It is no doubt a buyers’ market in most price ranges. Needless to say single family homes in Miami-Dade priced between $300,000 and $600,000 are selling fairly well as there is only a 5.3 months of inventory, in fact sales in 2018 increased 12% over 2017. Sales however start to decrease sharply once you reach higher price ranges, $600,000 to $1 million for example decreased 7% with 12 months of inventory as of the end of year. Over $1,000,000 the months of inventory doubled and $3,000,000 and above inventory went up to 61 months and sales decreased 23%.
Still homes sell, but buyers know they can be demanding in this market and expect homes to be in tip top condition – so newer roofs, impact doors and windows, updated kitchens and bathrooms are expected. High ceilings are desirable, a problem with older homes and corroding pipes are now one of the biggest headaches for both buyers and sellers.
There are some simple things sellers can do to help them stand out from the competition. Have a pre sale home inspection done and take care of those pesky repairs you might not even be aware were needed, like a dripping faucet or reverse polarity in an electrical socket, rotted wood. Have your central air system serviced and cleaned. Consider a fresh coat of paint to make your rooms sparkle.
Don’t have impact glass or shutters? Get written estimates and be ready to negotiate.
Low water pressure? Have your pipes inspected for leaks or corrosion there are ways of improving the situation without having to rip every pipe out.
Don’t forget the curb appeal, some fresh plantings or pruning goes a long way.
The better a property is presented, usually the better the price and the shorter the time it sits on the market.