In May 2020, total Texas housing sales grew by 2%. These sales continued to grow and peaked in the last few months of 2020. The increased demand for housing in Texas has resulted from the influx of people relocating to the state.
This demand has fuelled an increase in home sales and produced a seller’s market. Texas real estate agents and homeowners are taking advantage of this situation.
A house is most people’s most valuable possession. Selling or buying a home is a significant transaction for most people. Questions like should I sell my house to a cash buyer will plague your mind.
Don’t worry; we will guide you. We will give you the pros and cons of selling to a cash home buyer and selling to a realtor.
Understanding the Texas Real Estate Market
Thousands of Americans have moved to Texas in the previous decade, with the rate of migration increasing dramatically in the last five years. This influx of people, combined with natural population growth, has resulted in increased housing demand.
Texas property markets are hotter than ever. A resurgence following the COVID 19 pandemic is on track.
Before selling your house, you must conduct a complete market analysis. You must evaluate the market and ensure that you price your home per the current state of the market. You can sell your house for a high price if the market is excellent and the economy is robust.
However, suppose the economy isn’t doing so well, and selling chances are few. In that case, you should seriously consider lowering the asking price. You must understand when the best time to sell a home is.
The most in-demand areas in Texas as of August 2021 are Plano, McAllen, Arlington, Austin, Irvin, Frisco, and Dallas. If your home is in these locations, hiring an agent might not be such a bad idea. The sale price will quickly pay the commission costs deducted by the real estate agent once your home is purchased.
Your primary goal will be to sell the house quickly and for a reasonable price.
When the economy is good, selling your home to a cash buyer is more effortless. When you are selling your property, timing is an important issue to consider when examining the markets.
Cash home buyers in Texas buy homes regardless of the timing and economic conditions.
What is the Difference Between a Cash Home Buyer and a Realtor?
Understanding what each of these processes entails is vital in making an educated decision. Here is the distinction:
Cash Home Buyer
A cash home buyer is someone who will buy houses for cash they already have at hand, meaning they don’t require a mortgage or loan to do so.
To be a cash buyer, you have to afford the new home without relying on the proceeds from the sale of another property. Companies that buy houses in Arlington give you a cash offer within 24 hours after you contact them.
A Realtor is a real estate expert engaged to assist and advise clients while buying, selling, or renting a home or commercial property. Unlike a real estate agent, a Realtor is a member of the National Association of Realtors (NAR) and must follow its code of ethics.
What are the Benefits of Selling Your House to a Cash Home Buyer in Texas?
You might fantasize about leaping into a pool of money if you get a cash offer. Remember that unless you own your house entirely, a significant portion of those funds will pay off your mortgage.
Cash offers, however, appeal to FSBO (sell house by owner) sellers for a variety of reasons.
No Appraisal Stress
There is no need for an appraisal in a cash sale. A buyer works with a mortgage lender in most typical sales. To limit their financial risk, the lender must establish that the house they are financing is worth the loan amount they are forwarding.
A potential buyer’s inability to acquire mortgage accounts for 17% of lost sales.
Even if the buyer has received an agreement in principle for a mortgage or loan, the lender may decide not to proceed with the transaction for various reasons. If the deal crumbles, you will have to find a new buyer, which would start the process all over again.
A fast sale is arguably the most crucial reason a cash buyer will appeal to you, especially if you hurry to sell. Again, removing the lender from the picture can significantly reduce the time it takes to finalize a transaction, which is ideal if you need to move quickly.
Faster sales can minimize the chances of a deal going bad. Some buyers withdraw if a transaction is too long for comfort.
The typical method of selling a home is stressful. You must clean, stage, restore, and renovate your home. You’ll need to select a good realtor, deal with the appraisal and inspection, and maintain your house clean for showings and open houses.
There are a plethora of reasons why you might want (or need) to sell quickly. Sometimes you don’t want the process to drag on. In any case, an immediate home sale alleviates some of the stress of selling a house.
With cash, the buyer either has the money or doesn’t; if the evidence of funds is verified, you know you’ll be able to close.
Statistics from the National Association of Realtors suggest that most sales go as planned — cash home buyers canceled only 5% of contracts as of April 2021. According to the same survey, closing delays are far more common, affecting 22% of deals in the prior three months.
Save on Repairs
In a standard home sale, the inspection highlights any repairs that are required. In most circumstances, you must either pay for repairs or reduce the asking price of the home.
Sell my house fast Dallas buys houses as-is. If you want to sell your house fast, contact them.
What are the Benefits of Selling Your House Using a Realtor?
The majority of the public believes that Realtors receive exorbitant commissions. However, just because you cannot see your realtor working doesn’t mean they are not putting in the work. Here are some advantages of hiring a realtor
A real estate agent understands which elements can increase or decrease the likelihood of a home selling. They can stroll around your residence and bring out changes that you should make to minimize unfavorable aspects.
Real estate brokers also have a flair for emphasizing specific amenities, which aids in a quicker sale.
Moreover, only realtors can use the MLS(Multiple Linking Service) to offer homes for sale. As a result, houses sold without the assistance of a realtor will not appear on the MLS.
An experienced Realtor has lots of negotiation experience. They have come across all the typical negotiation tactics. They will navigate through these while putting your interests first, ensuring you get the best deal.
Everything is Taken Care of
Selling your house involves many processes, from when you decide to sell your home till the final closing.
Rather than figuring out all these processes by yourself, a realtor will take care of all these processes seamlessly. The process will be more effortless if you work with a professional realtor.
Scammers can disrupt your life in various ways, including putting your life on hold to show a home and wasting time on appointments and phone calls when you focus on serious buyers.
Real estate brokers can easily avoid house buying scams since they can identify motivated and qualified buyers.
Should You Sell Your House in Texas to a Cash Home Buyer?
Selling a house is dependent on various factors, but the key ones are time and money. You may not have the time, money, or resources to upgrade and renovate a home to sell it.
When you don’t have much time and need to sell your house fast, selling it for cash can be profitable.
When you sell your home through a real estate agent, the agent will almost certainly advise you to undertake repairs and modifications to increase the value of your home. They do this for the property to sell faster and to increase the value of the property. The property will sell for more and earn them a larger commission.
Using a realtor can be a fantastic option to sell a house when time and money aren’t an issue. However, if you are not willing to wait or pay for costly repairs, selling your home to a cash buyer is the best option.
The best way to sell a house is dependent on your individual needs. Whether it is selling your home to a cash buyer or using a realtor, both methods can be equally satisfying if you understand the real estate market in Texas before proceeding to sell.
As a homeowner, ensure that you have goals and needs to be satisfied by selling your house. Proceed to use the method that meets these goals adequately.
Contact us if you want to sell your house in Texas fast. We shall help you understand all the ways you can sell your home and then give you a cash offer as soon as you decide to sell.