Despite what the media loves to hype us up about- high interest rates, a declining stock market, no inventory, etc it's actually not a terrible time to sell real estate here in Central Florida. The market in Florida is certainly different than it was last summer, but that's not necessarily a bad thing!
I always tell sellers the right time to sell, is when it's right for you to sell. There is money to be made in real estate in any market, and it's my job to show you how to do that. In the current market we're in, it's really going to come down to one simple rule of thumb: the best kept, and best priced houses sell for the most. Buyers are pickier than they have been- and can you blame them? At interest rates near 7%, I'd be pickier than normal too!
So let's break this down, so you know exactly what you're getting yourself into when you're ready to sell:
Number 1: Start earlier than you think. The average days on market is increasing steadily month by month. In Orlando, we went from 4 days to now 35+ days. And remember, this is just average. So from the time your put your home for sale in Orlando, the average time it takes to go under contract is going to be somewhere around 30-40 days. From there, it's typically going to take the buyers between 30 and 45 days to go through the lending process and close. Just taking those two factors into consideration, we're talking 60 days out from the time you watch this video. Plus factor in the time it takes your home to get ready to hit the market and we're looking at 3 months out. If you're focusing on selling your home in Orlando in summer 2023 move, now is the time to get your ducks in a row!
Number 2: Have a gameplan for success. Do you need to sell this house to purchase your next one? Are you staying local in Central Florida or moving out of state? Do you need to consider things like employment, relocation time or the school year? If you're staying local and looking to up-size or down-size, market conditions are going to be a factor in how quickly you can sell. The good news, is the Central Florida housing market is sitting on about 3 months of inventory, which means you actually have a pretty good selection of homes to choose from. If you're looking in a specific area or school district (like Oviedo schools, Windermere schools, etc.), or want certain amenities like a pool or mother-in-law suite, this can make the search take longer than anticipated. If you're moving out of the area, it's imperative you do your homework on the market conditions for that area so you know how long it will take you to find your next dream home. If you don't already have a trusted agent to work with, let me know and I'll help you find your perfect match within the Compass brokerage- we're in all major cities across the US!
Number 3: What is more important to you- making as much money as possible or selling it as fast as possible?
If making the most amount of money possible is your number one objective, your home needs to be priced perfectly and in absolutely pristine condition. If selling as fast as possible is your number one goal, then brace yourself for what I'm going to say next: Your home needs to be priced below market value, with no room for error on the price. If speed is your number one driver, then pricing it to sell is your gasoline. (Do you see what I did there?)
Number 4: The fact of the matter is this: the homes for sale in Orlando in the best condition, that are priced perfectly, are selling the fastest and for the most money. In fact, just last weekend in my own neighborhood in Oviedo, a cash buyer got beat out by another offer, and the house was only on the market for 3 days! It's still very possible, but it's going to take some elbow grease.
So let's break this down a step further and dive into what I mean by Best Condition. Best condition means move in ready to the fullest extent of the word. It means freshly painted neutral walls, sparkling clean baseboards, updated kitchens and bathrooms, newer carpet and flooring, a newer roof, trimmed and maintained landscaping, you get the idea. Think about it this way: with over 6,000 homes to choose from on the market right now in Central Florida, what sets your house a step above the competition?
Lucky for you, I have access to a program called Compass Concierge where my brokerage will front the money for repairs and improvements so you can sell your house for as much money as possible. There's no interest, no strings attached. You simply pay back whatever you borrow at the closing table. And best part of all, I act as your project manager and handle all the logistics myself to keep this as stress free as possible for you!
Number 5: Make sure the agent representing you has your best interests at heart (or better yet, just give me a call.) If your agent whips out their cellphone and starts snapping pictures for the MLS, or doesn't provide you with a marketing plan to get your home sold, then you're simply paying an agent to stick a sign in your yard.
A year ago, that alone would sell your house. But now, the market has changed, and so has every good agents strategy.
If you found this information helpful, be sure to share it with someone looking to sell their home in Central Florida!