If there is even a slight chance you may want to sell your home, now is the time to act!
The Houston real estate market is definitely in the midst of a seller’s market. Inventory levels in Houston have reached historic lows. Home prices are on the rise. So far in April, half of all homes in the Houston market went under contract in less than 13 days. It is indeed a good time to be a seller.
Selling a home in a Seller’s market can be quite different than selling in a normal balanced Houston real estate market. Here are a few things to consider if you are thinking about selling this Spring.
Be prepared for a quick sale
In a seller’s market, homes will move fast. It is important to have a plan to know where you are going. For some home sellers, that may mean finding temporary housing, like a short-term apartment, Airbnb, or maybe renting for a year.
For those who want to buy a home more quickly, this market may present an opportunity to buy first and then sell your home after you go under contract. Because the market is so hot, the holding time on your old home could be considerably reduced. But remember, holding two homes and two mortgages can be a risky proposition. Like with found last year with Covid, the state of the market can change very quickly.
Go to market later in the week
Going to market later in the week, like on a Thursday, can help to generate the largest number of eyeballs and interest. It will also drive the highest attendance to your weekend open house. More interest leads to more offers, which can lead to better terms.
Be prepared for multiple offers
In a seller’s market, we see a lot more multiple offer scenarios. Make sure your Realtor helps you formulate a plan for these situations. Are you planning on asking for the highest and best offer by a particular date? Are there certain terms you are going to require of each offer (temporary leaseback, specif closing date, etc.)?
Also, be prepared to be patient. Accepting the first offer that comes along can make sense in certain situations, but sometimes, waiting might be the best strategy for getting the best terms.
Best price doesn’t always mean the best offer
There are so many factors that play into a good offer (price, timing, financing, etc). In a seller’s market, one of the most important factors to consider when evaluating offers is the ability to get to closing. Are they paying cash? Are they willing to eliminate certain contract contingencies? Factors like these can really help ensure the prospective buyer can get to the closing table. Momentum is a huge factor in a seller’s market. Momentum helps drive attractive offers. When contracts fall out, you can lose that momentum. Make sure your Realtor is helping you evaluate the whole offer, not just the price.
If you have more questions about selling your home in a seller’s market or getting advice, or whether this is a good time for you to sell, let us know. One of our agents would be happy to walk you through the home selling process and provide you with an honest assessment. Fill out the form below to get matched with an agent. Or call us at 713-869-5700.
