Interested in selling a home in Texas? Timing may be play a role in when you can get the most return on your investment!
When it is a “seller’s market,” you may receive better offers, fewer buyer contingencies, and fewer days on market overall. If you are working with a professional real estate agent, you have a great opportunity to list at the right time, for the right price.
Seller’s Market Defined
In stark contrast to a buyer’s market, a seller’s market occurs when there are more buyers looking to make a home purchase than there are sellers listing their homes. This means that there is increased demand for each and every home available on the market at that time. With fewer homes available, and the number of buyers saturating the market, sellers essentially have more opportunity.
If you’ve had a difficult time selling a home in Texas in the past, it may be because you were experiencing the added challenges of a buyer’s market. When that is the case, the buyers have more opportunities as there are fewer of them to go around. After getting in touch with your local agent, consider listing your home during a seller’s market.
What Contributes to a Seller’s Market?
Experts like UpNest contribute the start of a seller’s market to lowered interest rates across the board. With lower interest rates, it is easier for average buyers to get pre-qualified for a loan. Similarly, it can also allow buyers to qualify for a more expensive home than they would usually be able to afford.
Simply put, a seller’s market occurs when there is more demand than supply. When there are more buyers than usual, it is the most ideal time to sell. It is more likely to get above your asking price, with much less resistance from the buyers.
This is Your Time to Attract Multiple Offers!
While selling a home in Texas may be easier to do during a seller’s market, there are still some steps you should follow to ensure that you have a successful sale.
You can’t just list your home and wait for the market to handle everything from there. But in general, there is a much higher chance of success because of the conditions of a seller’s market.
Follow these steps to put your home on the market:
1. Find an Agent
It is possible but can be difficult, to go through the home selling process without a trusted seller’s agent by your side. The right real estate agent can access nearby listings and other pieces of information that can help you determine exactly how you want to market your home.
They can also provide easier access for buyers and prospective homeowners through open house events and advertising using the real estate agency’s market clout.
2. Prepare Your Home to Go On the Market
Don’t list the house until it is ready. This means you may need to spend some time deep-cleaning and fixing up the home.
Go beyond the surface and scour every nook and cranny of the home until it is as clean as a model home.
You may not have to be as meticulous as you would be if you weren’t in a seller’s market, but it is still important to maintain as much cleanliness as possible.
Old carpets might need to be replaced. That goes for any flooring that is run-down, dirty, broken, or stained.
You may also want to invest in some home staging, even if you are keeping your furniture in the house for the time being.
3. Showings and a Virtual Tour
Once your house is posted on the market, you want to be available for showings to potential buyers. This increases the chances of getting it sold.
Meanwhile, adding a virtual tour to the listing can help attract more buyers from far and wide. There are some people who might not make it to an open house, or who are still moving to the area and need to coordinate a sale using long-distance means. This is also a good way to increase digital advertising for the home.
4. Review Your Offers
Before too long, buyers’ offers should start coming in. This is an exciting time for you as the seller because you can review offers giving you options on your most favorable sale. Consider the following when reviewing offers:
- How big the down payment is on the offer
- How many contingencies rest on the offer
- The amount of earnest money deposit
- Seller’s proposed costs vs. buyer’s costs
- Atypical requests
- What kind of payment is being offered, i.e. a cash payment or financed payments
Take Advantage of a Seller’s Market
Real estate markets fluctuate over time, sometimes giving preference to the buyers, and other times to the sellers. It all depends on supply and demand.
In times when there is little supply and a lot of demand, sellers have the power to set their own prices and appeal to the needs of the buyers a lot more easily.
Take full advantage of a seller’s market in your area by getting in touch with a local real estate professional today. An agent can help you navigate the legal paperwork and review buyer’s offers as they come in, helping you get the best deal possible.