Can somebody please tell me what is wrong with Miami Realesate why is it so slow?
February 17th, 2010 by admin
Can somebody please tell me what is wrong with Miami Realesate why is it so slow?
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Can somebody please tell me what is wrong with Miami Realesate why is it so slow?
3 Responses to “Can somebody please tell me what is wrong with Miami Realesate why is it so slow?”
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The greater Miami area has been inundated with the construction of thousands of condos – too much product on the market in too short a time, resulting in oversupply in the short-term. A lot of units were acquired by speculators, and when the market turned even more product was dumped on the market.
Sorry, but there’s no short-term solution for you. The only way to ensure a sale by July is to lower your price significantly. You might even be in a position to consider how much of a loss you’d be willing to accept now to avert longer-term losses. For example: let’s say you sell at a $12,000 loss now – that might be better than renting the place out at a loss of say $500 per month, because even though it would take 2 years to lose the same amount of money, the same unit might be selling for even less 2 years from now, so you’d be faced with even additional losses.
Tough situation to deal with – but I’d recommend cutting my losses as soon as possible. Good luck to you.
Lots of inventory, lots of competition. You will probably need to either drop the price or up the buyers agent co-op (commission).
I dont know how your place looks, but make sure it looks as unlived in as possible. Put all the clutter and personal items away, NOTHING on countertops except decorative stuff, try to make it look as new and welcoming as possible with no trace that someone lives there. Make sure your pictures on the MLS are good, too. Lots of light in the place, all blinds open, again – no kitch or clutter or personal items out (cereal boxes, bathroom towels hanging messy, etc.) The pictures are the first thing a buyer sees (when their agent sends them the listing, one of out 40 that may match their search criteria)
Look up staging sites online for tips, or consult a professional stager.
It’s not just Miami, the country is general is slow. Be patient; the longer you are willing to wait, the better chance you will find a good buyer.