How Sellers Can Protect Themselves Until the Market Bounces Back
The Texas real estate market has taken some major hits in the recent past. From the oil crash to the coronavirus outbreak, these notable events have sent shockwaves through Texas homebuyers and sellers, triggering lower inventories, big changes in asking prices, and much more.
For many home sellers in Texas, the biggest concerns they have are how the value of their homes may be impacted and whether to put their homes on the market during the COVID-19 pandemic. While the answers vary from homeowner to homeowner (depending on their circumstances), here’s what sellers can do to:
- Protect their investments and avoid unnecessary losses
- Overcome the negative impacts the coronavirus may have on home values and the Texas real estate market.
How to Weather the Impacts of COVID-19 & the Oil Crash on the TX Real Estate Market: 5 Tips for Home Sellers
Homeowners who may be considering putting their homes on the market may benefit from these tips. They can help potential sellers make the right moves and set them up for success when it is time to sell their homes.
1. Sell before the onset of a long buyer’s market.
If you need to sell your home ASAP, get it on the market sooner rather than later, and price it competitively. Experts say that low mortgage rates, coupled with reduced home prices in many areas, will likely trigger a lasting buyer’s market in Texas.
Given that it’s more difficult to get top dollar for homes in a buyer’s market, sellers who need to unload their homes should get their homes listed as soon as they can.
2. Lease your home until market conditions become more favorable.
If you’re not under any deadlines to sell your home, consider sidelining the sale until things swing back to create a seller’s market. In the meantime, lease your home to generate rent that will help cover the mortgage.
With the job instability ushered in by the COVID-19 pandemic, many prospective buyers have decided to remain renters, meaning there’s no shortage of people looking for homes to rent in Texas.
3. Ask your mortgage company about options for suspending mortgage payments.
Some banks and lenders may be willing to let you skip two to three months of mortgage payments, tacking the missed payments on to the end of the loan. So, if you’re struggling to pay the mortgage this month, talk to your bank about your options.
You may be able to skip a month or more, freeing up funds for other essentials, like living costs, home repairs, or utility bills.
4. Don’t overlook home maintenance needs.
If you can afford to, keep your home in optimal condition, making any necessary repairs. Be especially vigilant to more fundamental aspects of the home, like the foundation, roof, and plumbing.
Maintaining your home can be crucial to preserving its value no matter what’s going on in the Texas real estate market at the moment.
5. Work with an experienced Realtor® when you’re ready to put your home on the market.
An experienced Realtor® at New Home Gurus can guide you through the process of selling your home, doing everything from reviewing offers and negotiating terms to facilitating the closing process. We are proud to work closely with home sellers, supporting, guiding, and advising them as we help them sell their homes.
Plus, after closing, we give split our commission with our clients. That means that home sellers who work with us can expect to get back an average of $4,500 to $12,000 after closing.
How Much Cash Can You Get After Selling Your Home?
Call (281) 668-8124 to Find Out Now
Our new home gurus are standing by, ready to answer your questions and explain the details of our commission-sharing program.