Sell your home fast in Tampa

A city that offers both an active beach lifestyle and the amenities of a major metropolitan center, Tampa is growing by leaps and bounds. Redfin named it one of the most popular destinations for relocating homebuyers last year, and it ranked highly on Bankrate’s recent Housing Heat Index as well. That bodes well if you’re preparing to sell a home in The Big Guava, as many locals call it. Looking for ways to expedite the sale process? Read on for everything you need to know about how to sell your Tampa home fast.

How fast can you typically sell a house in Tampa?

As of April 2023, it took a median of 22 days to sell a home in Tampa, according to Redfin. That’s not too long, but it’s a significant increase of 15 days from the previous year.

The exact timeline for selling will vary based on your specific location, the condition of your home, your asking price and other factors. Working with an experienced real estate agent who knows the local market well can make the process of selling your home as efficient as possible.

The timing of a real estate listing can also impact how quickly the deal gets done. Spring and summer are typically the busiest and most lucrative selling seasons. According to a 2023 analysis from the real estate data firm ATTOM, sellers earn a premium of 12.8 percent above market value when selling in May specifically. In addition, the months of June and April also offer seller premiums of about 10 percent.

Need to sell even faster?

Of course, some selling options are quicker than others. Here are some methods to consider if speed is of the essence:

• Sell to a cash buyer: There’s a growing number of companies that purchase Florida homes for cash. Cash homebuyers get deals done quickly, often in as little as two weeks from start to closing. But the trade-off for such speed is that you will typically make less money on your home sale.
• Work with an iBuyer: The two biggest iBuyers, Opendoor and Offerpad, both operate in Tampa. These companies make instant cash offers for homes, often in as little as just 24 hours, and can speed you to closing as well. But they are also likely to offer you less than you might make on the open market.
• Price aggressively: Working with an agent to price your home aggressively, perhaps slightly under its market value, can help attract buyers more quickly. The median sale price in Tampa right now is $417,500, per Redfin, so a home in good condition priced at, say, $390,000, will draw attention. If you’re lucky, this tactic may even inspire multiple offers and drive up the price.

Selling your home in Tampa

If you choose to take the traditional route and list your home with a Realtor, here are some questions to consider.

What should you fix before selling your home in Tampa?

Addressing needed repairs in your home before putting it on the market can be a smart move. Taking this proactive step can help reduce the likelihood of a buyer asking for credits to cover the cost of fixing things on their own. However, there’s no need to go overboard with every little thing: Your agent can help you figure out what to fix before you list, and what not to bother with.

Is it worth upgrading your home before you sell?

Major upgrades are probably not worth it, as most won’t make back their cost when you sell. Before embarking on pricey home-improvement projects, look into which upgrades are most likely to pay off with a high return on investment.

Should you pay to stage your home?

Staging a home can help it stand out from the competition, particularly in a high-demand market like Tampa. If your goal is to sell quickly, this can be a wise investment: Data from the Real Estate Staging Association shows that staged homes sold about nine days faster than average. The cost of staging can vary greatly depending on how much work is needed, from light decluttering and reorganizing to full furniture rentals for vacant rooms.

How should you price your listing?

When it comes to pricing your home for the market, the expertise of a professional local agent is invaluable. An agent will analyze comps, or reports showing what nearby homes similar to yours have recently sold for, to determine an appropriate list price for your home. A pre-listing home appraisal is another helpful tool when it comes to assigning an appropriate price to your home.

What do you need to disclose to a buyer?

As in many other parts of the country, Florida home sellers must disclose any defects or issues that might impact the property’s value. Unlike in many states, however, in Florida these details can be shared either verbally or in writing. Some examples include flood insurance notices, sinkhole problems and property tax information. If the property is located near water, as many homes in Tampa are, you may also need to complete what’s known as a coastal properties disclosure statement that provides details about potential shoreline erosion.

Closing day

The closing is the final step of the home selling process, when you can finally pocket your proceeds and begin the next chapter of your life. However, there are closing costs to cover before the deal can be finalized — here are some of the most common.

Costs of selling a home in Tampa

• Realtor fees: Sellers typically pay the real estate commissions of both agents involved in the deal. This typically amounts to 5 to 6 percent of a home’s sale price and will be the largest cost associated with the sale. For a median-priced $417,500 Tampa home, 6 percent comes to about $25,000.
• Title insurance: Title insurance is another common closing cost, and in Florida, the seller is typically responsible for this expense. The exact amount you will pay is based on the value of the property.
• Documentary stamp tax: Often called a real estate transfer tax, this is the price you pay to transfer the property deed to the new owner. This fee amounts to about $.70 per $100 paid across most of Florida.
• Settlement fee: Settlement costs, which are fees you pay to complete the sale, usually range from $300 to $600. This fee is typically charged by the title company for administrative services associated with closing.

Next steps

Once you’ve reviewed all the potential paths available for selling your Tampa home, it’s time to decide what is most important: earning the most money possible or selling as quickly as possible. If you have no time to spare, an iBuyer or “We buy houses” company may be a good approach. However, if you’re not in such a rush, listing with a real estate agent can be far more lucrative.

No matter which approach you choose, do your due diligence — selling a home is one of the most significant financial deals most people ever engage in, after all. If you sell to an iBuyer or another homebuying company, read the documentation very carefully before signing anything. And if you’re hiring a real estate agent, get recommendations from friends and family and research local pros online before choosing one.

FAQs

• Is now a good time to sell a house in Tampa?

  Tampa home sellers faced a mixed bag at the moment. The median home price is higher than the national median and on the rise, which works in your favor in terms of profits. And a growing population means buyer demand is strong. However, homes are taking longer to sell and more than a quarter of them had to reduce their price to close a deal in April, according to Redfin, so be sure to price your listing carefully.
  

• How fast can you sell your house in Tampa?

  Homes in Tampa take a median of 22 days to sell, according to Redfin data. That’s not so very long, but it’s 15 days longer than homes were selling a year ago. If you want to speed up the process, consider selling to an iBuyer or a cash buyer.