West Palm Beach is a busy, vibrant city with plentiful opportunities for fun and relaxation. The historic downtown area is bustling with arts and cultural venues, coffee shops, restaurants, and shopping. The proximity to the Intracoastal Waterway makes this neighborhood a haven for water lovers and sun seekers.
If you are selling your home in West Palm Beach, it is crucial to understand the local housing market. To maximize the sales price of your home, following a few tips can get you to your closing without taking a financial loss. Read on to find out how to get top dollar for your home in West Palm Beach.
Know your housing market
The local housing market plays a crucial role in your listing price and how quickly you can sell your home. Currently, mortgage rates are still high, but housing inventory is low. Low housing inventory translates into less competition, which can benefit you.
Palm Beach County is still a seller’s market. The median sale price is $445,200 as of May 2023, up 12.9% from 2022. This year, 74% of homes were sold below the asking price, 16% were sold at the asking price, and 11% were higher than the asking price. If you are patient throughout the process, you can get a higher price for your home.
Find an experienced realtor
There are many reasons why working with a realtor can get you better results than trying to sell on your own. For instance, realtors can access buyers of whom you may not be aware. They also can help you negotiate the asking price that is best for you. A realtor can be your best bargaining chip in maximizing your sales price.
Price your home competitively
Conversely, if the price is set too high, it will decrease the number of offers on your home. Without receiving several offers, there is less room to negotiate an optimal price for you. Buyers will look at comparable homes in West Palm Beach when considering your home. Listing it at a competitive price can attract those buyers and get them to the negotiating table. A knowledgeable realtor can help you list your home at a price that will get you those offers.
Prepare your home for viewing
If any repairs need to be done, this is the time to fix them. Whether putting on a fresh coat of paint (neutral colors help sell your home faster), repairing leaky faucets, or landscaping the yard, all the preparation will make your home stand out. If your house looks move-in ready, it will attract more offers.
Ready, stage, shoot
Hiring a professional photographer to shoot your online pictures is a good idea, too. The pictures you put online create a virtual tour for potential buyers. Once you've prepared your house to exude its best curb appeal, you will want pictures that also give it the best online appeal. Studies show that professionally edited photos fetch 47% higher asking prices than unprofessionally edited photos.
An experienced realtor can help you with the description and the listing. They will list it on the MLS and possibly other sites as well. Social media accounts like Facebook and Instagram can also be effective venues for listing.
Close the deal
Real estate closings typically take 30 to 45 days to finalize. There is paperwork for both the buyer and seller and closing costs to work out. However, once all the closing work is done, you can hand over your keys to the new owner.