Fort Lauderdale Real Estate Frequently Asked Questions
Q. When is the right time to sell a home in Fort Lauderdale?
A. Many homeowners assume that the summer months in South Florida are the wrong time of the year to sell. My research shows that there is little difference in the sales to asking price ratios from month to month in the Greater Fort Lauderdale area. Attempting to time the market rarely increases your bottom line figures. Everyone has a different reason for selling. For example, if you have a vacant property there is no sense in keeping it off the market even a day. Your carrying costs like taxes, insurance, utilities and HOA fees will negate any seasonal bump. Read a more detailed explanation here.
Q. How long does it take to sell a home in Fort Lauderdale?
A. The median days to contract has been about 35 to 40 days for single family homes and 45 to 50 days for condos so far in 2018 for all of Broward County. My own listings have averaged just 17 days on the market over the past two years. One of the biggest factors in the time it takes to sell is, of course, the asking price. Correctly priced homes can sell very quickly in today's market. Read more on this topic here.
Q. What does it cost to sell a home in Fort Lauderdale?
A. Here are the common fees the seller will see on their closing statement
Commission - About 6% sometimes negotiable
Doc Stamp Tax - 0.77% never negotiable
Lien search - Varies. Usually $200 to $300
Title & escrow charges Varies. Usually $500 to $600
If you are looking for a ball park figure it costs about 7.5% of the purchase price in total. If you want a more detailed explanation of closing costs, and an accurate estimate, read this article. You will also find a handy closing cost calculator.
Q. How is the market in Fort Lauderdale?
A. As most of you know the real estate market market in South Florida collapsed in 2008. Barely a year and half after I got in the business. Great timing on my part, right? Values declined through 2009 and 2010. The recovery began in 2011 and gained pace in 2012 and since then the market has been steady and healthy. Now in 2018 there is a much thinner inventory of homes available. Sellers have the upper hand for the most part depending on the neighborhood and price point. I publish monthly statistics in my newsletter. Sign up for that here.
Q. Do you hold open houses for sellers?
A. Open houses are the only selling tool you will see on reality TV shows. In real life open houses are not very effective. I decide on a case by case basis.
Q. Do I need to hurricane proof windows or impact resistant glass.
A. Impact resistant glass aka hurricane proof windows are a pricey upgrade. A typical sliding glass door can cost $7 to $10,000. Windows and doors vary according to shape and size. It can cost $50,000 to update windows on a medium size home. There are alternatives such as accordion storm shutters and corrugated metal panels to cover window and door openings. You are not required to have any of these options. Many folks have gone without them for years. Many paid the price though. It is a very good idea to have some kind of protection from high winds. You will get you a decent discount on your homeowners insurance and piece of mind. New homes must have impact resistant glass and if you replace a window or door it must be brought up to code and that means installing impact resistant glass.
Q. What is my home worth?
A. You can get a quick and easy ball park estimate of your home in seconds by following this link. If you want a more accurate market valuation give me a call and I will do a free analysis for you. If you are serious about selling your home I highly recommend having you home appraised by a licensed appraiser. Here's why. (I even cover the cost)
Q. Are you a full-time agent?
A. Yes. I have been licensed since 2006 and have been a full time agent since 2007.