Wondering when you should sell your house in Austin, Texas? Deciding to sell your house isn’t an easy decision. After all, it’s a major financial transaction. If you want to attract buyers and get top dollar, it will take significant investment on your part.
You might be questioning the right time to sell your home for several reasons. This could include housing market conditions, your financial situation, or the state of the home itself. You might also be hesitant about selling if you plan on buying another home.
In this post, our real estate experts at Your Home Sold Guaranteed Realty - The Salas Team will share some advice to help you decide whether or not selling is the right move. We’ll also discuss the state of the housing market in Austin, so you can make an informed decision.
What is the Housing Market in Austin, Texas?
So far into 2023, the housing market in Austin, Texas, is experiencing dropping home prices, fewer homes sold, and longer times on the market. However, overall the market is still strong and competitive.
It’s considered a neutral market, with neither home buyers or sellers having the upper hand. A neutral market also means that home prices are fair compared to the market values of the homes.
As of March 2023, median sale prices in Austin were $535,000, which is a little over a 16% decrease from the same point last year.
The number of homes sold in the same month was 841, an almost 26% decrease from the previous year. Lastly, homes spent nearly 60 days on the market, an increase of 33 days compared to the same time a year ago.
In addition, fewer homes sold above their listing prices and the number of homes that experienced price drops went up.
6 Questions to Decide When You Should Sell Your House in Austin
Do You Need to Upsize or Downsize?
If the size of your home is no longer serving your needs, selling may be a good idea. For example, you may want to downsize if you’re an empty nester. Otherwise, you’ll be stuck maintaining a home that’s too large, which may be financially draining.
Similarly, you might want to consider upsizing if you’re starting a family. That way, you have the space to live comfortably. Whether you plan to upsize or downsize, be sure to communicate your goal with your realtor so they can help you find the right home.
How Much Equity Do You Have in the Home?
If you’ve owned your home for a while and built up some equity, then selling it might be a good idea. Equity is calculated by subtracting the market value of your home from how much you still owe on your mortgage.
If you have positive equity, then it may be a good time to sell. Depending on how much equity you have, you can use the money to pay off your current mortgage, pay closing costs, and make a down payment on your next home.
Are You Prepared to Pay For Renovations?
A key part of the home selling process is preparing your house for sale. This means paying for necessary repairs and, if you can afford to, additional renovations. Renovations modernize your home and make it more appealing to home buyers.
New paint, floors, roof, appliances, lighting fixtures, and hardware can make your home more visually appealing. In addition, consider remodeling high-traffic rooms. Ultimately, the more effort you put into your home, the more you can justify a higher asking price from buyers.
Are You Prepared For Closing Costs?
As a home seller, you will be responsible for the bulk of closing costs. This can range from eight to ten percent of the final sale price. When you’re deciding when you should sell your house in Austin, the first step you should take is creating a budget that factors in repairs, renovations, and closing costs.
Are You Ready For the Down Payment on Your Next Home?
Another financial consideration for home sellers is the costs associated with buying your next home. This includes the down payment, home inspection fees, appraisal fees, and the costs associated with working with a lender. These costs should also be included in your budget before you decide to sell a home.
What Are Other Homes in the Area Selling For?
Lastly, consider what other homes in the area are selling for. If the housing market is favoring home sellers and homes are moving off the market fast, it’s likely a good time to sell. It’s important to consult with a realtor to determine the right time to sell your home. They can help you decide when to enter the market to sell your home in Austin fast and get top dollar.
Sell a Home For Top Dollar With Our Real Estate Team
If you need help deciding when you should sell your house in Austin, Texas, contact Your Home Sold Guaranteed Realty - The Salas Team. Our team has been helping home sellers in the area for years. During that time, we’ve developed a reputation for selling homes faster and for more money than our competitors.
Clients love working with us because of our high-quality customer service, attention to detail, and unique seller guarantees.
This includes our Guaranteed Sale Program, which ensures your home sells within your desired time frame. If it doesn’t, we’ll buy it ourselves for an agreed-upon price.
To learn more about working with our real estate team and our other guarantees, call 855-331-7653. You can also fill out the form on this page.