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Duy Do/Getty Images July 21, 2022 Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. If you’re thinking about selling your house in Texas, you’ve picked a perfect time. The Lone Star State continues to attract new residents, topping in 2021. As more companies plant roots in Texas, and more of their employees follow suit, use this as your starting point to help figure out what you need to do to maximize your home’s value.
Are you ready to sell
Leaving a home can be tough, particularly if your family has grown there and you’ve made plenty of memories. Rather than rush to list your house, take the time to make sure you’re ready to leave. In addition, while you might have no problem selling, finding a new place to call your own is stressful. Do the math to figure out how it will feel to turn around and be in a buyer’s shoes. If you’re , you may need to consider some additional pieces of the puzzle. Once you know that you’re ready to , ask yourself these three important questions: Is it worth upgrading your home before you sell
Probably not. Major upgrades don’t tend to recoup all of their value once you’re ready to sell. And right now, in the midst of supply chain challenges and a labor shortage, upgrading anything in your home is likely to be expensive and take a long time. While that kitchen remodel might sound like a great idea, by the time it’s done, who knows if the market will still be as favorable for sellers? However, that doesn’t mean you should avoid spending any cash to get your home looking better. From painting to adding an energy-efficient thermostat, there are . What should you repair before selling your home
Repairs, on the other hand, are a different story than renovations. If a buyer is shelling out a lot of money to become a homeowner, the last thing they want is a long list of issues they will have to pay for when they move in. You should address anything major, like a roof repair or a broken air conditioning system (remember, it’s Texas, and it’s hot) before letting anyone tour the property. You might even consider a , which can identify hidden issues that might turn up when a buyer gets their own inspection. Should you pay to stage your home
While your home has served your lifestyle needs well, prospective buyers may not appreciate the dated outdoor furniture or the bedroom that has been converted into an office. can solve those problems. A professional home stager will cost some cash — an average of $1,719, according to — but the investment can be well worth it. Data from the Real Estate Staging Association shows that staged homes sold for around $40,000 over listing price in 2021. Ask a real estate agent for their opinion on whether your home might benefit from home staging.
When is the best time to sell a house in Texas
Historically, the best time to sell a house in Texas is in May and June. It’s a similar pattern to the rest of the country: School is out, and more people are looking to settle down prior to the beginning of the next academic year. But of course, the best time to sell a house is when it’s likely to spend the . In today’s Texas market, just about any time is a good time to sell your house. Data from shows that housing inventory stood at just 1.2 months at the end of 2021, a far cry from the 6 months of inventory that would show a more even playing field between buyers and sellers. Finding a local Texas real estate agent
With all the questions that can come up when selling your house, it’s wise to ask friends and colleagues for recommendations on . Realtors understand the market, know how to effectively promote new listings and have experience working to attract multiple offers. Some sellers prefer to do it all themselves — the For Sale By Owner, or FSBO, route — to avoid paying . However, all that work typically leads to less money. shows that FSBO properties sold for an average of $58,000 less than agent-assisted home sales in 2021. Price your home competitively to get the most from the deal
When you’re selling your home in Texas, it can be tempting to go big — after all, everything is bigger here. However, avoid the urge to list it for the highest possible price and aim to list it for an amount that will draw a massive crowd of people who want to move in. Most expert real estate agents will tell you that the spirit of competition is a key ingredient to getting the most when selling your home. Start by determining , and then, in your neighborhood to see how much other houses are commanding right now. It’s important to look at what has recently sold, not what has been sitting on the market, to get a sense of the best listing price that might be able to lead to a .
Documents and disclosures in Texas
As a seller in Texas, you’re legally required to share every detail you know about the property. Texas law requires the completion of a , which includes details about everything from issues with the roof to whether anyone has been killed on the property in the past three years. Additionally, if your home is part of a homeowners association, be prepared to hand over a range of documents about the financial health of the association and past meeting minutes from the board.
Need to sell your home fast Consider these alternatives
If you’re in a tight time crunch, here are four faster routes to a sale than the traditional method. iBuyers
Companies like Opendoor, Offerpad and RedfinNow will make you an — typically in 24 hours or less. That kind of speedy sale may sound appealing, but proceed with caution. A 2019 showed that the typical cost for using an iBuyer ranged between 13 percent and 15 percent of the sales price — much steeper than the usual 6 percent for agent commissions. You can always request an offer from an iBuyer to see what you might get and then, if you aren’t pleased with the number, consider a traditional listing. Sell for cash
One of the reasons it takes so long to sell a house in Texas (or anywhere, for that matter) is the need to wait for a lender to officially underwrite a loan. So, rather than wait for a buyer to secure financing, you can consider a number of , or you can look for an from a buyer who has deep enough pockets to pay for your home without anyone else involved in the transaction. As-is sale
You can think about , which is kind of like putting a billboard up that says, “I’m not changing anything, fixing anything or budging on concessions for anyone.” It’s an easy way to tell prospective buyers that you aren’t going to deal with back-and-forth negotiations about the home — what you get is what you see. Add curb appeal
Consider ways to make your home more appealing to buyers without breaking the bank on any major upgrades or repairs. From cleaning the windows to power washing the driveway, there are quick and without investing loads of cash.
What to expect at the closing
You should be prepared to pay for a range of expenses when your sale closes. Cost of selling a home in Texas
Selling isn’t all profit — it . You’ll need to pay the real estate agents involved in the transaction, which typically means 3 percent to your agent and 3 percent to the buyer’s agent (which the seller typically covers). So, on a $400,000 sale, the seller would pay $24,000 in real estate commission fees. Seller s closing costs
In addition to covering the tab for the real estate agents involved, consider how these and miscellaneous expenses may impact your profit potential. Title insurance: The seller typically pays for the title insurance policy in Texas. depending on the sale price of the home. For example, a $400,000 property would have a title insurance policy of $2,413. Transfer taxes: There are no in Texas, so you don’t need to worry about this adding to your bill. Escrow fees: You may need to pay a portion to a company for managing the buyer’s earnest money deposit in an . Escrow fees typically depend on the purchase price. Seller concessions: If a buyer uncovers issues he or she would like to be repaired, they may ask for concessions with you helping pay for a portion of their closing costs. These are negotiable, though, and in a seller’s market, you certainly don’t have to agree. Attorney fees: You’re not legally required to have a real estate attorney in Texas. But it’s smart to have a legal professional on your team to ensure you are protected in the transaction. Moving fees: Don’t forget to factor in what you’ll need to pay a company to haul your belongings somewhere new. If you’re relocating less than 100 miles away, shows the average cost will be $1,649. If you’re moving across the country, that price tag will be much higher. Take the first step
Ready to sell that Texas house? Start to see how a few different professionals would approach your property. With the right agent on your team, you can enter the market with confidence about your pricing strategy, your open house schedule and your plan to maximize your home’s value.
FAQs
What do you need to sell your home in Texas
The most essential piece of selling a home in Texas is the seller’s disclosure statement. It’s a four-page document that the state requires just about anyone selling a previously occupied home to complete. Be honest with all the information you know about any defects or past issues with the property. You’ll also need to pay for closing costs.
Do you need a lawyer to sell your house in Texas
No. However, you should still consider hiring a to help oversee the transaction. There are quite a few nuances and risks to sorting through a real estate contract, so having a legal expert on your side is a smart move and usually worth the money.
What taxes do you pay when you sell your house in Texas
Texas’s tax policy is beneficial for sellers: You don’t have to pay any transfer taxes on the sale, which is common practice in other states. However, if you haven’t paid your property taxes prior to selling your house, you will likely need to pay a prorated portion of the bill. Property taxes vary across the state.
How fast can you sell your home in Texas
If you sell to an iBuyer, you might have an accepted offer within 24 hours. Even if you take the traditional route of listing your home on the market, though, you’ll be in for a fairly fast deal. According to Redfin, Texas homes sit on the market for a median of just 17 days.
Who pays for the title policy in Texas
The seller typically pays for the owner’s title policy in Texas. However, this is negotiable. If you’re receiving multiple offers, you can always see if a buyer is willing to cover this fee to make their offer stand out.
What are the closing costs for a seller in Texas
Closing costs for Texas sellers vary, but you can get an idea of what yours might be based on ClosingCorp’s estimations: Closing costs in Texas typically add up to 1.5 percent of the purchase price. So, if you sell your home for $400,000, the 1.5 percent total comes out to $6,000. However, your portion would likely be less — ClosingCorp’s figures include an appraisal fee and a lender’s title policy, both of which are typically paid for by the buyer. A bigger expense to worry about is the real estate commissions you’ll need to pay, which typically add up to 6 percent of the purchase price. SHARE: Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles