The real estate market in Miami is often associated with high costs, particularly when it comes to the city’s beautiful beaches and lively culture. If you’re a homeowner looking to escape the bustling metropolitan confines and explore the affordability of other cities, you’ve come to the right place. Here’s how you can sell your Miami home quickly and lucratively.
1. Understand the Miami Market Dynamics
Miami, ranked as one of the priciest cities in Florida, boasts an average home price of $553,000, as revealed by SmartAsset’s 2023 report. With an overall 5% hike in Florida’s housing market compared to the previous year, homeowners in Miami have a promising market to tap into.
2. The Power of Home Preparation
According to Homelight’s Top Agent Insights from Summer 2023, house preparation can dramatically impact the final sale price. This is not a stage to overlook; decluttering and a fresh coat of paint can each add nearly $8,000 to a home’s resale value.
3. Staging: A Seller’s Best Friend
An empty, skillfully staged house can sell for an astounding 18% more than its non-staged counterpart. This could mean a significant price difference for Miami homeowners, given the city’s high average home cost. Moreover, professional staging is believed to append roughly $8,300 to a house’s resale value. RESA’s 2021 survey reinforces these facts, showing staged homes not only sold approximately nine days quicker than non-staged homes, but 73% of them also sold over their list price. The slight staging investment, representing about 1.3% of a home’s value, can offer a hefty 7.1% over-list ROI.
4. Potential Affordable Relocation Cities
Recent years have seen an upsurge in cities offering vibrant community life, ample job opportunities, and most importantly, affordable living. A few of these hidden gems include cities like Boise (Idaho), Omaha (Nebraska), and Louisville (Kentucky). While they might not offer the beachside allure of Miami, they compensate with their unique charm, burgeoning cultural scenes, and lower living expenses.
Additionally, places like Tulsa (Oklahoma) and Des Moines (Iowa) are gaining popularity among remote workers and young professionals for their balanced lifestyles and reasonable property values. These cities not only promise a break from the skyrocketing housing prices of places like Miami but also provide an environment rich in culture, community, and convenience. Making a move to one of these cities can allow former Miami residents to stretch their dollars further while still enjoying a high quality of life.
5. Embrace the Benefits of Affordable Cities
Beyond the financial perks, moving to more economical cities can offer numerous other benefits. Reduced living expenses, less congested urban environments, and often a closer-knit community feeling. It’s an opportunity to enjoy a quieter, more relaxed lifestyle while cashing in on the escalating Miami property values.
Achieving a quick and profitable sale of your Miami home requires a thorough understanding of the local real estate market, meticulous preparation of your property, and attractive staging. After selling your home in Miami, consider exploring more affordable cities that offer an exciting lifestyle. Follow these tips for a successful and lucrative sale.