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The Texas housing market slowed down in the first quarter of 2023, with homes spending an average of 64 days on the market before going to contract. However, one bright spot in the Lone Star State is right on the border: The median time on market in El Paso is just 14 days, according to data from the Greater El Paso Association of Realtors (GEPAR). El Paso prices are on the rise, too, with an increase of 7.5 percent from May 2022 to May 2023. If you’re looking to take advantage of the seller-friendly market, here’s everything you need to know to sell your El Paso home.
How fast can you typically sell a house in El Paso?
Despite the national narrative of a housing market slowdown, homes are still selling at a brisk pace here. In May 2023, homes typically spent only 14 days on the market before selling, according to data from the Greater El Paso Association of Realtors (GEPAR), and in April, that number was 12. In some parts of the metro area, the timeline is even faster: In the Northeast, for example, the median days on market number stands at just eight.
Need to sell even faster?
If you’re really in a rush, there are a couple ways to speed up the process:
- Sell for cash: While El Paso is not currently a market for iBuying, there are plenty of companies that buy houses for cash in the area (We Buy Houses and El Paso Cash Home Buyers, for example). These companies act with lightning speed, but keep in mind that they also need to make a profit, so you’re likely to get a lower offer than you would with a traditional listing. You may even find a private individual with deep enough pockets to eschew financing and pay in full upfront. El Paso was one of the leading markets for all-cash offers during the pandemic, according to Realtor.com.
- Sell as-is: An as-is listing acts as an upfront disclaimer to buyers: Don’t bother trying to negotiate, you get what you see. This can get you to the closing table faster, without back-and-forth negotiations over various details creating potentially significant delays.
Selling your home in El Paso
Before you start making plans for your movers, make sure you consider these key questions.
What should you fix before selling your home in El Paso?
If you were touring your home as a prospective buyer, are there areas that would make you think twice? Chipped paint, cracked floorboards, leaky sinks: Any noticeable damage is probably worth addressing to make sure your house looks appealing. You may also want to think about a pre-listing inspection, which can alert you to issues that need repairing before any open houses. However, it’s important to note that you don’t have to fix everything when you’re selling — your agent can help you decide what’s important and what’s not.
Is it worth upgrading your home before you sell?
It depends on how you define “upgrading.” If you’re thinking about gutting and redoing your kitchen, the answer is no: It will take too long and cost more money than you will make back. However, there are some low-cost upgrades that can make a big difference in your home’s appeal. Installing a new front door, adding an energy-efficient thermostat, even just planting a few flowers: Take the easy opportunities to impress prospective buyers.
Should you pay to stage your home?
Think about staging your home the same way you might think about buying new clothes for a black-tie affair: Dress to impress. Professional staging services are a good idea for homes that don’t look as inviting, whether due to clutter from decades of living there or the opposite end — empty rooms because you already moved out. It’s not a must for every seller, though. Ask your real estate agent if investing in a staging service is a wise move for you.
How should you price your listing?
How much is your home worth? That depends on a lot of factors, including where it’s located. GEPAR data shows that the overall median for the metro area in May was $255,950. However, the median price tag in Central El Paso was $180,000, while in the Upper Valley it was more than $349,000. The best way to figure out how to price your listing is to look at comps in your neighborhood to see what buyers have been willing to pay recently for similar homes nearby.
What do you need to disclose to a buyer?
El Paso sellers have to follow the same disclosure guidelines as anyone selling a home in Texas, which means you’ll need to complete the state’s disclosure statement. The document requires information about the home and any potential problems it may have. If you’re part of a homeowners association, you’ll need to provide documentation about the rules and financials of that as well.
It’s important to understand how much of the sale price will actually wind up in your bank account after closing. Spoiler alert: It won’t be all of it. A range of expenses will eat into your proceeds.
Costs of selling a home in El Paso
Here are some of the closing costs that may fall on your shoulders as a Texas seller:
- Realtor fees: Sellers typically pay real estate commissions for both of the agents involved in the deal. That means around 3 percent to the buyer’s agent and 3 percent to your own. On a median-priced $255,950 El Paso sale, that adds up to $15,357.
- Title insurance: While there is no law dictating who pays for title insurance, sellers often cover the buyer’s policy. Rates vary based on the value of the property, but on a median-priced El Paso property, a new title policy for the owner would be around $1,300.
- Attorney fees: You’re not legally required to hire a real estate attorney in Texas, but it’s smart to have a legal expert working on your behalf when there’s so much money at stake. You’ll pay for their services, but you’ll also benefit from the protection.
- Concessions: Don’t be surprised if the buyer requests some concessions, especially if a problem turns up in the home inspection. This will involve you paying a portion of their closing costs. You don’t have to say yes, but it’s very common and may help your deal close faster.
In addition to these costs, you’ll need to check off any other outstanding obligations including unpaid property taxes, HOA fees (if those apply) and the remaining balance on your own mortgage.
What matters more to you, selling as fast as possible or making as much money on the sale as possible? There’s no right answer — go with whatever works for your specific needs. If you opt for a traditional listing, your first step should be to find the right real estate agent. It might take a bit longer, but it will likely net you more money. Ask friends and family for recommendations, look at “for sale” signs around your neighborhood and talk to several candidates to find the right fit for you.
Yes: Homes are selling quickly, and prices are on the rise. The median sale price as of May 2023 was $255,950, an increase of 7.5 percent versus May of last year, according to the Greater El Paso Association of Realtors.
Homes in El Paso sell very quickly. In May 2023, for-sale homes typically went to contract in a median of just 14 days.
El Paso is a seller’s market. Prices are trending upwards and homes are selling quickly. Redfin considers the market “very competitive” and says that many homes get multiple offers.