Selling a Home in Collinsville

Collinsville, Texas, is a town of about 1,600 residents situated among the gentle hills north of Denton and Dallas. With equine facilities blanketing the landscape, Collinsville has become a popular North Texas community for individuals seeking a quiet lifestyle not far from big-city amenities.

 

If you plan to put your Collinsville home on the market, location alone is a major selling point. More than 8 million people call North Texas home, making it one of the fastest-growing regions in the country. Large acreages, access to Dallas via Highway 377, and several lakes and bike trails combine to make Collinsville an attractive choice. Even so, listing a house in Collinsville requires plenty of preparation to command the best price. Sellers should plan on learning as much as possible about the real estate transaction process and current market conditions before selling a home in Collinsville.

Prior to listing a home, one of your first steps should be to determine your home’s value and make essential upgrades. Partnering with a skilled real estate agent such as Ayla Reed should be embedded within this step, as they will be able to tell you which upgrades can improve your home’s value. Rather than pouring thousands of dollars into a renovation that does not provide a strong return on investment, consult an agent first. Refreshing walls with paint, refinishing hardwood floors, and simply decluttering are among the smaller cosmetic improvements that could be enough to boost your listing price. An agent can help stage your home to maximize its square footage and craft a marketing strategy that highlights your home’s best features.

 

An agent can research other homes for sale in Collinsville, as well, and help determine an appropriate listing price. Reaching for a number that is too high can backfire and cause your home to sit on the market for months, while underpricing a home can cost you potential income, especially in popular North Texas, where home prices are on the rise.

Like many communities nationally, Collinsville has seen real estate prices increase dramatically since 2021. The latest market reports show that the median list price was 37.8% higher in April 2023 than it was at the same time last year. Additionally, the number of homes for sale has increased as well. This means that you may encounter more competition when you are trying to attract buyers. Even though most markets nationally continue to favor sellers, the red-hot market of the past two years has cooled. You cannot rely on favorable market conditions alone to make a sale.

 

Interest rates on mortgage loans are higher than they were two years ago. Many buyers were willing to pay more for a home with the promise of a 3% interest rate, if not lower, on loans in 2021. Today, however, the average mortgage rate is nearly 7%. Consequently, buyers may be more selective about how and where they want to spend their money.

If you have not sold a house before or feel unfamiliar with the process, it is worth the time to learn or review the key steps. While you can attempt to sell your home without an agent, you will be better off letting an agent take the reigns. Hire an agent who can listen to your timeline and your needs and work to generate an efficient sale. Your agent can handle photography for your home and create promotional copy that showcases your home’s strengths. They also will have access to multiple listing services to position your listing in front of targeted buyers and other reputable agents.

 

Once you receive an offer, your agent can help you understand if a counteroffer makes sense and negotiate with the buyer’s agent. You may need to absorb closing costs, particularly if the market favors buyers, and make some requested repairs if an offer comes with contingencies. Once both parties agree to the deal, you will start the closing process, which can include inspections and an appraisal from the buyer’s team. Assuming your property passes these steps, you will sign the necessary paperwork and transfer ownership.

Finally, consider some of the common questions and concerns that accompany the selling process. For example, you may wonder if staging your home is worth the energy or what strategies can result in a faster sale. When in doubt, be transparent about concerns and ask your real estate agent these questions and others throughout the journey.

Yes, you can, and it is not an uncommon occurrence to do so. Many sellers still owe money on their mortgage and use money from the sale to settle the debt. Subtract the amount of money you owe on your mortgage from the home’s value to determine your equity. During closing, you will receive this amount, with closing costs deducted.

To get the most money from a sale, consider timing your listing for mid-April. A national real estate analysis indicates that homes sold at this time can yield a price 12.1% higher than what could be achieved in the preceding months. Further, homes tend to sell 18% faster during this sweet spot in the middle of spring.

Selling your Collinsville home can be a lucrative transaction if you approach the process the right way. Equip yourself with knowledge about Collinsville’s real estate conditions and make cosmetic updates to enhance your home first. Then enlist the help of a skilled real estate agent who can help you pinpoint a fair asking price, prepare a marketing strategy, and negotiate on your behalf. In a competitive market, choose an agent with intimate knowledge of Collinsville’s unique equine-focused culture and a track record of success.

 

Ayla Reed has the North Texas real estate expertise and professionalism to help you command a top asking price for your property. With experience helping clients buy and sell luxury homes, ranches, and equine properties, she is well-positioned to help you with your sale. Contact her today to sell your Collinsville real estate.