Determining when you should sell your house in Killeen, Texas? Timing the real estate market to ensure a successful sale and earn top dollar can be challenging. Since selling a home is a significant financial decision, it’s important to approach it with careful consideration.
Various factors should be taken into account when determining the right time to sell. These include the housing market, your financial situation, the condition of your home, and whether you plan to purchase a new home.
In this article, our team of real estate experts at Your Home Sold Guaranteed Realty - The Salas Team will share six tips to help you determine the best time to sell your home. We’ll also explore the current state of the housing market in Killeen so you can make as informed a decision as possible.
What Are The Housing Market Conditions in Killeen?
As of March 2023, the housing market in Killeen, Texas, was a seller’s market. It reflected some of the challenging trends that have been observed in many parts of the country. This includes fewer homes sold and longer selling times. However, home prices remained high.
In March 2023, the median sale price for homes in Killeen was $242,750, which is an increase of a little over three percent compared to March 2022. But despite rising prices, there was a decline in home sales of a little over 25%. Additionally, homes spent a median of 42 days on the market, an increase of 36 days compared to a year ago.
Moreover, almost 26% of homes sold above their listed prices, representing a decrease from the previous year. On top of that, the number of homes that underwent price reductions was nearly 25%, an increase of 12% from the previous year.
6 Tips to Decide When You Should Sell Your House in Killeen
Evaluate Whether Your Home Meets Your Needs
If your home no longer serves your needs, then it may be the right time to sell. One of the first factors to consider when evaluating your home is its size.
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.
Calculate How Much Equity 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.
Budget For the Cost of 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.
Factor Seller Closing Costs in Your Budget
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 Killeen, the first step you should take is creating a budget that factors in repairs, renovations, and closing costs.
Prepare For a 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.
Research Killeen Housing Market Conditions
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 Killeen housing market to sell your home fast and get top dollar.
Our Real Estate Experts Can Sell Your Home in Killeen
If you need help deciding when you should sell your house in Killeen, 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.