Real estate markets fluctuate all the time. Yet the Tampa Bay area consistently endures as one of the most coveted housing markets in the country.
How is that possible?
And is the current local market still a favorable one to sell a home?
Finding the very best value for your home can be stressful. But with the right help, it can also be life-changing. Which is why we linked back up with proverbial real estate guru Andrew Duncan of The Duncan Duo to answer eight frequently asked questions—and put you in a better position to make the most of selling your home.
1. What’s the first thing I need to handle in preparing for the process of selling my home?
You need to tidy up the home as best you can and eliminate clutter and distractions. An experience agent, like our team at The Duncan Duo, can generally walk through the home and give you some quick tips on items that would be best served already packed up and ready to move, or areas of the home you may need to have touch ups done, etc. A great real estate agent can make you a lot of money by giving you advice to help prepare the home for sale.
2. What’s the biggest mistake most first-time home sellers can make?
They hire the wrong agent. Sometimes, they look to hire the cheapest agent or a friend that isn’t experienced at listing and selling a high volume of homes. That experience adds value to home sellers and puts more money in their pocket. The other mistake first time home sellers can make is not realizing that their “stuff” may be a distraction—how they live may not be how someone else envisions the home living. It’s best to have the home feel like a model when prospective buyers tour the property.
3. Is now still a great time to sell my home? Or does it pay off to be patient?
Now is definitely still a great time to sell a home as long as its properly prepared for sale and priced right. Values softened a bit over the summer and fall but most economists are anticipating moderate appreciation in Tampa and with inventory still relatively low compared to historic norms—there is still very strong demand.
4. How do I get the most out of my home’s value? Who determines that value?
The value is determined by what a buyer will pay for it—anything else is someone’s opinion. The market will always tell you if you are overpriced or underpriced. If the home gets multiple offers quickly, it may have been underpriced and will settle above asking at market price. While if the home sits for months and months without offers, the market has told you it is overpriced. Again, this is assuming the right marketing to get exposure is done and the home has excellent photography, videography and syndication. As far as getting the most value, hiring a great agent with an expansive marketing plan and getting the home into the best possible condition will yield the most value.
5. What areas of Tampa Bay have great sales value right now?
All of Tampa Bay is performing well right now because we have so much population growth, great weather, and a solid economic outlook as it compares to other parts of the country. Some notable areas that continue to outperform are Davis and Harbour Islands, South Tampa, Seminole Heights, and anything coastal or nearest to the water.
6. Repairs vs. selling as-is: What home equity is worth investing in, and what should you leave to the next homeowner?
This depends so much from one neighborhood and property to another. There isn’t an easy set-in-stone answer. Generally speaking, kitchen, bathrooms and adding square footage are the safest bets to improve value relative to cost. We are seeing garages in certain areas do better than cost, as well.
7. What can I do to speed up a slow selling process without drastically dropping my price?
As far as speeding up the sales process, it all boils down to marketing and agent experience. Things like 3D tours, drone photos and videos, syndication to all of the major websites the RIGHT way (many agents get this so wrong) will get more eyes on the property.
8. Once the sale is complete, can I still hold onto any home-related possessions? The dining room chandelier has been in the family for centuries.
Typically, items that are attached to the home like a chandelier would stay with the property. However, every contract and listing is different and if there are items or fixtures that you do not want to convey, you need to make sure to indicate that on the seller property disclosure statement and list them as both excluded in the MLS and sales contract.