Summer is upon us, and Orlando area home sales are scorching.
Summer is upon us, and Orlando area home sales are scorching. Buyers and sellers alike are having to adapt to the new and improving market conditions. With only two-and-one-half months of inventory (8,537 homes) available for buyers, options are becoming more limited than before. In fact, we haven’t seen this few homes on the market since May 2013. Add to that a 12.4% increase in overall sales and a median price jump of 11% over last year, and conditions are ideal to sell a home in Central Florida.
But how to profit most in times like this? Here are a few hot tips for capitalizing on the low inventory and increasing demand.
There is nothing wrong with wanting to get the most from your home — whether it’s an investment property or your primary residence. However, the key to selling your home in an overheated market is to not get carried away. You may see lofty promises of incredible numbers via the “Zestimate,” but focus on your home’s unique features and the recent sales in your neighborhood. What makes your home stand out from the rest? Equally important: Will those unique features equate to dollars?
A good rule of thumb is not to expect a dollar for dollar return on all of your cosmetic renovations. Bathrooms, kitchens, flooring and your major systems such as roofing wiring plumbing and A/C are winning bets. A fresh coat of paint can do wonders for drawing buyers in, but simple things like that won’t add much to your bottom line.
HIT THEM WITH YOUR BEST SHOT
When you do place your home for sale, think long and hard about pricing it competitively right off the bat. Buyers are aware of the lowered inventory now and know that waiting can mean missing out on a home.
The most effective strategy is always to price your home to move right away. The better the value appears to the buyers, the more views you’ll get and potentially multiple offers, too. You can start slightly over market and adjust your price down based on feedback, but what about the buyers you may miss in the meantime?
Think of it as making a strong first impression, you never do get a second chance at it.
As with life, the ability to adapt is key to your success. The more showings you can allow for your home, the more chances at an offer you have so accommodate buyers whenever you are able. It may be uncomfortable to leave the house short notice at dinner time, but what if those are the buyers who want to give you that full-price offer?
Make a plan to let as many qualified and Realtor accompanied buyers view your place as you can. If you have to eat out a few nights a week until your home is under contract, look at it as an opportunity to try those new restaurants you’ve been meaning to go to. Plan for the little inconveniences such as late or last-minute viewings and mentally prepare.
With conditions so seller-favorable, you may even get walk-up traffic to your front door. For your family’s safety, simply direct them to make an appointment with your agent. Serious buyers won’t mind.
CONSIDER EVERY OFFER
Low offers are still offers, and if the buyers took the time to place an offer in writing — even if it’s low — don’t take it personally. I’ve seen super low offers submitted by prospective owners turn into viable contracts after additional consideration by both parties, so don’t fret if the price initially submitted is too low. An offer is only insulting if it’s never made, after all.
If you do get “lowball” offers, don’t dismay. Simply counter with an offer with which you feel comfortable. You can opt to negotiate and or stay firm where you are priced, but it’s always beneficial to respond. You never know when a frugal buyer may decide to increase his or her terms.
Ultimately, you need to know what your home is worth, so why not opt for an appraisal upfront? This is a strategy that can be employed to assuage the fears of any would-be buyers who may not be as familiar with the different sections of a larger development and their differences. At first glance, they may see a home a few streets over selling for much less and, not being familiar with your area, assume the homes are the same.
Although most buyers will be OK with a breakdown of differences in styles within a larger development by review of recent sales, an appraisal is a definitive way to demonstrate your home’s fiscal worth. Make sure your agent understands the features of your home and its location as well as you do.
Christian Rordam was named one of the top 20 Realtors under 40 in Orlando in 2016 by the Orlando Regional Realtor Association. For more, visit christinasellsorlando.com.