Selling a home in the Florida Keys can be a confusing process, especially if it’s your first time selling real estate. The good news is that homes in the Florida Keys are highly sought-after, making your property a major appeal to interested buyers. Working with a qualified real estate agent to sell your Florida Keys property can make the process go much more smoothly. It’s also important to have a solid understanding of the local real estate market and what you can expect to receive from a sale. Learn more about selling real estate in the Florida Keys.
Selling your home is a big decision. Whether you’ve chosen to move to the mainland or are simply looking for a smaller or larger home in the Florida Keys, you’ll want to consider all aspects of the home selling process. While the process involved in selling a home in the Florida Keys is similar to other areas of the United States, there are some rules and regulations specific to the area. As you get ready to sell your home, you will want to become familiar with the real estate market and any legal sales requirements.
Most people who sell real estate in the Florida Keys work with a licensed real estate agent. A good realtor help you price your home correctly based on the condition of the home, a comparative market analysis, and similar factors. The realtor can also handle other essential tasks such as reviewing documents. Once you’ve found an interested buyer for your home, your realtor will also negotiate on your behalf. However, before you sign a lease agreement with a realtor, you will want to get references from previous home sellers who have experience working the realtor.
Most real estate listing agreements cover the same basic terms, starting with the type of listing. Often, a realtor will want you to sign an exclusive right to sell listing, which means that you are obligated to pay a commission to the agent regardless of who finds the buyer. However, there are other types of listings too, such as an open listing. With an open listing, the seller agrees to pay a commission to the agent and that agent is the only person authorized to sell the home. However, you only need to pay a commission if the agent brings in the buyer instead of you.
Commission can vary depending on the realtor you work with, but will typically range between 5 and 6 percent of the home’s sale price. The commission is then split between the buyer’s agent and seller’s real estate agent. Along with the amount of the commission, the listing agreement should state the duration of the listing. This should be a specific amount of time, such as 90 days. The listing agreement may also include items that may or may not be included in the sale of the home, such as appliances.
One of the most important aspects of the listing agreement is the listing price. Your real estate agent will use a variety of tools and resources to recommend a fair price for your local area. This price is determined partially by the realtor’s experience and knowledge of the local real estate market, as well as data found in a Multiple Listing Service (MLS). Finally, the listing agreement should include any key obligations of both the seller and real estate agent. This section of the agreement should thoroughly outline how the realtor will market the property and any disclosures you must make to potential buyers.
Effective marketing is highly important if you want to sell a home in a relatively short amount of time. However, not all real estate agents have the skill and experience to market homes effectively. Realtors should use a combination of tactics and techniques to reach a wide audience of interested home buyers. Print marketing is a classic option that is still highly effective. In addition to materials like market reports, a relator can market a home through local advertising and marketing brochures.
Today, a majority of marketing efforts are done on the web. From social media to real estate websites, you’ll find hundreds of homes throughout the Florida Keys posted online along with photographs and thorough descriptions. Realtors often have a strong search engine marketing strategy that helps get their name at the top of the search engines. This means when a buyer searches for a term, such as “homes for sale in the Florida Keys,” they will quickly locate your home. When real estate agents have an easy-to-use website with plenty of information and photographs, it can attract buyers from all over the world.
While having the right real estate agent to assist you with the home selling process is one of the most important aspects, there are other things you will want to do to consider for a fast and successful sale. First, you will want to disclose anything that may affect the value of the home, such as major repair issues, hidden mold, leaking roof, or similar problems. Know that you may need to make some repairs before selling your home or realize that these issues may come up during the buyer’s home inspection.
You will also want to prepare your home for a sale. In addition to making any essential repairs, you will want to make sure that the home is clean and in adequate condition. You may want to make some inexpensive changes to draw in buyers, such as giving the walls a fresh coat of paint. You may also want to hire a professional to come in and ‘stage’ your home. Home staging allows potential buyers to see what their house could look like which can greatly increase your chances of a sale. Home stagers can be found at all price points.
Before accepting any bids, take the time to really review all buyers’ offers to purchase your home. Of course, you will also want to get advice from your real estate agent. In addition to the purchase price, pay attention to other components such as deposits, assessments, financing commitment periods, closing dates, inspection periods, and title evidence. You will also want to confirm the buyer’s ability to purchase the home for the agreed upon price. Promise of payment from the buyer’s mouth does not guarantee the buyer’s ability to pay or obtain financing from a qualified lending institute.
Once you have narrowed down a buyer, you will want to prepare for a home inspection. The buyer will hire a professional to thoroughly inspect the home to ensure that there are no major issues that may prevent them from buying. After the inspection, the inspector will provide a document that includes all the details from the inspection, including any repair issues that need to be addressed. Following an inspection the buyer has the opportunity to renegotiate depending on the results of the inspection. If the inspection goes well and the buyer decides to proceed, you can begin making preparations to move. After signing the real estate purchase contract, you will have approximately 30 days to move.
The final part of the home selling process is the closing of escrow, also known as the settlement. By the time closing rolls around, you and the home buyer should have both agreed on the terms of the purchase contract. During the closing, all funds and final documents are exchanged between the buyer and seller and the buyer pays the agreed upon purchase price. As the seller, you will be required to give the home buyer a deed, a clear title, and any other necessary transfer documents. You will then have the opportunity to pay off any outstanding loans on the property, as well as commissions.
Nearly 90 percent of home sellers work with a listing agent and it’s clear why. Selling a home requires extensive knowledge of the local real estate market and strong negotiating skills to ensure that you receive the price you want. As the real estate market in the Florida Keys is constantly changing, it’s important to work with a realtor who has the tools and resources needed to sell your home.
A good realtor will market your home aggressively to reach a wider audience. He or she will take professional photographs of the interior and exterior of home, as well as write a description that will appeal to interested buyers. Selling your home on your own can result in a variety of problems and can even make you lose money in the deal. An experienced realtor will know what to look for in buyers and what to include in all legal contracts to ensure that you do not run into any problems during the process. If you’re ready to sell your home in the Florida Keys, contact a local realtor today.