Everything’s bigger in the Lone Star State, including the real estate market! March 2023 saw a 2.5% decline in home prices in Texas, but don’t let that discourage you!
Consider selling your own home or utilizing options like selling as-is or sell my Texas house fast services to get a quick sale. Whatever your choice, the Lone Star State’s housing market is still going strong, so don’t miss out on the chance to make a profit!
📉 Texas Housing Market Update
- Median Home Sale Price Drop YoY: The median home sale price dropped to $364,366, down by 2.3% YoY, the biggest decline in more than a decade.
- Fewer Buyers are Applying for Mortgages: Mortgage purchase applications were down by 31% YoY. Due to expensive financing, fewer buyers are applying for mortgages.
- iBuyers are No More a Viable Option: Several iBuyers have either shut down or are suffering massive losses. As per our research, most iBuyers are not offering more than 70% of a property’s Fair Market Value.
- Bottom Line: In 2023, more sellers in the Lone Star State are opting to selling a home by owner in Texas. By listing on the MLS with the best FSBO sites in Texas, your Texas home gets maximum exposure, and you save thousands of dollars in commissions.
We have broken down the important steps to sell my house fast in Texas, so you can attract more buyers and sell for the best price.
Step 1: Determine How to Sell Your Property in Texas
How you choose to sell will determine all other aspects of selling your home in Texas. These include the cost of selling a house in Texas, marketing strategy, the level of preparation you need, etc.
Home sellers in the Lone Star State are no longer required to work with only 3% commission realtors to list and sell their houses. You have options now – MLS listing services, discount brokers, FSBO sites, etc. – who work at lower rates. Weigh the pros and cons of each option before you choose one.
- Sell With a Discount Broker: A Texas discount real estate broker offers all the services similar to a traditional broker at discounted rates. Discount brokers in Texas charge a 1.5%-2% commission or a $3,000-$5,000 flat rate. They will help you with everything, from listing to closing, and offer decent savings.
- Selling Your Home by Owner in Texas: You can sell your home without a Realtor, independently. You will save the entire 3% listing commission but won’t get MLS access. You can list your Texas home on For Sale By Owner websites. The best FSBO sites leverage technology to get you listed and connect you with potential buyers directly.
- Sell With a Traditional Realtor: We do not recommend working with a traditional Realtor. They charge a 5%-6% commission and control most aspects of the transaction. However, if you need guidance at every step, work with Texas Realtors in your area who have expertise in the Texas housing market.
- Sell my House for Cash Texas: You can sell a house as is in Texas to a cash buyer. Selling a house for cash in Texas offers 30% to 50% of the Fair Market Value and offers flexible closing timelines.
✍️ Pro Tip: Offer your home to an iBuyer if your house is in good condition. iBuyers offer up to 70% of the Fair Market Value and make instant cash offers.
Step 2: Set a Realistic Listing Price
The listing or the asking price is the most important factor for a successful home sale. Typically, the Texas real estate broker will run comps and help you arrive at an asking price. However, in an FSBO sale, you can use online tools like Zestimate to determine the asking price for your Texas home.
Do not overprice your home. If you do, your home will spend more days on the market, and buyers may make negative assumptions about it.
On the other hand, underpricing can be a good strategy. Remember, the listing price is not equal to the sale price. The purpose of the listing price is to attract buyers for your home.
You can set the asking price at the lowest price acceptable to you. You might get multiple offers which may lead to a bidding war among buyers. Bidding wars can help you sell at a price higher than what you had in mind. Refer to this informative guide on how to price your home for sale for more such strategies.
Step 3: Market Your Home
A good marketing strategy will help you attract more potential buyers. You can work with a broker to market your home or do it yourself. Here are a few marketing tips that can increase your home sale value substantially:
- Stage Your Home: You can sell your home for up to $40,000 more by staging it. You can either DIY it or work with local Texas home staging companies. They will rearrange the interiors of your house to make it look spacious and presentable.
- Hire a Real Estate Photographer: With professional real estate photography, you could sell your home in Texas 32% faster. Professionally clicked pictures will make your property listing pop. It will also help you to market your home to 90% of buyers who search for properties online. Check out the top real estate photographers in Texas.
- List on MLS: With an MLS listing, you can sell faster and for up to 17% more. Your property listing will also get syndicated to 100+ real estate websites. But, only licensed real estate agents in Texas have access to the MLS. They charge a 3% commission which can burn a hole in your pocket. You can list your house on MLS in Texas with Texas Flat Fee MLS companies. Houzeo will get you listed for $379, and that too within 48 hours.
- List on Free FSBO Websites: Several FSBO sites allow you to list your home on their website for free. Your Texas property can attract buyer traffic that visits a particular FSBO website. Some examples of free FSBO listing websites in Texas include Craigslist, Zillow, ForSaleByOwner.com, etc. However, you may attract unverified buyers or scammers as well.
- Post a Yard Sign: With a yard sign, you can attract unrepresented buyers and save the buyer agent commission. Ensure you get a yard sign with your phone number so that the buyers can contact you directly.
- Host Open Houses: In a hot market like Jacksonville or Miami, an open house can be a great way of showing your property to home buyers. Also, you can attract unrepresented buyers.
Step 4: Show Your Home to Potential Buyers
Showings are essential when selling a property in Texas or anywhere. The more the number of buyers touring your home, the greater the chances of you getting an offer. But this doesn’t mean showings should be inconvenient for you. You can use an online showings management tool like Houzeo Showings.
Houzeo Showings allows you to schedule slots for buyers to tour your Texas house. Home buyers can also request and reschedule or cancel showings.
Step 5: Negotiate Offers
Interested buyers will send written offers to your agent or directly to you, in case of an FSBO sale. In a seller’s market, buyers might make offers above the list price. But, experts predict 2023 to be a buyer’s market. So, be open to negotiations.
As a seller, you can accept, reject, or counter an offer. A counteroffer is a way of negotiating an offer for better terms or prices. It should be in written format and have a set timeframe for the buyers to respond. In the counteroffer, you can offer seller concessions, repair credits, etc., in exchange for selling at the list price.
In case of multiple offers, weigh all of them across various merits and do not accept the highest bid right away. You may want to consider the following before accepting an offer amongst multiple offers:
- Mode of payment (cash vs financing)
- Home buyer’s mortgage approval status (pre-approval vs pre-qualified)
- Buyer’s willingness to cover the closing costs in Texas or some part of it
- Buyer’s willingness to bypass some contingencies like a home appraisal, home inspection in Texas, etc.
- Closing timeline
In a traditional home sale, a real estate professional will negotiate for you. However, as an FSBO seller in Texas, you are on your own. In such a situation, you can use digital offer management tools like Houzeo Offers. With Houzeo Offers, you can counter an offer, call for the highest and the best offer, and more.
Step 6: Close the Sale
After the seller accepts an offer, the MLS listing status is changed to “house under contract“. You and the buyer have to complete a lot of tasks from contract to closing. Here are the key milestones in the closing process in Texas:
Allow the Buyer to Complete the Due Diligence
After you accept an offer, your Texas property goes off the market, and the buyer can perform the necessary due diligence. The buyer inspects their to-be-home to proceed with the purchase.
Post due diligence, the buyer works on securing a mortgage, known as the underwriting period. During this period, the lender verifies the buyer’s finances and inspects and appraises the property. An amount equivalent to the property’s appraised value is sanctioned to the buyer.
Pay the Closing Costs
As a seller, you will pay 5%-6% in Texas real estate commissions, equally split between your and the buyer’s agent. Additional closing costs in Texas for sellers that you may have to incur include:
- The escrow or the title fee
- Taxes on selling a house by owner in Texas include the transfer tax, capital gains tax, etc.
- Outstanding HOA dues
- Real estate attorney fees
- Seller credits (if you have offered any).
» Texas Seller Closing Costs Calculator: Estimate the exact cost to sell a house in Texas.
Sign the Escrow and Title Documents
This is the final step in the process to sell my home in Texas. Here, you sign the escrow and title documents needed to sell a house in Texas. Additionally, you sign the deed and closing disclosure. Ensure you bring two valid ID proofs at the signing.
After the close of the escrow, the new homeowner’s details are registered in the public records. You receive a wire transfer or a check for the final home sale price, and the sale is complete.
Final Word
When it comes to selling your house in Texas, timing is everything. Keeping an eye on the real estate market and knowing the best time to sell a house in Texas can make all the difference in your success.
Get on the MLS with a Flat Fee Realtor or a Flat Fee MLS company like Houzeo. With Houzeo, your home will be listed for $379 within 48 hours. Read Houzeo reviews to know what home sellers across Texas say about Houzeo.
By doing your research and working with a trusted partner, you can navigate the market with confidence and achieve your desired outcome. So if you’re ready to take the plunge and sell your Texas home, now is the time to act. With a bit of preparation and a lot of determination, you can make your dreams a reality in the ever-evolving Texas real estate market.
FAQs
1. How to sell a house by owner in Texas?
To sell a house by owner in Texas, you will need to market the property, set a price, and negotiate with potential buyers yourself.
2. Can you sell a house as is in Texas?
Yes, you can sell a house as is in Texas, but it's important to disclose any known defects to potential buyers.
3. Can I sell my house in Texas without a realtor?
Yes, you can sell your house without a Realtor in Texas. For selling a house in Texas without a realtor, you can list your home with a Flat Fee MLS company like Houzeo. Flat Fee MLS companies usually get you listed within 48 hours, or in most cases, even faster. You can manage other aspects of selling real estate in Texas using Houzeo tools like Houzeo Showings, Houzeo Offers, and more. With a Flat Fee MLS listing, you will sell fast and save thousands in real estate commissions. Check out our rankings for the top Flat Fee MLS companies in Texas.
4. How to sell your own home in Texas?
To sell your own home in Texas, you will need to set a price, market the property, negotiate with potential buyers, and handle all the paperwork and legal requirements.
5. What does seller pay at closing in Texas?
The seller typically pays for the real estate agent's commission and title insurance policy, as well as their share of the property taxes and any outstanding liens or assessments at closing in Texas.
6. What disclosures are required when selling a house in Texas?
When selling a house in Texas, sellers are required to provide disclosures such as natural hazards, lead-based paint, and any known defects or issues with the property. Read this guide on Texas real estate disclosures to know your disclosure obligations in Texas.
Selling a House in Texas Near Me
Click on your city or county to understand how selling real estate works in your area.
| # | County/City | Selling a Home in Texas Near Me |
|---|---|---|
| 1. | Houston | Sell My House in Houston, TX |
| 2. | Dallas | Sell My House in Dallas, TX |
| 3. | Austin | Sell My House in Austin, TX |
| 4. | Fort Worth | Sell My House in Fort Worth, TX |
| 5. | Waco | Sell My House in Waco, TX |
| 6. | San Antonio | Sell My House in San Antonio, TX |
