Selling a house can be draining. You have to work on repairs, organize open houses and deal with all kinds of buyers. It is only natural to have so many deliberations in your mind considering your house is probably your most valuable possession.
Should you sell for cash? Should you use a realtor? How hard is it to sell a house? How healthy is the property market? In Texas, the housing market is similar to other states. However, you need to familiarize yourself with a few local laws and practices before kick-starting the selling process.
Presently, there is a high demand for properties in Texas. The average days on the market (DOM) in Texas continue to fall, reaching a new low of 30 days. Because of the limited availability, the DOM was historically low, indicating strong housing demand.
If you are considering selling a house, these are the conditions you are going to meet. To fully capitalize on this, we have prepared a guide on the information you will need to know.
Why Is it Hard to Sell a House in Texas?
How hard it is to sell a house is relative. The method you choose to sell your house will determine how hard or easy it will be to sell it. The most common option is to sell with a realtor or cash home buyer.
These professionals will be familiar with the process of selling a home and will handle all of the negotiations and paperwork on your behalf. A qualified real estate agent will advise you on the local home market, prices, and how to offer a different product compared to the competition.
The second method is selling directly to companies that buy houses in Texas. Selling houses on the open market is fraught with risk, but this solution removes all the unknowns. You deal directly with a company that inspects your home and makes you a fair cash offer.
It is up to you how quickly the deal proceeds, but you can sell your home in a few days if you so desire. This option is especially ideal if you want to sell your house as-is.
Lastly, you can sell your house yourself. This method is known as For Sale By Owner(FSBO).
The advantage is that you won’t have to pay the listing agent a commission, potentially saving you thousands of dollars. Either you or the buyer will still have to pay the buyer’s agent a fee, but you can haggle over the amount before the deal is closed.
It’s critical to understand that you’ll be in charge of the whole home sale process, including scheduling, marketing, open houses, paperwork, and negotiations.
Unless you’ve made many home sales before, this will probably be the most challenging method in Texas. It is easy to forget a vital step that can lose you money.
Things to Know When Selling Your House in Texas
Like with all things money, researching before indulging is vital. For selling a house even more so, forgetting something or two can cost you money at least. In other cases, a small detail can scupper the sale in its totality.
Below is a breakdown of things you need to do when selling your house in Texas:
- Learn About the Local Area
- Research the Texas Real Estate Market
- Research Texas House Selling Laws
- Budget for House Repairs
- Budget for House Selling Costs
- Identify Your Target Buyer
- Be Realistic in Your Expectations
Learn About the Local Area
The Texas real estate market is at an all-time high. From the middle of 2020, the market took off. Buyers are finding it tough to find houses throughout Texas.
Frisco, Austin, McKinney, Denton, and Allen are among the hottest markets in a new report that looks at the best real estate markets in 2021. Dallas and Houston are also performing exceptionally. We buy homes in Dallas fast and for cash.
Now that you know that there is demand for houses in the whole state, you need to look at other homes on sale in your neighborhood to understand what your house is competing against.
You might need to refurbish your house to stand out. You can also sell your house online; this will increase the number of people that see your home.
Research the Texas Real Estate Market
Currently, the Texas real estate market is at the epitome of a sellers’ market. As a result, there is a buying frenzy in cities across the state, defying models, unleashing record-breaking all-cash bidding wars, and obliterating middle-class property purchasers who cannot compete.
Agents used to conduct a market study once a week to remain on top of real estate trends. Skyrocketing housing values can fluctuate by large margins every week, meaning they study the market daily.
If you’re planning to relocate within Texas after selling, make prior arrangements on where to stay because finding a house is becoming increasingly difficult.
The median home price in Texas increased for the sixth month in a row, rising 16.6 percent year over year to a new high of $252,422 in July. A higher median price resulted from the continuous compositional trend toward higher-priced dwellings.
The share of luxury homes sold in Austin more than quadrupled to two-fifths, compared to a similar cycle last year, adding to a 43.2 percent year-over-year increase in the median price ($465,900).
The yearly price growth in Fort Worth ($305,100) increased to 21.7 percent, while annual price growth in Dallas ($364,400) grew by 22.0 percent. The metrics in San Antonio ($279,300) and
Houston ($301,000) rose 15.7 percent and 19.4 percent, respectively.
The current conditions will likely persist throughout 2021; homes will continue selling at high prices while homes under $400,000 will become even harder to find.
Research Texas House Selling Laws
Like every other state, Texas has its own set of real estate rules and regulations that you will have to follow when selling your house. You have to make a series of disclosures on everything regarding your home.
Laws that guide purchase offers, counteroffers, and purchase agreements must be followed. The escrow process is also highly regulated; during this period, the buyer will arrange for inspections and financing and negotiate with you if anything arises.
You must meet all of the provisions of the purchase agreement by the end of escrow. Therefore, it is essential to understand these laws to prevent the sale from being illegal.
Budget for House Repairs
If you’re thinking of putting your home for sale, you can probably do something to make it more appealing and maybe increase its worth.
In addition, if the buyer’s house inspector discovers defects such as damaged walls, you may be required to pay to repair those issues to complete the transaction.
Repairs can be costly, so budget for them before you decide to sell, especially if you expect problems to surface during a house inspection.
If you are not in a position to budget for repairs, you’re probably wondering, how do I sell my house fast, Arlington? Do not worry; we buy houses as-is.
Budget for House Selling Costs
The buyer bears the majority of the costs in the house selling process. However, there are some you may have to foot as the seller. They include:
- Property taxes
- Real estate commission
- Transfer taxes
- Escrow cost
- Brokerage fee
- courier fee
- Attorney fees
- Homeowners association fees
- Title insurance
Most of these fees are negotiable. However, it is better to budget for all of them.
Identify Your Target Buyer
It’s crucial to have a well-defined target market. You can’t afford to go after everybody. Think about who would like a house like yours. Are they likely to be local buyers? Are they first-time homebuyers? How old are they likely to be?
After defining who your target buyer is most likely to be, ensure your marketing strategy targets your potential buyers. Not every channel is appropriate or capable of providing the best results.
Create a profile on the social media platforms where your target audience is most likely to participate. Make helpful material that will entice people to return for more. Be available to respond to questions.
Be Realistic in Your Expectations
The fact that the market is perfect for sellers doesn’t mean you should go all gung ho and ask for exorbitant prices. Nobody loves a con. Prospective buyers only care about the market value of a house. Any sentimental value that you believe your home has is irrelevant.
List your house reasonably, and you will be overwhelmed with offers that are well above what you expect.
Winding Up
Selling a house in Texas can be challenging. Many laws govern the sale of homes, numerous ways of selling a house, and a devastating real estate market.
Fortunately, real estate in Texas is at an all-time high. Buyers are willing to buy houses at a premium. If you do proper due diligence and style your home, you will sell your house fast.
Selling a property may be a thrilling and exciting experience. However, it can also be costly and stressful. Knowing what to expect and adequately preparing for it will help you be calm and controlled throughout the process.
Contact us if you have any queries regarding selling your house despite its condition. We will give you a cash offer fast and leave you feeling satisfied.