Fort Lauderdale real estate analysts say we’re in the midst of a seller’s market. Home prices have been on the rise for some time and the number of homes listed for sale are dwindling. So, does that mean all luxury homes listed for sale will sell quickly?
“Not necessarily,” says Chad Gray of the Luxury Living Fort Lauderdale group at Coldwell Banker Residential Real Estate. There are many things you should do and not do to to ensure your home will sell according to your terms.
“If your home doesn’t sell within the first few weeks during a seller’s market, buyers will start to perceive your home as market-worn,” says Gray. “They’ll assume there is an issue with the home and consider themselves in a stronger bargaining position, or they might disregard the home altogether.”
If you’re home is on the market or you’re thinking of selling your home soon, here are a few tips to help you ride the seller’s market wave instead of getting swept up in it.
1. Price to sell
Many factors should be taken into consideration when deciding your initial list price: market inventory, perceived vs. actual value, upgrades and others. Unfortunately, many sellers often fall victim to the lure of a big payday, thinking the higher the price, the higher their profit will be. “That is rarely the case,” says Gray.
“In the Fort Lauderdale real estate market, many buyers are under the impression that sellers are not negotiating very much. If you overprice your home, you’ll lose the sweet spot of the first 45 days on the market. In the long run, your house will take longer to sell, and you’ll likely end up having to cut the price anyway,” he says.
“The pricing strategy I hear often—‘We can always come down in price’—can be a very costly one,” says Gray. “It’s understandable that nobody wants to leave money on the table, but unfortunately this strategy does exactly that.”
2. The importance of staging
Staging can help turn a beautiful house into a home. As beautiful as your house may be, it’s your home. Strategic staging offers prospective buyers visual cues to help them imagine your house as their home—which can translate to a sale.
“A few buyers are capable of visualizing, but most are not,” says Gray, who estimates that 60 percent to 70 percent of prospective luxury home buyers need a little help picturing themselves in your home. “Professional home stagers have the expertise to make the most out of living spaces and should be strongly considered— especially for an empty house.”
3. Curb appeal
“First impressions are important,” stresses Gray. “A less than stellar first impression of your home due to poor curb appeal will set the tone for the rest of a potential buyer’s tour of your home.” Most homeowners open the garage door, park the car and enter the property from the garage. Rarely do we use the front door. When planning to sell your home, take the time to act like a buyer. Pull your car into the driveway and enter your home through the front door. Look around to ensure that the details around your home— like landscaping, paint and fixtures— are in good order.
4. Choose your agent wisely
For all of the tips above, your best counselor is a great real estate agent—even if you have the most beautiful home on the block.
“It’s extremely important to hire a Realtor you like, trust, and respect,” says Gray, adding that even in a robust luxury real estate market, if you don’t have a competent listing agent that you match well with, your sale could be adversely affected.
“Often sellers feel obligated to hire a friend or family member. Your best bet is to look at an agent’s track-record. Do they have experience selling your type of home and in your neighborhood? Look at current and past listings of prospective agents to see how they marketed the property. A sign of an agent who is cutting corners is one who takes property photos with their smartphone, instead of hiring a photographer,” advises Gray.
If you’re thinking about selling your Fort Lauderdale luxury home, this is a great place to learn how we can help. When you’re ready to discuss selling your home with a great real estate agent, contact us! We have a proven track record of successfully selling homes while proving exceptional service.