If you’re wondering if “How to sell a house by owner in Florida and save money,” is a feasible option, then you’re right! It is indeed. In Florida, the average realtor commission rate ranges from 4.72 to 6.08%.
You may decrease commission costs in half without a listing agent, and you will have greater influence over the transaction. However, due to increased obligations such as selecting a listing price and negotiating with buyer’s agents, selling without an agent is often only a feasible choice for experienced house sellers who are ready to invest the time and effort.
FSBO houses sell for around 6% less than those listed with real estate agents excluding the buyer’s agent commission, which is typically 2.70% of the transaction price.
How to Sell a House by Owner in Florida?
If you’re wondering how to sell a house by owner in Florida, be prepared to face competition from agent-assisted transactions. In Florida’s seller’s market, the following tactics can help you manage the sale process effectively and attract more buyers.
Time It Perfectly
December is the optimal month for selling a house in Florida. As temperatures rise in the Sunshine State throughout December, more customers come to Florida. If you sell your property in December, you receive up to $29,500 over the average selling price.
On Thursdays, 21% of the properties are listed because they sell quickly and are more likely to sell for more than the asking price. Thursday in December is the greatest time of year to sell a property without a realtor in Florida.
Offer a Mouth Watering Price
The listing price is the most influential element in determining how soon a house sells. Regardless of whether you’re selling a house by yourself or through an agent, the listing price is vital for attracting a large number of purchasers.
Typically, Florida real estate brokers use a Comparative Market Analysis (CMA) to establish the optimal listing price for a property. With Zillow and Redfin, it is simple to generate your own CMA and comprehend the process of selling a house by owner in Florida.
Preparing Your Florida House for Sale
Here are some suggestions for preparing your Florida home for sale:
- Neutral hues appeal to a broader spectrum of potential purchasers.
- Shampoo, wash, scrub, and thoroughly clean every square inch of your home.
- Enhance curb appeal by clearing the garden and planting new flowers
- Employ a professional stager or arrange your furniture to make rooms appear big and organized.
- Remove all your personal belongings as you want prospective buyers to see their own lives in your home, not yours.
- Make use of natural lighting as much as possible. Open blinds and drapes and keep in mind that every room should be well lit. If need be, add light bulbs.
- Pay attention to any minor repair work which needs to be taken care of on an urgent basis. =
When selling real estate in Florida on your own, it may do wonders to make your property look like a million bucks. Complement each area so that it tells a narrative, doesn’t allow stuff to dominate all the space, and makes an aesthetically pleasing first impression.
Describe the Best Parts of Your House
Here are some basic practices for writing a captivating property description:
- Work on an attention-grabbing headline. You have only a few seconds to capture the reader’s attention. Keep it simple yet descriptive.
- Highlight the attributes of your property that did not fit in the headline in your opening statement.
- Don’t be shy to use adjectives. Listings that include terms such as immaculate, stainless, engaging, etc. tend to attract more buyers.
- Highlight unique features and mention energy-efficient technologies such as solar panels, Wi-Fi-enabled smart gadgets, and so on.
- Specify if there are any nearby parks, recreational places, schools, market areas, etc.
Complete the Florida Seller Disclosure Form
When you’re in the midst of completing a seller’s disclosure in Florida, keep in mind the following paperwork by sellers:
- Seller Property Disclosure: A document that lists all of the property’s characteristics and any known concerns, including those with appliances and other systems.
- Property Tax Disclosure Summary: This disclosure summary informs the buyer that the present property tax cannot be used as a basis for future property tax calculations. Change of ownership or renovations may result in a reassessment of the property and a recalculation of the property tax.
- Flood Zone Statement: A buyer’s lender may request the flood risk assessment for the subject property prior to extending a loan. This may be significant for mortgages backed by the federal government.
- Lead-Based Paint Hazard: For properties built prior to 1978, the seller is required by law to disclose any lead-based paint concerns.
Market Your Florida Home
Privately owned 95% of homebuyers seek for and evaluate properties online. Obtaining maximum web exposure should be the primary objective when selling a home, in conjunction with other marketing strategies.
Here are some effective techniques to promote the sale of your Florida house by owner:
List it on the MLS
MLS-listed homes sell faster for a 17% premium. This does not imply that you must engage a listing agent or pay the additional commission. Create attractive listing descriptions to attract prospective buyers.
Utilize websites for for-sale-by-owner listings to sell your property by owner and give a competitive buyer agent commission. That will put you in a strong position to sell your home for top money.
Yard Sign
Avoid a “For Sale by Owner” yard sign as it may give a wrong impression to buyers that you’re an amateur. Instead buy a For Sale sign and include your phone number.
Click HD Pictures
Employ a professional photographer to develop a portfolio of your home. Professional photographs may have a significant influence on the selling process by attracting more customers.
Market on Social Networking Sites
Share your listing on social networking platforms with your contact information.
Distribute Brochures or Flyers
Keep a flier handy for distribution. Include property facts such as the property’s description, price, address, and contact information.
Show Time
Once your house is ready for showings, it is essential to successfully handle them. You want to know who has viewed or indicated an interest in viewing your home. And you also want to monitor the last time a possible buyer viewed it. Online showing scheduling tools make it easy for buyers and buyer agents to request and schedule showings.
Master the Art of Comparing, Negotiating and Reviewing Offers
When you are selling your house in Florida without a realtor, the process fundamentals remain the same. This encompasses accepting, rejecting, or ignoring the proposals (not recommended). Evaluate each offer, and never reject one irrespective if the offer is modest. Countering an offer and requesting the highest and best offer are two sophisticated real estate agent strategies.
Handle the Closing in Florida
In Florida, real estate attorneys manage the closing procedure and related legal matters. You still have several responsibilities which consist of:
Title, Evaluation, and Inspection
A real estate transaction is dependent on a valid title and a precise transfer. Title insurance protects you if there is an issue with the property’s former ownership. It compensates you in the event of a legal dispute about the title.
An inspector inspects the property prior to the conclusion of the home-buying process. They inspect the property for any flaws or needed repairs and communicate issues accordingly. This guarantees that buyers are not required to pay for any flaws in the property that the seller failed to disclose.
An appraiser does market research and determines the value of a certain property. The assessment manager guarantees that the price supplied by the seller is accurate and consistent with the market value.
Closing Costs
Even if you are selling your home by owner in Florida, there is a potential that you will encounter purchasers who are represented by an agent. In Florida, buyer agent commissions range between 2.5% and 3%.
If there is a fault in the property’s ownership, title insurance protects the seller/buyer from any legal issues. Depending on the discussions, either the seller or the buyer may pay the insurance charge.
Transfer Tax is based on the sale price of the property and is $0.7 for the first $100. The only exception is Miami-Dade County, where the rate is $0.60 per $100 (or fraction thereof) for single-family homes.
In Florida, hiring a real estate attorney is optional. However, it is advisable to hire an attorney to handle the legalities. Real estate attorney costs in Florida may range from $150 and $350 per hour.
You are also obligated to pay capital gains tax on the property which is the difference between the price at which a property was purchased and the price at which it is sold.
Final Word
When selling a home For Sale by Owner in Florida, the average real estate agent commission is around $23,380. With a smart For Sale by Owner platform like Houzeo, you may save thousands in commissions by selling your house in Florida on your own.