Best Time To Sell Your Home In Miami
A Complex Market
The Miami real estate market is complex for a couple of reasons. First, it remains a highly popular location for people buying primary residences or second homes; thousands of people move there every year.
Second, the buyers are diverse: as some are downsizing empty nesters, some are upsizing growing families, and some are looking for vacation homes they may or may not rent for parts of the year. Most Miami-area buyers (and thus also sellers) are from other countries. In fact, Miami is ranked third in the country for international home buyers, with domestic buyers making up only about 20% of the total.
Third, the market is actually made up of many small, distinct markets, each with its own characteristics and its own pool of buyers.
Trends and Timing
Real estate market trends in Miami have similarities and differences in these submarkets, so it’s important for sellers and their agents to consider these trends. And as in all real estate markets, there is an optimal time to sell.
For example, that 80% of international home buyers are flocking to the beachfronts, to their adjacent neighborhoods, and to the islands. They want the security of these neighborhoods and the best access to amenities. Properties here tend to get sold every few years, keeping the market hot and vibrant, like Miami itself.
Other neighborhoods, such as Coconut Grove or Coral Gables, have their share of single-family homes that people may keep and enjoy for a decade or two before they want to make a change. More rooted in place, these communities stay on, like the palms and the ocean.
These differences may affect how you prepare your home to show; maintenance and upgrade needs will probably vary, depending how long it’s been since the last sale. But the end product is the same for any home. Miami buyers are attracted to high-quality features and high-end luxury in a turn-key home. They want the chance to simply walk into their dream house, so stage; to show off both the house and its lifestyle.
The best time to sell your house in Miami, according to market analysis, is late summer. For the best profit, list in May to close in August, when sales are highest. For the fastest sale, aim to close in September, when houses sell after the shortest time on the market. But at any time of year, enlist the help of a top agent experienced in your area, who can advise on your home’s best presentation and marketing.
A Complex Sale?
Any house sale can be complex, when appraisers, financial lenders, unknown buyers, inspectors who disagree, surprise problems, or even a weather catastrophe can enter the picture and throw the process off. Add the complication of buyers and their funds not being from the United States. The skills of an expert realtor and real estate attorney are invaluable assets for selling a house in Miami.
You May Also Be Interested In: Resources For Selling Your Home