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How to price your home for sale: the 4 most important factors

If you price your Miami home correctly, how quickly it will sell and how much it will fetch will be critical. If you get the selling price wrong, you may have a hard time attracting interested buyers. Selling your home can be a stressful and emotional process. When your real estate agent provides you with data representing the true market value of your home, it may not be what you want to hear. However, you don't want to be stuck with a house that sits on the market for months, while you lose patience and money.

By Lucie Vanlier 17 Nov 2022

4.jpg1 - What is the market like in your location?

The real estate market can vary from city to city and even from neighborhood to neighborhood. While Brickell may be hot today, it could cool off as another Miami neighborhood heats up. Before pricing your home, make sure you understand the market in your building or neighborhood.

2 - Prices of recently sold homes

When you first meet with your agent, he or she will likely bring a comparative market analysis (CMA). This document analyzes recent sales in your market and compares them to your home to determine a list price. Even if you think your home is worth more, pay attention to this data.

It's also important to understand whether you're dealing with a buyers' market or a sellers' market. In a buyer's market, you will have more competition. This means that if the market says your home should be listed at $1.2 million
and you list it at $1.4 million, you may have a hard time
finding interested buyers. On the other hand, in a seller's
market, the opposite can happen.

3 - Consider the renovations you've made 

If you've increased the square footage, renovated the kitchen and updated the bathrooms, you can add it to the value of your home. But don't think that if you paid $45,000 for a new kitchen, you can just add it to the list price.
It's not a mathematical equation. It's not about the purchase price of the house plus the money you put in and what it's worth. Some renovations and remodeling projects have a better return on investment.

4 - Pricing to sell

2.jpgYou don't need to sell your home once to a buyer. Instead, it needs to be sold three times: once to the buyer, once to the buyer's agent and once to the bank appraiser. This means that you need to consider all three when pricing your home.
It may start with the buyer, but the deal may never get done if the buyer's agent is not sold and the appraisal is not high enough. Be sure to consider the agent and the appraisal before setting the sale price of your home.
When selling your Miami home, it is best to hire a reputable real estate agent to help you set the price. The right price
will allow you to sell your home quickly and for the best price.

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