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.
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.
If you're really in a rush, there are a couple ways to speed up the process:
Before you start making plans for your movers, make sure you consider these key questions.
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.
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.
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 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.
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.
Here are some of the closing costs that may fall on your shoulders as a Texas seller:
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.
Caret Down
Caret Down
Caret Down