One factor and one factor alone dictate what your home is worth and it’s what a qualified buyer will pay for it. A home without a buyer has no value in the Miami Beach real estate market place. Sure, it has value to you, the seller, your banker, your insurance agent and to your appraiser. But unless they are willing to buy, do not count.
So here is the secret to pricing your Miami Beach FL home or condo to sell. It’s what a reasonable buyer will think your home is worth that will ultimately determine if your home will sell. Now you are probably thinking if I left it up to a buyer, they would pay me as little as possible for my home. True, they sure would. But in the real world, every buyer knows that you the seller, have no obligation to sell at just any price. To purchase your Miami property, the buyer will have to make you an offer you cannot or won’t refuse.
But here lies the selling trap many fall into which is the mistaken idea that we can hold out for an inflated price and eventually the market will come to us. Wrong! Buyers are under no obligation to buy any particular home, and no amount of marketing or signage will motivate buyers to purchase an overpriced Miami Beach FL property. Why? Because your neighbors is priced much less! This uncovers the age old dilemma facing buyers and sellers since the beginning of private property rights…What’s more important time or price? For sellers, it boils down to the need to sell within a set timeframe or to hold out for the best possible price. As for buyers, it’s the need to buy within a set timeframe or to purchase a home for the lowest possible price. A seller who would like to sell for top dollar should be prepared to potentially wait longer for a buyer willing to pay a premium price. On the flipside, a seller who needs to sell quickly, and doesn’t have time to wait should expect to discount their price somewhat because of the limited time they have to expose their home to the market.
Buyers are in the same boat. A buyer who has the luxury of shopping for a home over a long period of time can probably wait to find a Miami Beach real estate bargain, while another buyer who must buy a home in the next few weeks will probably be willing to pay a premium. Again it boils down to price vs. time. So please ask yourself, “What is your highest priority? Selling quickly or selling for a higher price?” Most of my clients answer this question with “I want both!” and I don’t blame them. Because of this, many sellers put the responsibility of getting both top dollar and a fast sale on their hired gun, the Miami Beach real estate agent. The result can be summed up as frustration. Why? Because no matter how much a seller may yell, scream & kick their real estate agent, we don’t do miracles (at least most don’t). This is why successful sellers understand, a real estate agent’s job is to provide great real estate marketing, expert advice and negotiating services. In the end, we don’t own the property and cannot make the final decisions on pricing. The seller does and ultimately the seller’s asking price will determine how slowly or quickly their Miami home or condo will sell. Successful sellers take ownership of their pricing decision by making a clear decision about which is more important to them, selling quickly or for top dollar. You’re invited to leave any thoughts, ideas and opinions by commenting below.