Top

What do I need to do to sell my Florida home?

January 18, 2011

If you’re interested in selling your Tampa Bay, Florida home in 2011 you’re going to need to learn how to look at your situation as objectively as possible. By “objectively” I mean “Uninfluenced by emotions or personal prejudices.”

Easier said than done? Tell me about it.

But you’re going to need to do it nonetheless, so perhaps now is the time to start practicing. A good place to start is by walking out of your home and then back in the front door, pretending you’re an actual home buyer seeing the “property” for the first time. You’ve never been in the house before so look around at what you think a buyer would look at if they were seeing your home for the first time.

Is it clean and organized? Are there unfinished repair or maintenance projects obvious? How does the home smell? Is it light or are all the windows covered making the place feel more like a cave than an inviting home?

These are the physical steps to attempting to see your home objectively – as buyers might see your home. You might also ask some friends to do the walk-through with you and to be honest about what they think a buyer might think.

The next step is to look at the numbers. Ask an experienced Realtor to do a market analysis of your neighborhood for you. How many homes have sold in the past 90 – 180 days in your subdivision? How much did they sell for? Were they short sales, bank-owned properties or traditional sales?

When you look at the homes that have sold look for a trend. Do you notice that the only homes selling tend to be the ones priced in the lower 25% of comparable homes? Pay attention to this as it’s the most important piece of information you’re going to need if you really want to sell your Tampa Bay, Florida home.

Now have your Realtor run a search of your neighborhood but only look at the homes that are actively being sold right now. Also look at the homes that are under contract right now. Have your Realtor sort all of these listings by price, from low to high, and take a close look at the very clear pattern. You’re probably seeing that the lowest priced homes are the ones going under contract.

If you want to sell Florida real estate in 2011 you’re going to have to put your own personal biases on the back burner. As painful as it is to face, you won’t be attracting a buyer unless you’re priced lower than the competition. And even though it doesn’t feel “fair” to have to compete with short sales and bank-owned foreclosures…you DO have to compete with them.

No buyer in their right mind will pay more for your home when they can buy a short sale or bank-owned home right next door for significantly less. Buyers are educated these days and just about everyone knows we’re still in a declining market. Nobody is going to pay a premium for your home when they believe the value of your home is still dropping. Think about it. Would you pay $200,000 for a home that you suspect will be worth $190,000 in 6 months? Of course not. And you definitely wouldn’t pay $200,000 for a home that is almost identical to the foreclosure down the street that is listed at $150,000.

If you are serious about selling you will need to face the music. You’re going to sell for far less than you want. Nobody is happy selling in this market. But people ARE selling. Homes are selling left and right. It is up to you if you want to actually succeed in selling your home. Today price is EVERYTHING. As soon as you realize this you will be one crucial step closer towards your goal of selling your Florida property.

Comments

12 Responses to “What do I need to do to sell my Florida home?”

  1. Minneapolis Real Estate on January 22nd, 2011 11:45 pm

    True, sellers need to understand that they’re competing with short sales and foreclosures, and that they oftentimes have to bite the bullet and sell their house at a loss.

  2. gnews on January 27th, 2011 12:58 am

    Several years ago I heard that the “Location is everything !” Is the price so decisive?

  3. Warner Robins Real Estate on January 30th, 2011 9:13 pm

    This post hits on why it’s so important to have a reputable and experienced Realtor on your side…they will look at the entire transaction objectively without emotion getting in the way.

  4. Rhode Island Insulation on February 2nd, 2011 10:08 am

    The situation is obviously not the most ideal, but you are only pointing out the honest truth and reality of what is going on in the market. If you don’t want to sell, or can’t afford to sell, then don’t, but at the same time don’t stay in your home if you can’t afford to live in it. All is not lost if you have to sell at a loss, it is happening everywhere. You might be surprised by the reaction from your bank and they may be more forgiving than you think.

  5. Florida luxury villa on February 4th, 2011 12:10 am

    As you say, we must try to look at our home from the perspective of the buyer. I would suggest inviting a not so frequent guest to review the home. If you ask me I am against selling a home unless its past its age, I would say its better to opt for renting the home as we can have the luxury of getting it back if needed.

  6. Brookside Kansas City on February 7th, 2011 5:05 pm

    First let me say I am impressed. You have a dofollow blog, with great content and quality comments. This is how it is supposed to work – very few real estates agents know how to work the web like this (as is under the hood).

    Nice article, reminds me of a softer version of Mike on HGTV’s real estate intervention. Thanks again for the article.

  7. Jason Coles on February 9th, 2011 10:49 am

    You do have to be in the right frame of mind to sell your home, if you are only doing it halfheartedly then you will convince yourself of a bunch of reasons why you shouldn’t sell it for the price that someone is willing to pay. It is difficult to accept these days how much property prices have gone down in recent years, but it is reality, and it does hurt us in more ways than just financially. Renting is an option, but really only for those who have a smaller mortgage on the property and are in a position to get most, if not all of their mortgage covered by rent. You do also have to consider if you own an older home that as a landlord you will be financially responsible for everything that goes wrong inside and outside of the home, and that can often get costly.

  8. postcard printing services on February 24th, 2011 11:23 pm

    As you say, we must try to look at our home from the perspective of the buyer. I would suggest inviting a not so frequent guest to review the home. If you ask me I am against selling a home unless its past its age, I would say its better to opt for renting the home as we can have the luxury of getting it back if needed.

  9. Home Improvement on February 25th, 2011 12:54 pm

    I’ve read a lot of posts these past few months with the same sentiment.. sellers need to be realistic with their expectations if they truly want to sell their home. The home is the single biggest purchase for majority of us — paid for by time and hard labor. So it’s not surprising that emotions can get in the way when its time to part with it.

  10. Grapples on February 25th, 2011 7:30 pm

    I think it depends if your house has competitive value like location, materials and it’s absolutely beautiful then sell it for a price but if it is in the same condition as the low-priced listed houses, then go with the flow.

  11. Mirrors Perth on April 9th, 2011 1:45 am

    I suspect it depends if your house has good value like location, materials and is completely fascinating then sell it for a price but if it is in the same condition as the low-priced listed houses, then just go with the flow.

  12. Buy my house on January 10th, 2013 6:33 am

    Really great post! I loved while reading it. An experienced Realtor should be there, who can guide you properly in a proper way.

Got something to say?

You must be logged in to post a comment.

Bottom