Selling a home is a stressful, yet exciting time for most homeowners in Texas. Chances are, you’ve got your eye on a new home in a new area, and you’re interested in closing this deal as seamlessly as possible so you can start a new chapter in your life. However, if you want the deal to go in your favor, you’ll have to strategize and work hard to make it happen.
The challenging question for most homeowners is, what constitutes a deal “going in your favor?” There are multiple priorities that could potentially dictate your approach. So how can you decide which ones are most important?
The Most Important Priorities
Ultimately, there are three broad priorities that can (and rightly should) dictate how you approach your home sale:
- First, you’ll need to think about how quickly you sell your home. Many homeowners use the proceeds from their home sale to fund their purchase of a subsequent home; when this is the case, you may be motivated to sell your home as quickly as possible, so you can gain access to that capital. You might work hard to stage the home appropriately, and entertain offers that are lower than the appraised value of your home in order to close the sale faster. Here, your ultimate goal is getting your home off the market in record time so you can move on.
- Next, you’ll need to think about how much money you want to get for your home. While some elements of a home’s value can be determined objectively, the market isn’t as strictly rational as it may first seem. Little factors, like the curb appeal of your home and the presence of minor interior flaws, can sharply reduce the offers you get on the home. If you’re willing to be patient (waiting for the peak of a real estate market cycle), and you’re willing to put in some extra work, you can likely increase the sale price you get for the home.
- Selling a home is a lot of work, no matter what you do, but some strategies require more effort than others. For example, you can often get your home to sell quicker and for more money if you invest heavily in improving its visual appeal; this requires you to spend many hours perfecting the landscaping, painting the interior of the home, and accomplishing other tasks. If you want the sale to be as hands-off as possible, you may have to compromise your other priorities.
You’ll notice that these three potential priorities have a bit of a competing, give-and-take relationship. For example, if you’re willing to be patient, and take more time when selling your home, you can probably hold out for a higher monetary offer, and ultimately put fewer man-hours into the sale. If you’re not picky about the value of the offers you receive, you can possibly sell your home quickly and without much effort.
Determining Your Priorities
Most homeowners, upon analyzing this relationship, realize that they aren’t sure exactly what they want. This is okay. But you’ll need to figure out a way to break this tie and set firm priorities for your upcoming home sale.
These are a few things that can help you:
- Understand why you’re moving. Think carefully about why you’re moving, and consider motivations that might be lying beneath the surface. Are you just looking for an upgrade? Are you trying to cash in on a smart investment you made years ago, back when this great neighborhood was still up-and-coming? Are you getting ready to start a new job in a new city? Are you preparing for retirement?
- Audit your personal finances. Take a close look at your personal finances. Do you have enough capital on hand to buy a new home without worrying about the sale price of your existing home? How have your other investments paid off in recent years? Are you willing or able to sink more money into this property? The more stable your finances are, the less you need to worry about the exact sale price of your home.
- Consider upcoming deadlines. Also think about upcoming deadlines that might force you to make timing a top priority. For example, let’s say you’re starting a new job, and your boss wants your first day to be May 1. It’s currently March 1. It’s possible, but somewhat ambitious, to sell a home, buy a home, and get completely moved in within the span of 2 months; if sell time is your top priority, you may be able to make it happen.
- Talk to your partner (or friends and family). If you’re still not sure what you should be optimizing for, have frank conversations with your partner, your family, and your friends. You’ll be able to learn what they think about your house, and what they would do in your situation. Don’t base your decision entirely on their opinions, but their perspectives and insights could help guide you to find an answer for yourself.
- Entertain imaginary offers. We often discover our top priorities when presented with actual options, so try to imagine some possible offers you might get on the home. Would you accept a $180,000 offer with no contingencies? What about a $200,000 offer that requires you to make a few changes to the home? Regardless of whether or not these offers are realistic, they can help you gauge your gut reactions and figure out what you’re truly looking for in an offer.
- Talk to a real estate agent. Finally, and perhaps most importantly, talk to a real estate agent. A real estate agent will be able to talk out your main priorities, and help you set realistic priorities for what’s possible, given your current market. Without this professional knowledge and guidance, it may be harder for you to make a firm decision.
If you’re ready to begin the home sale process and you aren’t yet sure what your priorities are, or if you know your priorities and you just need someone to help you achieve them, contact Green Residential today! We have the real estate agents you need to discover and achieve your goals when selling your Texas home.