Do you want to sell your house in Round Rock in 2023? If so, you may be wondering whether or not it’s the right time to enter the market. The current housing market in Round Rock shares many similarities to the market in 2022.
Home buyers and sellers are still dealing with high interest rates and inflation, along with fears of a potential recession. These concerns have caused many to rethink their plans to enter the market.
In this article, our real estate experts at Your Home Sold Guaranteed Realty - The Salas Team will discuss whether or not it’s a good time to sell in Round Rock. We’ll discuss the current market conditions, as well as some tips to help you sell successfully in difficult market conditions.
What Are The Market Conditions in Round Rock, Texas, in 2023?
The 2023 housing market in Round Rock is experiencing some challenging conditions for home sellers. In February 2023, median home prices were $429,248, which is a nearly nine percent decrease from median prices at the same point in 2022.
Median home prices are lower than their peak in May 2022, and are closer to what they were in early 2021.
There were also 33% fewer homes sold in February 2023 compared to February 2022. Homes also spent 71 days on the market, an increase of 40 days compared to the previous year.
In addition, 98% of homes have a matching sales price and listing price. On top of that only 16.7% of homes sold above listing price, which is a 47% decrease from the previous year. 24% of homes had to drop their price, which is up 17% from 2022.
Despite these changes in the market, Round Rock is considered a seller’s market overall. This means home sellers have a decent chance at being able to sell fast and for top dollar.
Should You Wait to Sell Your House in Round Rock?
Even though the Round Rock housing market is a seller’s market, there are still some challenges that home sellers should look out for. For this reason, it’s important to consider what direction the housing market is headed in more broadly.
Housing market experts are still divided on what will happen to home prices in 2023. Some think prices will get even lower, while others say the opposite. Others think interest rates will stop rising at some point in the year, and potentially even decrease.
In addition, many economic experts believe it’s likely the economy will enter a recession sometime in the year.
Of course, it’s impossible to predict what will happen in the market completely. Instead, you’ll need to rely on the latest market updates and consult with professionals once you’re ready to list your home.
So, does all this mean you should wait to sell your house in Round Rock 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.
3 Essential Tips to Sell Your House Fast in a Tough Market
Consult a Real Estate Expert
If you want to sell your house in Round Rock 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.
Make Your Home Move-In Ready
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.
Choose Your Asking Price Carefully
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.
Sell Your House in Round Rock Fast and For Top Dollar With Our Team
If you want to sell your house in Round Rock in 2023, Your Home Sold Guaranteed Realty - The Salas Team should be at the top of your list. We’re the best realtors in Round Rock 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.