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Pricing your Fort Lauderdale Home or Condo To Sell
Pricing your Fort Lauderdale Home or Condo To Sell

Tuesday, January 10, 2012

         When pricing your property, there are many expert opinions and information online that can be misleading for a seller. So many statistics and evaluations are out there, and it can be confusing to take in. However, with good guidance from your realtor, and the right market price, you will experience a smooth sale and get the correct value for your home.  Some of the factors that a realtor will consider when pricing your home are:  the type of buyers purchasing in South Florida, similar properties that have sold, and the current National and Fort Lauderdale real estate climates.

The National Real Estate Conditions 

Mortgage rates are at record lows and prices are down by 30%, making housing very affordable. Buyers however may be swayed by the hope that the market will continue to decrease. Barclay’s Capital estimates that roughly 3.4 million dollars I see pictures worth of loans are being foreclosed on and banks now own roughly 440,000 homes.  This amount of foreclosures can be a detriment when pricing your home because buyers may be swayed by the foreclosure prices. Further, lenders are increasingly stringent on offering loans requiring more documentation of the borrower’s income and appraisals are often coming in lower due to the aforementioned foreclosures.  This can be frustrating for the seller, since the value of their home is often subject to their neighbor’s delinquency.  There is good news though, rental prices are increasing which increases the likelihood of people to buy.

Fort Lauderdale Real Estate Conditions

Fort Lauderdale is fortunate to occupy one of the most desirable markets in the State of Florida. Since Florida is blessed with a warm climate and Fort Lauderdale has first class leisure activities, it is desirable for both families and those out of state individuals buying a second home.  Another consideration is the inventory in Fort Lauderdale has been shrinking, thus stabilizing home prices. Recently, Realtor.com has ranked Fort Lauderdale as #5 for market turnaround in the third quarter of 2011 and international buyers in South Florida have consistently purchased property in Fort Lauderdale, given its natural beauty and city charms. 

Pricing Your Home and The Importance of A Comparative Market Analysis

Using the National and Fort Lauderdale Market conditions as a guide, first, make sure it is the right time for you and your family to sell.  Once you have arrived at your decision to sell, it is imperative to obtain a reputable realtor to create a comparative market analysis (CMA).  The comparative market analysis is a snapshot in time of the value of your home based on the home sales surrounding you or in your building. Your value can change depending on the sales in your area, and your realtor will be able to advise you the best price for your home to be competitive on the market.
The most important component of the CMA is measuring the price per square foot of your home against other sold properties and active properties on the market. Available inventory of your type of property is also extremely important. For instance, if you have the only Southeast facing corner unit on the market, you have a clear advantage over other properties and vice versa. Another facet of a CMA is calculating the value of certain amenities your home has compared to others on the market. While it is not recommended to make substantial improvements to your home to increase the listing price, there are certain items your home may have that are more desirable in the market, and your realtor will know which!  Further, your realtor may suggest certain incentives that can entice a buyer, such as closing escrow quickly for a fast move in.  Your selling process should be as painless as possible, and arriving at the right price to list your home is one of the most important factors in a sale. All in all, it is very important to be informed regarding the national market conditions, however when in doubt, always consult a realtor to explain the current market in your community.
For more helpful seller tips, Please refer to my resource section! http://www.joannedwards.com/

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