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One of the biggest winners of the work-from-home phenomenon has been the Texas housing market. As remote work reshaped where families wanted to plant their roots, many of them headed to the Lone Star State, and specifically the Dallas–Fort Worth area. If you own a home in Fort Worth, you might be looking to cash in on that surge. However, high mortgage rates mean the market is quickly changing. Read on to learn how to navigate the shifting winds and sell your house fast in Fort Worth.
How fast can you sell your house in Fort Worth?
It’s taking quite a bit longer to sell a house in Fort Worth these days than it did last year. In June 2023, homes sat on the market for 39 days — a 23-day uptick versus June 2022, according to the Greater Fort Worth Association of Realtors (GFWAR). It’s important to note that there’s a long time to wait after a home goes into contract, too. Getting to closing tacked on another 31 days in June.
Need to sell faster?
If you can’t afford to wait for more than 2 months to sell your house in Fort Worth, there are ways to speed up the process.
- Find an iBuyer: The two biggest names in iBuying, Offerpad and Opendoor, both purchase properties in the Dallas–Fort Worth area. These companies can give an all-cash offer for your home in as little as 24 hours, and close quickly too. However, you’re not likely to make as much on the sale as you would with a Realtor.
- Sell for cash: According to a recent Redfin study, one-third of U.S. home purchases in April were all-cash deals. Some of those purchases might be from individual buyers with deep pockets, but there are plenty of companies that buy homes for cash in Texas. The upside: You don’t need to wait on mortgage underwriting. The downside: As with iBuyers, you’ll probably earn less than you would with a traditional listing.
- Undercut the market: GFWAR data shows that the median home price in Fort Worth in June was $338,000. A house on the market for a bit less than that, say $300,000 or $310,000, will attract swift attention — especially if it’s in good shape.
- Be flexible: That means being willing to entertain every offer you receive. The days of bidding wars and homes selling for far over asking are gone. Data from Redfin shows that homes in Fort Worth now sell for about 1 percent below asking price, whereas at this time last year they were going for about 3 percent above.
Selling your home in Fort Worth
If you’re leaning toward a traditional sale, be sure to consider these questions before putting your home on the market.
Is it worth upgrading your home before you sell?
Even the best home renovations take a long time and tend to recoup only a fraction of their costs, so don’t finish the basement or remodel every bathroom in the hopes of bringing in more money. You’re better off thinking about cheaper, easier ways to boost your home’s value. For example, sprucing up your curb appeal is inexpensive and helps a home make a great first impression.
What should you fix before selling your home in Fort Worth?
To fix or not to fix – that is the question on so many prospective sellers’ minds as they gear up to welcome potential buyers. Think about how you would feel if you toured your property — would that leaky faucet or disconnected downspout turn you off? If so, it’s probably smart to address them. A pre-listing inspection can help you get ahead of potential red flags that might turn up when a buyer eventually hires their own inspector.
Should you pay to stage your home?
If you really want to impress buyers, a professional staging service can help you do it. The cost to stage a home varies based on how big it is and how much work needs to be done, but it can really bring a space to life. For example, if you’ve already moved out and the rooms are empty, buyers might struggle to envision their family there. A stager can rent furniture and make it look like the most inviting home in Fort Worth.
How should you price your listing?
The median sale price in Fort Worth was $338,000 in June 2023, a 6.7 percent decrease from a year ago. However, prices vary across the metro area and depend a lot on size, condition and specific neighborhood, so don’t let that one number dictate your price. Take some steps to estimate how much your home is worth, and work with a local real estate agent to review comps in the area — they can pull the prices of other, similar homes in your neighborhood to see what the going rate for a home like yours has been recently.
What do you need to disclose to a buyer?
Texas law requires all sellers to complete a disclosure notice with knowledge of any defects on the property. If you’re aware of problems with anything in the home, it’s important to be honest. And if your property is part of a homeowners association, you’ll want to request documents about the bylaws and the financial reserves to share with the buyer, too.
Before the big day, you should have a solid grasp on all the closing costs you’re responsible for as a Fort Worth home seller. One piece of great news: You’re in Texas, so you don’t have to worry about transfer taxes — the state is one of several that does not charge this common real estate fee. Here are some things you do need to pay for, though:
Costs of selling a home in Fort Worth
- Realtor fees: Paying the real estate agents involved in the transaction falls on your shoulders as the seller, and will be your biggest expense. Typically, this comes to 5 to 6 percent of the home’s purchase price. On a median-priced $338,000 sale, that comes to around $20,000.
- Title insurance: The cost of a title insurance policy for the new owner is usually the seller’s responsibility. This will likely be another $2,000 or so.
- Concessions: If a buyer finds an issue during their home inspection, don’t be surprised if you receive a request to pay a portion of their closing costs, to cover the cost of repair.
- Unpaid property taxes and/or HOA dues: Expect to cover your portion of any outstanding bills based on your time in the home, up until closing day.
- Attorney fees: You’re not required by law to hire a lawyer, but it’s a smart investment to make sure you’re adequately protected in the deal.
Now, it’s time to figure out what makes the most sense for you: Sell as fast as possible, or exercise patience in the hopes of maximizing your profit. If you’re working to buy and sell a house at the same time, you’ll want to give extra consideration to that balancing act.
If time is of the essence, reach out to an iBuyer or homebuying company and see how much you can get in a hurry. If you have a bit more time, find a local real estate agent to set yourself up for more financial success. While the Fort Worth real estate market isn’t as seller-friendly as it was a year ago, you can still chart a course toward a great deal with an expert agent at your side.
The Fort Worth housing market is slowing down as high mortgage rates keep buyers on the sidelines, so it’s not quite as good as it was last year. The number of closed sales in Fort Worth dropped by 6.4 percent in June 2023 compared with June 2022, according to the Greater Fort Worth Association of Realtors, and homes are typically spending 23 more days on the market before selling.
Prices are falling. The median sale price in June was $338,000, according to the Greater Fort Worth Association of Realtors — a 6.7 percent decrease versus June of last year.
Inventory levels indicate that Fort Worth is still a seller’s market. In June, the market had just a 2.2-month supply, which is well short of the five or six months of supply that would signal a balanced market. However, prices are declining as buyers struggling to deal with high mortgage rates.