When should you consider selling your home? See what Orlando Regional Realtor Association, a local real estate organization that represents Central Florida REALTORS® says about timing, home value and hiring a realtor.
Get the answer straight from Orlando Regional Realtor Association, a local real estate organization that represents Central Florida REALTORS®.
Orlando Regional Realtor Association
They say that timing is everything, and when it comes to selling your home, nothing could be more true. Right now in Orlando, it’s a seller’s market and home values are rising. If you’re thinking about selling your home, the timing could not be any better. In fact, the stats say it all:
- Median home prices in Orlando jumped an average of 9.7 percent in the first quarter of 2018 alone, according to housing market reports from the Orlando Regional REALTOR® Association.
- The national home-price index is projected to increase by 5.2 percent on a year-over-year basis from March 2018 to March 2019, according to CoreLogic, a global property information, analytics and data-enabled solutions provider.
- In 2016, sellers received, on average, 98 percent of the listed price, meaning most didn’t have to lower their asking price to make a sale, according to Mashvisor, a real estate investment research and analytics provider.
Lou Nimkoff, president of the Orlando Regional REALTOR® Association, agrees. “The rebound in the real estate market has created a great opportunity for sellers,” he says. “Values are the highest in years, and this is an opportune time to be a homeowner who’s ready to cash in on their investment.”
What is Your Home’s Value?
Given these positive market conditions, it’s possible your home is worth more than you think. The best way to determine the true value of your home is to contact a REALTOR® who can offer a comparative market analysis of your home’s value utilizing industry resources unavailable to others. These market comparisons not only include size and number of rooms, but they also consider the home’s condition, properties like it in the area and how close it is to amenities, such as banking, schools, healthcare, dining and shopping. This analysis helps to ensure you can set the right asking price from the beginning.
“Sellers often think property tax assessment, insurance value or a neighbor’s home value can determine their own home’s value, but only a true comparative market analysis prepared by a licensed REALTOR®, combined with their local connections and market knowledge, can provide a realistic idea of your home’s value,” adds Nimkoff.
Is Now the Right Time to Sell?
The first step to deciding if now is the right time to sell is contacting a REALTOR® to get the process started. Your REALTOR® will prepare a comparative market analysis to help you understand your home’s value. Then your REALTOR® can help ensure you’re taking the right steps toward selling your house and walk you through the entire process. Pricing your home accurately and using a REALTOR® from the start can keep your house from staying on the market for too long and selling for less than the desired price, which often happens when sellers try to sell by themselves or use instant home purchase websites.
For Sale by Owner? For Sale Forever.
When it comes to selling a home, many people think selling on their own will save them time and money. For Sale by Owners (FSBOs) believe the selling process is simple and effortless. List the house and let the offers roll in. Easy, right? In reality, many homeowners find that what they thought was a faster and easier selling solution quickly turns into a huge waste of time and money.
FSBOs often think that by dedicating their own time to selling their home, they can eliminate a REALTOR’S® commission, end up with more money in their pocket and sell it quicker. In actuality, 70 percent of FSBOs say they had significant difficulty selling their home, based on data from a profile of home buyers and sellers conducted by the National Association of REALTORS®. What they thought was a simple process turned out to be time-consuming and complicated. One of the biggest reasons for this is that they set the wrong asking price from the beginning, and they don’t have the knowledge and expertise required to sell it.
Conversely, to make homeowners more money from their sale, REALTORS® prepare a comparative market analysis, help set the right asking price, market with the expansive MLS network, and negotiate effectively on your behalf, all while staying within legal requirements. These are all potential problems and liabilities that can add up for FSBOs.
“REALTORS® know how to use their knowledge, expertise, connections and resources, built over years and even decades, to sell homes. FSBOs often don’t have the kind of exposure or the resources needed to sell their home,” says Nimkoff.
Since Orlando’s market favors sellers right now, there are an abundance of potential homebuyers out there searching for that perfect house. As a FSBO, you would be responsible for evaluating the questions and offers that buyers are throwing your way. According to the home design and manufacturing publication, Builder Magazine, on average, selling a home requires 52 touch points between a seller and a buyer. It also takes 19 more days to sell by yourself than if you use a REALTOR®, based on data from a real estate marketing study conducted by Northwestern University. Typically, FSBOs have many other responsibilities, and they don’t have the time to dedicate to selling their home as a REALTOR® would.
REALTOR® or No REALTOR®? That is the Question.
Not working with a REALTOR® can be tempting to many homeowners, especially with the rise of the instant home purchase sites. Many homeowners consider this option because it’s quick and they think the offer is fair. In reality, by doing this, or by trying to sell it themselves, homeowners could be leaving thousands of dollars on the table.
REALTORS® offer the greatest opportunity to sell faster, more efficiently and for the best possible price, making it a much smoother process for the homeowner. Plus, working in their local markets every day, REALTORS® know their local markets like the back of their hands, better than any website. They offer expert knowledge that will help get your home ready for sale, and when it comes to exposure, REALTORS® have the reach to market your home to the widest possible audience. They know how to manage offers and qualify buyers, working diligently to find the perfect one who will take care of your home just as you did. Professionals in their field, REALTORS® also have the expertise needed to negotiate the terms of the sale and get the best offer possible. Finally, each REALTOR® commits their professional career to following the REALTOR® Code of Ethics, which includes a pledge to protect and promote the interests of their clients. At first, selling by yourself might seem more cost-effective, but in the long run, you may end up with more stress, less time and less money.
The benefits of using a REALTOR® are paramount compared to selling through other means. REALTORS® devote their efforts to getting to know you and your home, so you can set the right price from the beginning, have a smooth selling process and get the best possible outcome of the sale. If you’re ready to sell your home, make sure you start and end the process the right way. Learn more by visiting OrlandoRealtors.com.
About the Orlando Regional REALTOR® Association
The Orlando Regional REALTOR® Association (ORRA) is one of the largest local trade associations in Florida, with more than 15,000 members in Orange, Seminole and the surrounding counties. The mission of ORRA is to provide state-of-the-art, cost-effective information, services and programs to advance the professional careers of its members.