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Allard Schager/Getty Images June 20, 2022 Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. If you own a home in Florida and are thinking about selling, here’s good news: You can probably find someone to buy it. The number of existing homes available for purchase in the Sunshine State is very low — just 1.1 months supply of single-family homes as of April 2022, according to . However, selling a house in Florida isn’t as simple as posting a listing and watching the offers roll in. Here’s everything you need to know to maximize your profit and minimize the time you have to wait for closing. Are you ready to sell
Before you put the house on the market, you need to have a game plan for what’s next in your life. Are you planning to rent somewhere? Or will you need to so you can use the proceeds for a down payment on your next property? Remember, the seller’s side is all smiles right now, but being a buyer is a totally different story in many places around the country. Be sure to take a look at your finances, too, to get a sense of what kind of mortgage you’ll be able to qualify for.
Preparing to sell
Once you’ve decided to list your home, it’s important to answer three questions. Is it worth upgrading your home before you sell
If your kitchen feels outdated or your backyard could use a new deck, you may already be running the numbers on completing those projects to boost the sale price. But, while you might be able to , you will likely struggle to recoup the entire cost of the projects. Pre-sale upgrades don’t have to be major renovations. Instead, you can make simple enhancements that will look especially appealing in pictures online, like a fresh coat of paint or a new flower bed. And according to Florida Realtors, 33 percent of and choose their own design features. So your renovation might immediately turn into another one for the next owner if they don’t share your sense of style. What should you repair before you sell
If you have water damage, a cracked hardwood floor or some other noticeable issue, you’ll probably want to address it before letting prospective buyers take a look. Obvious problems can turn them away or lead to low-ball offers. Additionally, it’s smart to hire a home inspector to do a that will uncover any other issues. Should you stage your home
Part of selling a house in Florida is helping buyers envision themselves there. And right now, if it still looks like your home — with your family pictures, your clutter and your old couch — they might not immediately fall in love. is one option that can create a more welcoming feel. It can cost you as little as a few hundred bucks and offers a solid return on investment. A (NAR) revealed that 47 percent of real estate agents reported offers increasing between 5 and 15 percent due to home staging efforts.
When is the best time to sell a house in Florida
Generally, the best time to sell your house is when it will sell the fastest. Based on 2021 data from Florida Realtors, for buying a home: The median time to contract was just eight days. However, it’s important to note that every season is a good time to sell a house in Florida. The median in December was still a speedy 12 days. Finding a local Realtor
will help you understand the best time to list your house, how to market it effectively and what to do to attract a larger number of buyers. As a seller, you’ll need to pay your agent’s as well as that of the buyer’s agent — but that investment can be well worth it. If you try to do the work yourself as a listing, you can miss out on a lot of money. According to the NAR, the average listing with an agent sold for $58,000 more than an FSBO listing in 2020 (the most recent timeframe for the data). Make sure to ask these Price your home competitively
Don’t let the headlines of low supply and hot demand fool you into getting greedy. When you list your Florida home, you want the price tag to capture the attention of loads of house hunters. If you price it too high, you’re likely to turn away some prospective buyers. So what does “competitively” mean? It’s simple: Work with your real estate agent to review and find the . If you can inspire a bidding war, you might be lucky enough to land more. The situation happens regularly here: According to , nearly 44 percent of recent sales in Florida were above list price.
Documents and disclosures in Florida
Seller s disclosures
Home sellers in Florida are required to inform buyers of defects that might impact the value of the property but are not readily observable. Has the roof ever leaked? Have there been any past water intrusion issues? Technically, you don’t have to share these details in written format; you can tell buyers verbally. However, the Northeast Florida Association of Realtors provides a that you can complete to verify you handled your duties as a seller. Required documents
You can also expect to sign away on some additional disclosures, including a flood insurance notice, a form regarding whether sex offenders live in the area and a disclosure about sinkhole-related problems. You also need to include a that informs prospective buyers about their property tax bill. Other common documents
If your home is near the water, as so many in Florida are, you will likely need to complete the coastal properties disclosure statement. This lets buyers know about the potential for shoreline erosion. And if you live in a community or building that’s run by a , expect to hand over a complete look at the board’s past minutes.
Need to sell your home fast Consider these alternatives
Find an iBuyer: Companies like Opendoor and RedfinNow will give you an offer on your home without even seeing it. is designed to save loads of time – you might get an offer within 24 hours. However, there is a tradeoff: You will likely make less money than you would with a traditional listing. Look for a : One of the reasons selling a home can take so long is that a mortgage-backed transaction involves a lender, which needs time to approve the buyer’s creditworthiness. Skip that hassle by finding a buyer who can pay upfront, no borrowing necessary. , according to Redfin, particularly in places like Port St. Lucie, Cape Coral, Naples and West Palm Beach. Sell as-is: If you list your home , you’re basically putting a billboard up that says, “Let’s skip the back-and-forth bargaining about repairs and concessions.” By informing buyers that you aren’t going to make any changes, you may be able to get to contract faster. Add some quick curb appeal: Rather than spending time on larger fixes or home staging, focus on . Clean the windows, power wash the driveway, plant some shrubs by the front door — dress up your home for sale without too much fuss. The closing
Cost of selling a home in Florida
As you think about how much you’ll make from the sale, you should also think about how much you’ll need to spend to make the deal happen. Here’s a look at , which will eat into your profit. Real estate commissions
The payment to the real estate agents handling the transaction will be the biggest chunk of money associated with selling your home. The most common commission is around 3 percent of the purchase price to the selling agent and 3 percent to the buying agent. However, , so you should inquire about the potential for a discount. For example, if you can negotiate down to 2.5 percent and you sell your home for $400,000, that 0.5 percent discount represents $2,000 in savings. Seller s closing costs
In addition to handing over money to the agents involved, here’s a rundown of other . Title insurance: In most places across Florida, the seller pays for title insurance to protect against the rare event of a lien against the property. The fee is based on the value of the property, and it is a : $5.75 per $1,000 up to $100,000 of liability, plus an additional $5.00 per $1,000 up to $1 million. (The structure continues to change as the value increases.) As an example, if your buyer purchased your home for $400,000 and made a down payment of $80,000, the title insurance for the owner’s policy would be $2,075. Transfer taxes: Commonly referred to as in other places, this fee is known as the in Florida. It’s the fee you’ll pay to transfer ownership of the property. In most places, this is 70 cents per every $100 of value, but it is slightly lower on single-family homes in Miami-Dade county. Escrow fees: You will likely need to pay for an to hold the buyer’s earnest money. The fee will vary based on the price of the home. Seller concessions: You could wind up offering — paying for a portion of the buyer’s closing costs if an unexpected issue comes up in the home inspection. Other expenses: Other costs you may need to account for include real estate attorney fees, prorated property taxes and wire fees for transferring money. FAQs
What do you need to sell your home in Florida
You’ll need two forms of identification, along with proof that the house is indeed yours to sell. If you’re still paying your mortgage on the property, contact your lender for complete loan payoff information, too. Work with your real estate agent to make sure you have completed every necessary disclosure to ensure you’re checking off all the legal boxes.
Do you need an attorney to sell your home in Florida
You are not required by law to hire a real estate attorney in Florida. However, it is always wise to have a legal expert working on your behalf, who can review contracts and protect your interests.
What taxes do you pay when you sell your house in Florida
You will pay taxes to transfer ownership of the property to the buyer. In Florida, these are known as documentary stamp taxes. In most places, the tax rate is 70 cents per $100 of the purchase price. For example, the tax to transfer the deed on a $400,000 property would be $2,800. In Miami-Dade county, however, the rates are slightly different.
How fast can you sell your home in Florida
Most homes sell quite fast in Florida, according to Florida Realtors. In June, the busiest month for real estate sales, the median time to contract is just eight days.
Who pays for the title policy in Florida
In most places across the state, the seller foots the bill for the title policy. However, there are exceptions; in the counties of Miami-Dade, Broward, Sarasota and Collier, the buyer is usually responsible for this charge. As with many fees in real estate, who pays the title policy expense can be negotiated.
What is the average closing cost for a seller in Florida
A seller’s closing costs will depend on two key factors: The final sale price of the home and the fees that have been negotiated. The biggest expense will be real estate commissions, which usually add up to about 6 percent of the purchase price. Title insurance and documentary stamp taxes are also calculated as a percentage of the purchase price. Typically, sellers will pay up to 10 percent of the purchase price in closing costs. SHARE: Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles