7 Things a Realtor Won’t Tell You About Selling Your Home in the Florida Keys

7 Things a Realtor Won’t Tell You About Selling Your Home in the Florida Keys
If you’re thinking of selling your home in the Florida Keys, you might be tempted to hire a realtor to help you with the process. After all, they have the experience, the connections, and the marketing skills to get your home sold quickly and for a good price. But before you sign that listing agreement, there are some things that a realtor won’t tell you about selling your home in the Florida Keys that you should know. Here are seven of them:

• You might not need a realtor at all. According to Zillow, 22 out of 590 single-family homes for sale in the Florida Keys are listed by ownerAd1. That means that some homeowners are choosing to sell their homes without a realtor, saving thousands of dollars in commission fees. If you have the time, the knowledge, and the confidence to handle the legal and logistical aspects of selling your home, you might be better off doing it yourself.

• You might have to make some costly repairs or upgrades. Buyers in the Florida Keys are looking for homes that are move-in ready, with modern features and amenities. If your home is outdated, damaged, or poorly maintained, you might have to invest some money and time into fixing it up before you list it. Otherwise, you might have to lower your asking price or offer concessions to attract buyers.

• Your home might not be worth as much as you think. The Florida Keys real estate market is cooling down after a hot streak in 2021 and early 20222. According to Coldwell Banker Schmitt Real Estate Co., the average sales price of single-family homes in the Florida Keys dropped by 4% in the first quarter of 2023 compared to the same period last year3. That means that your home might not fetch as high a price as you expect, especially if it’s not in top condition or in a desirable location.

• You might have to deal with some tough competition. The Florida Keys real estate market is not only cooling down, but also becoming more balanced between buyers and sellers2. That means that there are more homes for sale than there are buyers looking for them. According to Zillow, there are 1,192 homes for sale in the Florida Keys as of June 5th, 20234. That gives buyers more options and bargaining power, and makes it harder for sellers to stand out from the crowd.

• You might have to wait longer than you expect to sell your home. With more competition and fewer buyers, homes in the Florida Keys are taking longer to sell than they used to. According to Coldwell Banker Schmitt Real Estate Co., the average days on market for single-family homes in the Florida Keys increased by 18% in the first quarter of 2023 compared to the same period last year3. That means that you might have to be patient and flexible when selling your home, and be prepared to deal with some uncertainty and stress along the way.

• You might have to pay more taxes than you expect when you sell your home. If you sell your home in the Florida Keys for more than what you paid for it, you might have to pay capital gains tax on the profit. The federal capital gains tax rate can range from 0% to 20%, depending on your income and filing status. In addition, Florida has a documentary stamp tax on real estate transactions, which is $0.70 per $100 of value or fraction thereof5. That means that if you sell your home for $500,000, you would have to pay $3,500 in documentary stamp tax.

• You might have to deal with some emotional challenges when selling your home. Selling your home in the Florida Keys is not just a financial decision, but also an emotional one. You might have lived in your home for years, creating memories and attachments that are hard to let go of. You might also have to deal with some stress, anxiety, or guilt when leaving your home behind or moving away from your friends and neighbors. Selling your home can be an emotional roller coaster, so make sure you have a good support system and a positive mindset when going through it.

Selling your home in the Florida Keys can be a rewarding experience if you do it right. But before you hire a realtor to help you with the process, make sure you know the truth about what it entails. By being aware of these seven things that a realtor won’t tell you, you can make an informed and confident decision about selling your home in the Florida Keys. Good luck!