Dallas Texas TX Real Estate
Reader’s Question:
My wife was recently promoted and will be based in New York. We are going through a lot of big decisions right now and that includes selling our house in Dallas Texas. But with our busy schedule and our hands full on the move, we really don’t have the time right now to focus at the selling process. I want to learn more about hot or cold market and comp? What are these selling terms?
Calvin
Dallas, Texas
I do agree that the largest business transaction most of us will ever make is selling our own house. The process can be time consuming and very complex. It would also create a lot of anxieties and questions. You may wonder how much your house is really worth – did you set the price too high or too low? It is your main responsibility though to arrive at an accurate estimate of value. So you need to ensure a detailed evaluation and analysis on every part of your home. This is important to get the true value of your home under current market conditions in Texas.
A “hot” market is termed where there are more buyers than sellers, so the buyers are competing with each other and driving up prices. A “cold” market on the other hand is one with more sellers than buyers, so the buyers can be choosy and bid low. So, the hotter the market, the more aggressively you can price your house. It’s best to do it in a “seller’s market” if you can choose when to sell – this is when the number of available homes is low in relation to the number of buyers.
A “comp” means comparable sales. It refers to recent sales of similar features of properties in nearby areas and is used to help determine the market value of a property. That is why the best source of pricing information comes from houses directly comparable to your own.
It would be better if you can personally put a figure on how much your house is worth. But if you feel like you really need help, you can seek out assistance from a reliable team of realtors or commission for a real estate agent.
