How to Sell in a Hot Miami Real Estate Market
Selling might not seem like an issue in a hot real estate market, especially a sellers market, but if you're planning on buying as well as selling, it might be hard to compete against cutthroat buyers. There are ways to compete but it can be stressful when you need to sell and buy at the same time. Having the right real estate agent that understands the micro markets of the communities and neighborhoods around Miami and Miami Beach as well as unique selling strategies can really help bridge the gap between when you're home sells and when you purchase the new one.
A sellers market is a real estate market in which sellers are more likely to sell their home for close to their asking price and at a faster rate than if it were a buyers market. A buyers market is where there are plenty of homes to go around and not enough buyers.
Miami is certainly hitting a hot seller's market these days but if you're planning on buying in the same area as you are selling, meaning you're not moving out of state or several counties away, you'll want to start planning early. Seek professional advice early on and meet with your real estate agent and lender if necessary far in advance to plan the strategy for selling and buying at the same time.
There are a couple different options when it comes to buying and selling. You can buy first and then sell your home or you can sell first and then buy secondly.
If you're planning on buying first and then selling understand that you'll likely need to prove to your lender that you have enough money to make not only the down payment but to pay closing costs and cover any mortgage payments for two homes should your existing home not sell in time. This can be extremely stressful but it also can mean that you find the home of your dreams first before even listing.
The second option is to sell first and then buy home, which is primarily the most common way of doing things. Homeowners list their home and once they receive an offer that looks decent then they start looking for homes to buy. The tricky part is closing around the same time. If you communicate with your buyers and the sellers that you're trying to coordinate things around the same time it might be easier to get the job done.
There is a third option in which you can include a rent back clause in your sales agreement, in which the buyer allows you to rent your home back for a given amount of time after closing so that you can find a new place. This is a little tricky and if the homeowners really want to move into the new property, you may find yourself literally without a home.
It really comes down to planning. If you do your research ahead of time, have a great real estate agent understands the market and how to negotiate for a fast sale and a quick closing on your new property, plan ahead with financing and communicate with your lender your needs, you can make this transition as smooth as possible.
For more information on getting your home listed and sold were finding the right home or perhaps both please give me a call at any time.