Although previous posts here have pointed out that the residential real estate market in South Florida has been slanted in favor of sellers in recent years, it has become clear that the market is beginning to balance out. For some people, that means that the time is now to put their residential property on the market for sale. So, what should South Florida residents know about selling a home?
First and foremost, timing can be everything. Even though there have been indications that the local market may be leveling out, there are certain indicators that point toward the time being right to put a home up for sale. For instance, the South Florida area is still, in general, a very attractive area for buyers, both within the U.S. and from abroad. Further, the economy in the U.S. and in Florida in particular is fairly strong, so many people will likely have a positive outlook on the future - both their own and the country's. This can make it appealing for potential buyers to jump into the residential real estate market.
Next, there are some steps that South Florida residents can take with their property to make it more attractive to potential buyers. If there are any structural problems or other issues that need to be addressed with the home, these should be addressed, if practical, prior to putting the home on the market. An inspection of the home by the owners could reveal issues that need to be addressed.
Lastly, it is important to consider the financial impact of selling a home. For starters, the sale price of the home needs to be determined. This can be accomplished by comparing the home to other, similar homes in the vicinity that have sold recently. Another financial aspect is the tax consequences of selling a home. The profit from the sale will be considered capital gains, and will be taxed accordingly.
Source: FindLaw, "Sell a Home FAQs," Accessed Dec. 18, 2016