Sometimes, you have to say goodbye to your old home. You might have shared many beautiful memories but now it is time to move into a new home. The reasons are many why people decide to move. Most of those include the lack of storage space or moving to a new city for a job. This also means people will usually buy another house. Whatever the case might, it is difficult to pay mortgages and bills for two homes. For this reason, you should sell your house. In order to achieve this, here is everything you need to know about a home selling process in Florida.
The best time to sell your home in Florida
Just as it is important when you will hire movers Maitland FL, you should choose the time of the year for the home selling process in Florida. If you are looking to make a profit, choose your time for listing carefully. Since you are selling your home in Florida, do it either in spring or winter. Selling your property in December will bring the biggest profit. The home prices are 7.87% higher than the overall annual average home prices. In addition to this, since most homes spend around four months on the market, list your home in September. November and May are also good months for home sales. Avoid February if possible. On the other hand, if you want to sell your house fast, then aim for May or August listing date. October is acceptable as well. However, again, avoid January and February.
The five most common fees for selling a property in Florida
Selling your home is not completely free. For this reason, here are the most common fees.
- Title Insurance – premium rates are defined by state law and depending on your contract, one side will have to pay those.
- Costs connected with Remedying Title or Survey Issues – if you happen to have issues with the title or survey emerge, contact a local real estate attorney.
- Local Government or Municipal Costs – the home selling process in Florida includes local government costs or municipal costs such as local stamp taxes, recording fees, and any other fees established by your city.
- Administrative, Filing or Other Fees – you can also expect the municipal lien searches, community association estoppel fees, title searches, and more.
- Seller Attorney Fees – you should hire a real estate attorney to review contracts. However, you will have to pay for this service.
- Real Estate Agent Commission – a real estate agent fee.
It is up to you whether to hire a lawyer or not. However, if you are not familiar with legal terminology or documents, having a lawyer would be a wise decision. It is similar to your relocation since it is better to hire movers Winter Springs FL in order to have professional help. In addition to this, Florida state requires that you as a seller should disclose important information about your house to your future buyers. These can include any claims or complaints that can affect the house, rules, disputes regarding property lines, any possible hazards, the existence of mold, asbestos or Chinese drywall past and present, and any major bigger problem with the home structure. Make sure to fix everything before the listing.
Options for selling a home in Florida
There are several ways how you can list your home.
- Sell your home with a real estate agent – most people will hire a real estate agent. The agent will handle the listing and marketing of your home. In addition to this, they can help you with showings, staging, negotiating, and closing. Hiring the agent is a good wat to reduce the level of stress since selling a property is mentally exhausting.
- High real state commissions – You will pay a commission to your agent that is calculated as a percentage of the final sale. The percentage depends on the service. Full service means listing, marketing, showing, staging, negotiation, and closing of the listing. If you do something on your own, the percentage will be lower. Usually, the agents will take between 6 to 7 % of the final sale.
Prepare your house
Now it is time to prepare your home. First, you have to declutter your house, have it professionally cleaned, and stage both your house and garden for viewing. Next, you have to decide on the price. You can visit websites such as Zillow or Redfin to find homes similar to yours and check their prices. In addition to this, you have to make a marketing plan. This can include listing your home at listing websites, in your local newspapers, in classified ads, and social media. Make sure you take quality pictures and videos of your home. Focus on the best aspects of your house. For example, a large kitchen, an open space concept, walk-in closet, and so on. Lastly, inspect and repair any possible damage your house might have. If you skip this step, potential buyers can ask for a price reduction.
The final closing when selling your home in Florida
Most buyers will try to reduce the price. Rarely is a home sold without negotiations. You need to prepare yourself as those negotiations can last for several weeks. For this reason, here is how the closing deal works. First, you will receive a counteroffer. This is a good way to see which parts of your home are not acceptable. Then, there is an escrow process. This means a buyer will make a purchase offer which is a deposit so a property can be held in escrow by an escrow agent. During this process, escrow agents should collect tax statements, insurance, title insurance policies, loan documentation, terms and conditions of the sale, and any other necessary document. Lastly, there is the closing process where you officially transfer ownership of your home. Your escrow agent can take care of the closing process as well.