Sell is the word I’m often hearing lately and sell is what most condo owners in Downtown Miami seem to be trying to do right now. If you’ve closely followed the latest reports I’ve done in the area then chances are you’re probably already aware that we currently are at a Buyer’s market as sellers (especially investors) that bought during the downturn are seizing the opportunity to cash out on current profits. While nearby markets such as Coconut Grove are still facing shortages of inventory, especially with single families below $1,000,000, we currently have 37.5 months of inventory available. With lots of condos for sale in multiple developments it makes it quite easy for sellers to get lost in the jungle of prices and for some of our buyers to feel overwhelmed with so much to choose from.
In summary, for certain sellers with a need to sell quickly (relocation for instance) , it can be quite a challenge to attract a buyer with so much competition going on.
Nevertheless, although I may have used the word “challenging” I certainly did not use the word “impossible”. With so many sellers looking to find ways to attract more buyers and be able to accomplish their selling goals for 2016, I wanted to share two very important tips that will make a big difference. As always, every listing is different so please feel free to contact us for a custom plan catered to your individual needs.
The number one tip I leave today is also the most fundamental of all, as it not only applies to Downtown Miami condos but also real estate everywhere. Pricing is the key to ensuring your home sells. It may seem like magic or a mystery but it really comes down to this. With just doing the right research and the due diligence prior to listing the property, the right asking price will always garner attention and lead to an easier, more efficient sale.
No matter how new the building is or how nice the view may be, your unit will not sell if it’s not priced adequately. Adequate pricing doesn’t just mean overpricing. Although most pricing errors are done in pricing units higher than they should be, I’ve also seen instances where a property is also under priced (yeah that’s a thing) and may confuse buyers by making them them think that there’s an issue with the unit.
Prior to putting their unit on the market, what I often do is sit down with my clients in order to determine their expectations. Once I determine their time frame and what they hope to accomplish leads to a better price strategy. This is #1!
If you haven’t seen our tips on preparing your home feel free to catch up here! Take the time and effort to make your unit stand out by defining every detail with the utmost care. Do this right the first time and get ready to impress anyone who walks through your doors!
Sometimes the book may not have the best cover but unfortunately it doesn’t work the same way when it comes to looking at listings online. Presentation is the hook that suits the fish. Every time I see a listing online with blurry pictures and no description makes me curious as to how that broker expects to actually sell their unit before others. I left some examples below of what I’m referring to:
Yes, these are actual pictures being utilized to sell units on higher prices than the normal market. Not only is it detrimental to the unit but will make your units be put aside while buyers look for units elsewhere.
In times like these where every little detail can make or break a sale, I hope that these tips can assist you in preparing yourself accordingly in an effort to ensure the best results possible. We like to give and receive the best when I hire someone to do a job, we hope that you do as well.
If you would like to buy or sell real estate in Downtown Miami contact us today at 305-305-3885 or send us a message here ! We specialize in the Downtown Miami market and our knowledge in the area has already helped dozens of others achieve their real estate goals!