Situated on Florida's southeast coast, Palm Beach is a charming town with a harmonious blend of glitzy estates, pristine beaches, upscale dining and shopping, and world-class recreational facilities. Its unique features attract many homebuyers and investors, creating a vibrant real estate scene. For homeowners looking to upgrade or relocate, navigating the intricacies of the competitive Palm Beach real estate market requires careful planning and strategic decision-making.
Another major challenge is that the landscape of this town's real estate scene is dynamic, with median home values changing occasionally. For example, the median property value
was $1.21 million in 2020, while that of 2019 was $1.18 million. The effect of this dynamic nature is that home sellers will have little luck with old strategies. The following are steps to realize the best possible outcome when selling a home in Palm Beach.
Find the perfect partner to help through every step of the journey
The first step any homeowner must take is to find the right sales agent or broker. Talk to different agents to gauge their expertise, professionalism, professional network, as well as their motivation and commitment to helping clients. Talk about the goals and expectations of the project to see if they are a good fit.
Additionally, be sure to check their track record. While at it, inquire about their knowledge and experience in the local real estate market. Other important things to discuss include where they get their leads from, their use of technology to market properties, and their flexibility in following the desired timeline.
Assessing the market value of the home
The essence of fair pricing is a marketing tool with more power than some realize. Our economic world is governed by the unbeatable forces of demand and supply, where the price of commodities influences their demand. For success when selling a home in Palm Beach, be sure to play by the rules. This means setting an appropriate price to lure buyers into making an offer.
Oddly, pricing a property below market value doesn't always lead to a faster sale. In some cases, especially in luxury real estate, it can be as detrimental as pricing above market value as it may convey that the property has underlying issues. The biggest trick lies in determining the equilibrium price, which will require an in-depth analysis of the current housing supply in relation to the demand. While it may sound complicated, this process is very manageable with the help of an experienced Palm Beach real estate broker
Consider upgrades to improve the home's value
Strategic upgrades can have a huge effect on the value of a house. According to the National Association of Realtors, a kitchen upgrade
recovers 67% of the home's value, while a bathroom renovation and hardwood flooring refinish
recover 71% and 147%, respectively.
Today, home upgrades are necessary for home sellers wanting to dominate fierce real estate markets like Palm Beach. This is due to the high number of homeowners taking on these projects, with the 2019 to 2021 period
recording a staggering 135 million, taking the total costs of home improvement projects to $624 billion.
Upgrades can be done on a small scale, like changing the kitchen's countertops and cabinetry, or on a large scale, like a complete kitchen remodel, depending on the budget and the goals.
Time the sale
As with most things, timing plays a major role in the outcome of a real estate transaction. Home sellers need to understand the market dynamics and identify the optimal time to list. Experienced Palm Beach real estate agents are well-versed in the local market and can predict when it will be a buyer's market. They can also look at current residential developments to determine housing supply in the future or study past trends to forecast future events.
Master home staging and photography to captivate buyers
Proper staging will highlight the home's features and leave a lasting impression on buyers. It can be as simple as deep cleaning, decluttering, depersonalizing, and furniture rearrangement to create a free-flowing space and a welcoming environment.
The seller can also kick things up a notch with advanced home staging techniques, such as repainting the home with neutral paints and adding tasteful decor and simple artwork. Gardening and strategic use of mirrors in hallways and small rooms can also work wonders. If the budget allows, seek the help of professionals in complex things like landscaping. Once the staging is complete, be sure to hire an experienced photographer to take high-quality photos of the home to use as marketing materials.
Leverage innovative marketing techniques, such as the MLS
The Multiple Listing Service (MLS) remains the most effective and trusted avenue for agents to market homes. It will allow the agent to broadcast the home for other agents to view. Combined together, these agents have a wide market reach and can bring in more potential buyers. Other proven techniques that will give the home a slight edge in the market include listing it on the agent's website and social media channels. The agent can also use targeted online advertisements and harness the power of their professional circles, among other marketing methods.
Organize open homes and virtual tours to showcase the home
Although traditional, open houses are still a viable way to market a home. They are also perfect for gauging interest from potential buyers. To make the most of this strategy, have the sales agent assist with home showings and answer questions. Another prudent method to attract buyers is to do a virtual tour of the home. With 360-degree views and room narratives, viewers can get a taste of the home's interior and landscape from the comfort of their homes.
List your Palm Beach home for sale
Have you decided to embark on the journey of selling your Palm Beach home? Coastal Collective
is here to help. With over 100 years of experience in the South Florida luxury real estate market, they are your best chance of a successful home sale. Contact Chris Deitz today
to get your home on the market.