Even though it may not completely feel like it, Spring has officially arrived in North Texas. Historically, this is an incredibly busy time of the year in the real estate market. And even though there has been wild speculation about which way the prices of homes will go, and whether or not we are in a “housing bubble,” listings are going to hit the market, and things are going to get hectic. There are property owners all over the Metroplex planning on making a move right now. If you are in this group and looking to sell your home this Spring, it’s mostly “business as usual,” but there are definitely a few very important things to keep in mind:
- When it comes to making any type of real estate move, it’s important to be realistic with your expectations. You’ve likely “heard” that your home was worth far more than it was just a few years ago. Someone you know has probably said, “you know you could get twice as much as you paid for this house right now” to you at some point this year. And while there might be a little bit of truth to the value of your home going up, hearsay is never a reliable source of information. If you want to get a realistic value on your home, consulting with a qualified real estate professional is a smart move. They can help you better understand what the market looks like in your area, help set you up with an actual appraisal, and generally support your efforts in setting reasonable goals. It’s important to not plan your entire future around the idea that your home might be worth more than you paid for.
- There’s never been so much competition in the Metroplex for housing; even more so, affordable renting options while people wait for more homes to become available. As a result, every single house that hits the market has a spotlight on it. If you’ve driven through a neighborhood being developed on the northwestern side of Fort Worth, you know that there are very few lots and homes available. An open-house sign might cause someone to get in a quick fender bender. But, this doesn’t mean that buyers are willing to buy anything. In fact, they know they are about to spend far more money than they would have just a few short years ago. As a result, they expect to see the value. As simple as it may sound, the exterior and interior of your home in this market should always be ready to show. The yard should look immaculate, items should be decluttered, as much personalization removed as possible, and a fresh coat of paint never hurts. Buyers also want communication and to work with proactive sellers and agents; those who are able to answer questions in a timely manner and can provide any and all information needed to everyone involved. It’s important to have someone on your side who can support your efforts.
- Even though it’s possible that you’ll have fairly good luck in trying to sell your home this Spring, it’s important to have a “Plan B.” If you are unable to sell your home (for whatever reason it may be), understanding what the next best course of action would be is never a bad idea beforehand. You shouldn’t be putting all of your hopes and dreams into one single sale of your house.
- If you do end up selling your house, you absolutely must have another living situation lined up. There have been countless people who have taken advantage of the hot seller’s market only to find themselves without another home to buy; they end up in the same position the people who bought their home were in. A sort of vicious cycle. As a result, never go into selling your home in this climate with the idea that you’ll be guaranteed a replacement for your current home.
None of the above is groundbreaking news or something that those who are homeowners don’t understand, however, the current housing market is just different than years past; in more ways than could be possibly explained in a few pages. Sellers should remain grounded and be prepared to face a very fast-paced set of obstacles in 2022. If you are thinking of selling your home and would like to speak with an agent who will be completely transparent in helping you understand its value, feel free to send me a message or visit my website at www.nolanwhisenhunt.com
