Putting your home on the market? Here’s how to go about it
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Putting your home on the market? Here’s how to go about it
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Thinking about putting your Fort Worth-area home on the market? This is certainly a good time to try to get top dollar for your house or condo, with demand from buyers far exceeding the number of listings and sales prices soaring to record levels.
Sellers have the advantage, to be sure, but that doesn’t mean you’ll have an easy time. If you list, you should be prepared to move quickly. And even in this competitive market, you can still make mistakes that cost you time and money.
Here are some important things to know going into what will be yet another record-setting real estate season in Tarrant County and Dallas-Fort Worth.
Are you looking to buy? Check out these tips for navigating what can be an insanely difficult process of finding your perfect home and making the right bid.
And for renters, here’s why Fort Worth’s average rents have soared nearly 20% since 2020 and five things to know before signing a lease.
Should you try to sell your home in the Fort Worth region now, or wait?
If you’re considering selling your home, it’s a good idea to do so now.
“We often say there’s no time like the present,” said Shelby Kimball, a Realtor and 2020 president of the Greater Fort Worth Association of Realtors. “It’s still a really good time to sell because there’s plenty of buyers. We may see a dampening of enthusiasm by buyers with higher mortgage rates, so getting in now and selling it now is probably advisable. Take advantage of it.”
Strong housing demand will continue through at least this year, predicts Shannon Ashkinos, the 2022 president of the GFWAR.
What should you do before listing your house?
First, have an idea of where you’d like to move and how affordable that would be. Be prepared to move in about a month. It usually takes about 30 to 45 days to close on a home, Ashkinos says.
Have a Realtor visit your home, and they’ll guide you in the right direction. If you’re not listing with a Realtor, you will probably net less money, experts say.
You want to make sure your house is insurable and that you’ve completed the necessary repairs and replacements. Don’t neglect your bathroom, kitchen and patio. Getting your home in tiptop shape will ensure a quicker sale and maximized profits.
Aesthetic updates can also go along way, experts say, because buyers want to be able to visualize living there. Upgrading appliances, paint and flooring can make a big difference. You should get it in “showroom condition,” Ashkinos says.
“We always want it clean and tidy and decluttered,” Kimball said. “Sometimes a little bit of landscaping and a little bit of paint here and there.”
Neutral colors work best, Kimball says.
If you’ve already moved out, it’s a good idea to stage the home or virtually stage it.
According to Zillow, sellers can sometimes be unprepared for more expensive repairs or improvements they’ll need to handle before listing their homes. The online real estate marketplace company says these are rough averages for some common repairs:
- Plumbing: $7,000
- New roof: $6,200
- New driveway: $4,000
- Exterior paint: $3,500
- Windows and doors: $600 to $900 per window, plus $100 to remove each old window
- New furnace: $2,300
- Electrical: $2,000
- Carpet and flooring: $2,000
- Deck: $2,000
What can you expect when you put your house on the market?
Make sure you price the house appropriately.
“Some sellers may want to try to price it high, but you may not get as many lookers and you may not get as many offers, so pricing it right is still important,” Kimball said.
Let buyers know about any lifetime transferable warranties, as that can help maximize your home’s value.
With a fast-moving market, you should expect a quick sale, with offers likely starting to arrive in less than a week. Don’t take it off the market too soon, Kimball cautions. You might get better offers after buyers get time to tour the home. Tarrant County homes are on the market for an average of 27 days, according to GFWAR.
When prospective buyers visit, you should expect to leave your house that day.
If you don’t get offers after a while, that usually means you priced it too high.
You’ll likely receive more than one offer. Take time to thoroughly compare the offers you receive. The highest offer is not necessarily always the best offer.
“If you do get multiple offers, you need to be prepared to look at them holistically and see what every offer has going for it or not going for it,” Kimball said. “What does that buyer offer, not just in terms of the sales price, but are they asking for home warranty, are they offering to pay for the seller’s title policy?”
Don’t let emotions get in the way
Zillow says a mistake to avoid is failing to separate your emotional connection to your home when negotiating a sale. Don’t take anything personally, keep a cool head during the selling process, be realistic and assume there will be at least a few issues uncovered during the home inspection, Zillow advises, adding “no home is perfect, especially older homes. Don’t let the buyer’s request for minor repairs derail the whole deal.”
Other common mistakes, Zillow says, include:
- Not hiring a professional photographer for your listing. Most buyers will first encounter your home online.
- Don’t forget to spruce up your landscaping. Again, a first impression counts.
- Failing to clean thoroughly and eliminate odors.
- Forgetting to factor in closing costs when considering your profits. That includes agent commissions, taxes and HOA prorated dues.
- Failing to depersonalize and declutter. You can rent a storage unit or use a friend’s garage; donate things you don’t need to charity, which also cuts down your moving expenses; keep decor to a minimum; make closets as empty as possible, which makes them look bigger; and stage rooms for broad appeal — or smartest of all, hire a professional stager.
This story was originally published February 18, 2022 at 5:00 AM.
