Planning to sell your house in Killeen in 2023? If so, you might be wondering whether or not it’s a good time to do so. Rising interest rates, high inflation, and fears of a recession were top concerns for both home buyers and sellers in 2022.
In 2023, these issues are still impacting the housing market. This economic uncertainty is causing many home buyers to put off purchasing a home, particularly first-time buyers. This leaves home sellers in a difficult position, as they struggle to find buyers willing to pay top dollar.
In this article, our realtors at Your Home Sold Guaranteed Realty - The Salas Team will discuss what to expect from the Killeen housing market in 2023. We’ll break down what to consider when deciding whether or not to sell, so you can make the most informed decision possible.
Killeen Housing Market Conditions in 2023
The current real estate market in Killeen is experiencing an increase in home prices compared to 2022. However, homes are generally taking longer to sell.
In early 2023, the median home price was $224,000, an almost two percent increase from 2022. Median prices are down from their peak in July 2022, and are back at the same level as they were around March 2022.
The number of homes sold has decreased by 32% compared to the previous year, and homes are spending around 45 days on the market before they sell.
Most homes sell at or below their listing price. There was a 27% decrease in homes that sold above their asking price, and about 30% of homes have at least one price drop.
Overall, the Killeen housing market in 2023 remains competitive and is considered a seller’s market. This means home prices are relatively high and homes that generate the most interest from buyers can sell fast.
Is This a Good Time to Sell Your House in Killeen in 2023?
In general, the Killeen housing market is looking relatively good for home sellers. However, it’s still important to consider several economic factors before jumping into the market.
For example, some real estate professionals predict further home price declines, while others anticipate an increase in prices.
Likewise, certain economists expect interest rates to stabilize or even decrease, which could encourage more homebuyers to enter the market. Others believe the market could enter a recession sometime in 2023.
So, does all this mean you should go ahead and sell your house in Killeen in 2023? Ultimately, the answer will depend on your unique circumstances and the risks you’re willing to take.
If you’re also planning on buying a home, it might be better to wait to sell since you’ll be facing the same interest rates as other buyers.
On the other hand, it’s typically better to sell before a recession occurs and causes demand to fall. If you’re worried about the possibility of a recession, you’ll need to work with a qualified realtor. Realtors are deeply familiar with the historical market patterns in your area and can help you time the market.
If you aren’t as concerned about high interest rates, then you might consider selling before home prices potentially get lower. Again, a realtor can help you make this decision.
Of course, some home sellers don’t have a choice about whether or not to sell. If you can’t avoid selling your home, there are several steps you can take to sell it fast and for top dollar.
How Can You Sell Your House Successfully in a Down Market?
Work With a Professional Realtor
If you want to sell your house in Killeen fast and for top dollar, the first step is hiring an experienced realtor. A realtor with years of experience in the market will know exactly what to do to help you get through a difficult housing market.
They have access to the most up-to-date housing market information, and can help you price your home reasonably. These skills are especially important when home prices can change daily.
Invest in a Move-in Ready Home
Home buyers’ wallets will be stretched thin already, so they won’t want to worry about having to make repairs to their new home.
For this reason, most home buyers generally prefer paying more in exchange for a move-in ready home. Hire general contractors to take care of basic repairs, and professional cleaners and landscapers to tidy up your home’s appearance.
Then, consider upgrading your home to make it more attractive and modern. For example, replacing outdated appliances or revamping hardware and lighting fixtures.
Once your home is in good shape, you’ll need to hire a professional home stager to maximize its best features.
Have a Comprehensive Pricing Strategy
The first week is often crucial in terms of the success of your home sale. Pricing slightly higher than market value in the hopes you can make a little more profit can be a huge risk. The longer your home spends on the market, the less likely buyers will be willing to pay the asking price.
When this happens, you have to reduce the price. In the worst-case scenario, you may have to relist the home. To avoid a prolonged home sale, be sure to follow your realtor’s advice about how to set your listing price.
In addition, consider including seller concessions to attract home buyers and gain an edge over other listings. For example, offering to cover their closing costs or paying property taxes through the end of the year.
Our Realtors Can Help You Sell Your House in Killeen in 2023
If you want to sell your house in Killeen in 2023, Your Home Sold Guaranteed Realty - The Salas Team should be at the top of your list. We’re the best realtors in Killeen for a reason.
We’ve been serving the area for years and have navigated down markets before. We always get our clients’ homes to sell fast and for top dollar.
In fact, we go a step further than other realtors by guaranteeing the sale of your home. With our Guaranteed Sale Program, your home will sell within your desired time frame, no matter what. If it doesn’t sell to a home buyer, our team will buy it ourselves for an agreed-upon price.
This guarantee is essential when you’re selling in a challenging market. It acts as an insurance policy, giving you a risk-free home-selling experience.To learn about our other seller guarantees or what it’s like working with our team, give us a call at 855-331-7653. You can also fill out the form below for more information.