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
Perhaps you have become an empty nester and wish to downsize your home. You may be starting a family and need to sell your smaller home and move into a larger space. Whatever your reasons, once you decide to sell, it is time to take the first step toward your final sale and closing.
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.
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
For first-time sellers, local realtors Jennifer Drahan and Betsy Keiser from The Drahan-Keiser Team can guide you through your home's listing, selling, and closing. They know the West Palm Beach housing market and have the experience needed to get your house sold. One of the most significant transactions in a person’s life is their real estate transaction. A lot can be jeopardized if a professional realtor doesn't review documents and safeguard you in all aspects of the deal.
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.
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
It may seem counterintuitive to price your home competitively if you want to maximize the final sales price. However, listing too low can cost you money. It may also give potential buyers the impression that something is wrong with the house, and the sales price compensates for flaws.
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.
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
Before you create your online presence or schedule open houses, you must ensure your home looks its best. This is the time to eliminate any clutter and do a deep cleaning. Once you sell, you will be ahead of the game by having unnecessary items disposed of, sold, recycled, or stored.
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.
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
When your house has been cleaned and decluttered, and you have taken out any personalized items, you are ready to stage it. It may be well worth the cost of hiring a professional stager who knows how to arrange your furniture to create a more flowing, spacious appearance. They also know how to optimize your home's natural and artificial lighting. Your realtor can find the perfect match for you.
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.
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.
List it
Most buyers use online listings to find their new homes. Since many potential buyers will view your online listing, it is important to have a compelling description to accompany your photographs. Use powerful and descriptive words like "move-in ready" and "birds-eye maple cupboards" to play up your home's best features and draw in buyers.
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.
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.
Show it
When it is time for the reveal, make sure you have curtains open and lights on to show your home off in its best light. Though you will want your house to look and smell clean, avoid strong cleaning agents, air fresheners, or diffusers that can trigger allergies or offend sensitive noses. Ensure the thermostat is set to a temperature that makes buyers feel comfortable.
Close the deal
Real estate closings tend to take weeks to complete. During this time, the buyer often has a final inspection and walk-through of your home. At this time, you and the buyer will discuss any contingencies, such as agreed-upon repairs, and then remove them. There may even be renegotiations.
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.
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.
Take away
Selling your home is a major life event. If you are ready to sell your West Palm Beach real estate, contact The Drahan-Keiser Team. Their expertise and skills will help you sell your home for the best price.
