Selling Your Home In Garden Isles?
You may be considering selling your home in Garden Isles, Pompano Beach, FL. As a Pompano Beach Realtor® and former State Certified Real Estate Appraiser, I would like to give you some details about what to expect regarding your home, the market, typical terms, and other useful information that will help you get started on the right foot.
What’s Been Happening In Home Sales In Garden Isles Lately?
A brief recap of home sale data in Garden Isles, Pompano Beach:
- In the last 180 days, there have been 17 single family homes sold in the MLS in the Garden Isles subdivision.
- The sold price range was $315,000-875,000.
- Homes sold between $186 and $346 per square foot.
- The shortest number of days a house went into contract was 2 days and the longest a house took to go into contract was 294 days.
- 5 Buyers were cash buyers, 10 buyers obtained conventional financing, and 2 buyers obtained FHA financing. The homes with the lowest and the highest sales prices sold for cash.
- Homes ranged in living area size from 1125sf to 2528sf.
- Sales with living areas of approx 1500-2000sf with waterfront lots sold on average between $500-600,000.
- Sales with dry lots sold between $315-412,500.
- All homes had either 2 or 3 bedrooms. Only one home had only 1 bathroom. All others had 2 baths.
- Homes varied in upgrades from near original fixtures to completely renovated.
Taking A Closer Look
The home that sold the fastest also had the second highest sale price per square foot ($332), despite having taxes on the higher end (reflecting no homestead). It is a stunning 3BR/2BA waterfront home with a 2 car garage and a pool. The sale terms were offered in Cash, FHA, Conventional, and VA financing. The commission offered to the agents was 3%.
What Lessons Can This Sale Teach You?
Offering proper commissions and a wider variety of terms, if appropriate, can give you more potential buyers. More buyers means more competition which can help keep the sale price of your home at its highest.
The House That Took The Longest To Sell
The house that took the longest to sell is a very beautiful 1800sf+, 3BR/2BA home in upgraded condition with a lovely waterfront R34-WF/Ocean Access lot and a 2 car garage. This home also boasted the second lowest property taxes of all the homes, including the dry lot homes. The sale price was $595,000, which appeared in line with comparable sales.
Why did this house take so long to sell?
After digging deeper into the data, I saw that the original list price was nearly $100,000 higher. The seller held out on the sale for 9 months before finally deciding to reduce the price. Once the price was reduced to $619,000, the listing went pending within 2 weeks.
Another House That Took Too Long To Sell
Of the homes with dry lots that sold in Garden Isles, the highest priced home also took the longest to sell (114 days until contract). I looked at the original list price and saw that it was listed at $440,000, had a price reduction 2 months later to $419,900, and then went pending 2 more months after that. To me, that says the list price may have been a factor in delaying a sale, but not the whole enchilada.
What other factors may have delayed the sale?
At 3BR/2BA with nearly 1500sf of living area, 1 car garage, pool, and lovely interior finishings, this home has all the qualifications to sell for the highest price of the dry lots that were available. So what may have kept this house from finding its perfect buyer?
Easy Showings Helps Homes Sell Faster
One factor that could have caused delay in finding a buyer could have been accessibility. Occupancy info was listed as owner occupied, pets on premises, scheduled appointments. That may have meant that showings were limited to certain days, certain times, or other limiting factors causing buyers to fall in love with another home first.
Offer Competitive Commissions To Agents
Another factor to note is that the seller only offered 2.5% commissions to the Realtors®. Remember folks, a good listing agent sets your house up on the market to sell for the highest price possible in the shortest amount of time. He or she does this via skill and training and if it’s done wrong either you suffer in time, in money, or both.
The buyer’s agent usually brings the buyer that is willing the pay your asking price or near it, within reason. Why would that buyer’s agent bring his or her buyer to your home if he can find a perfectly wonderful competing house that is offering him or her the full 3% commission?
Selling Your Home In Garden Isles Summary
You can sell your home for top dollar within a week if you price it properly, are flexible with showings, offer proper commissions to the real estate agents, and offer more terms of sale. By sell I mean get into contract, and of course if you have a cash buyer you can close rather quickly after inspections. If you have a conventional or FHA buyer you can figure around 45 days to close once you’re in contract.
If you have a large waterfront home in Garden Isles with 2 or 3 bedrooms in good condition, and with a pool you should be able to sell your home at the upper range of the subdivision. If your home is on the smaller side and on a dry lot, you are probably going to be in line with the late 300s or early to mid 400s depending on condition, taxes, features, etc.
Getting A Closer Look At Your Home
In order to find out your home’s best list price you should consult with a Pompano Beach Realtor®. A comparative analysis should be done for your home specifically. The agent needs to view your home inside and out in order to give you the most reliable information.
Buy A Home In Garden Isles
If you’re looking to buy a home in the area let’s go for a tour. I know this market like the back of my hand and I will extend to you my 15+ years of real estate appraisal and sales experience.
We will discuss the fine points of your needs and wants and then I’ll get to work on finding your perfect home in Pompano Beach.
As always, if you or anyone you know is in need of a great Realtor® in Pompano Beach, Fl, please consider calling me. It would really make my day!