stress while showing your home
Try not to think about the showing process as people invading your space. Consider the house a product for sale rather than your home. Packing and storing a lot of your stuff is actually a good thing — it’s hugely helpful to adopt the mentality that, essentially, you’ve already moved out.
During this transitional period, be vigilant about having minimal impact on a room when you use it, and clean up after yourself as you go. Get family members on board, too, if possible.
It helps immensely to have a pro guiding you through the showing and selling process. Work closely with an experienced local real estate agent: Agents don’t just understand the housing market’s ins and outs, they also understand the ins and outs of how to make your home look its best and appeal to prospective buyers. And they can coordinate with your schedule to make the showings as non-disruptive to your daily life as possible.
FAQs
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There are some advantages to private showings. Open houses often attract people who are just curious but have no interest in buying, whereas someone who takes the time to schedule a one-on-one showing of your home is more likely to be a serious buyer. An open house can still be useful for getting the word out, however, especially if there hasn’t been a great deal of traffic for private showings.
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One important final step to take before house-hunters arrive is to make sure window shades are open to let in as much natural light as possible. It’s also a good idea to ensure all trash has been emptied and surfaces have been cleared, including kitchen countertops. Wipe down bathroom sinks, close toilet lids and remove any pet food bowls as well. Ask your Realtor if there’s anything you feel unsure about.
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No, clearing out is the best approach. Buyers generally don’t feel as comfortable viewing a home when its owner is there, and they may feel guarded in what they can say or ask in your presence. In addition, staying during showings raises the risk that you could inadvertently say something that may negatively influence prospective buyers.
If you’re gearing up to list your house in Miami, you’re entering the market at a confusing time.
On one hand, home prices are booming: According to Redfin data, the median sale price in Miami was a very high $570,000 as of December 2023. That’s an 11.8 percent increase year-over-year and close to $200,000 above the nationwide median.
On the other hand, homes are taking a mighty long time to sell: more than two months, per Redfin. What are your options if you need to move faster than that? Don’t worry, the sun can still shine on your south Florida sale. Read on for everything you need to know about how to sell your house fast in Miami.
Selling a house fast in Miami
As of December 2023, Miami homes spent a median of 69 days on the market. And that’s just how long it took to go to contract; it could be weeks or even months between that point and the actual closing.
Things will move faster if you’re able to find a cash buyer, which is not at all unusual in Miami. According to a 2023 report from Miami Realtors, nearly 40 percent of all Miami home sales, and more than 50 percent for condos specifically, were cash deals. This eliminates the need for financing, and not having to wait on lenders and underwriters to approve a mortgage loan speeds up the sale process considerably.
If you’re really on a time crunch, you might consider cash-homebuying companies as an alternative to a traditional agent-assisted sale. These options move even faster — so fast that the whole deal can be done and closed within just a couple weeks, in many cases. Opendoor, one of the country’s biggest iBuyers, also operates in the Miami area. Both types of companies make cash offers and move with great speed, but in exchange for all that quick convenience, you sacrifice profit. Selling your home to one of these companies is almost sure to net you a lower price than you’d get through a traditional, open-market sale, if you’re willing to wait.
Things to consider when selling your house in Miami
If you decide to go with a traditional home sale, here are some questions to ask yourself — or your real estate agent — before you jump into the market:
How should I prepare my home for sale?
Real estate is an industry of first impressions. Since buyers are already shelling out a huge chunk of money to plant roots in Miami, most of them aren’t going to want to pay for major repairs after they move in. With that in mind, it’s important to determine what you need to fix versus minor issues that don’t need to be addressed. For example, if you have visible damage from the most recent hurricane season, you’ll want to deal with it to avoid turning buyers away. Simple spruce-ups, like a fresh coat of paint or bright flowers on the front steps, can go a long way toward impressing prospective buyers too.
If your home needs a bit more love, professional staging might help prospective buyers envision themselves moving in. How much you’ll pay for home staging depends on how much help you’ll need: Decluttering and organizing will be a small bill, but if you’ve already moved out and need to rent furniture, you will need to carve out room for a bigger budget.
How should I price my home?
If you’re thinking about selling, you’ve probably already tried to estimate what your house is worth. However, online tools aren’t as valuable as the human expertise of your real estate agent. They will be the best resource in helping to determine the most important piece of the selling puzzle: the asking price.
Your agent will compare comps, or prices of nearby homes that are similar to yours, to determine the going rate in your area. Keep an open mind and trust in your agent’s expertise: Redfin data shows that, despite Miami’s high median price, more than 12 percent of sellers dropped their prices in December, and less than 10 percent of homes sold above their list price.
What should I disclose to the buyer?
What would you want to know if you were in the buyer’s shoes? Legally, you’ll need to inform buyers of any issues that could impact the value, or safety, of the property. For example, if there is water damage in the basement, you need to make the buyer aware. Technically, you’re allowed to just make a verbal statement, but the best way is to complete a seller’s property disclosure form.
Additionally, you’ll need to fill out a property tax disclosure statement to share your past tax obligation with the buyer. Finally, if you live in a condo or belong to a homeowners association, make sure you request documents about the association’s financial health and any bylaws that a new owner will need to follow.
How much will all this cost?
Selling a home in Florida isn’t free. There are closing costs and other fees to consider before you get to walk away with your proceeds, and if you still have a mortgage on it, you’ll have to pay that off as well. Here’s a rundown of common costs for Miami home sellers:
- Realtor fees: Sellers typically pay the real estate agent commissions, in Florida and in every state. These fees will come to around 5 or 6 percent of the purchase price. That’s a hefty sum: For a median-priced $570,000 Miami home, 5.5 percent comes to more than $31,000.
- Documentary stamp taxes: Miami-Dade County’s documentary stamp tax — commonly referred to as a real estate transfer tax in many states — is structured differently than the rest of Florida’s. On a single-family home, the tax is $0.60 for every $100 of value, which is $3,420 on a $570,000 sale.
- Title insurance: Miami sellers are probably off the hook for covering the cost of a title policy. While sellers typically pay for this fee in most of Florida, Miami-Dade County is one of a few exceptions where buyers usually handle this expense.
- Property taxes: You’ll be responsible for covering property taxes up until the day of closing, so any outstanding balance must be paid.
- Attorney fees: You aren’t required to hire a real estate attorney in the state of Florida, but consider doing so anyway. Selling a house involves loads of legally binding paperwork and large sums of money, so the cost of a lawyer’s expertise is worth it.
- Concessions: The buyer may request that you cover the cost of a necessary repair or ask for other seller concessions. You don’t have to say yes, but if you do, you will pay that amount at closing.
Getting to closing day
Accepting an offer from a buyer isn’t the end of the journey. While you wait for closing day, make sure you’re working with your agent and your attorney to answer questions and provide information in a timely manner. Any holdups can delay your closing, which delays your profits from landing in your bank account.
Schedule movers in time to clean the place up and prepare for the buyer’s final walk-through. And if any issues arise that adversely impact the property’s value (the information you needed to share in the initial disclosure), you’ll need to tell the buyer about the change.
At the closing table, after all your costs are paid (and your mortgage loan paid off, if applicable), the rest of the money is yours. Congratulations on your next adventure — whether you’re moving elsewhere in the Sunshine State or heading for new lands altogether.