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How to Get the Best Price for Your McKinney Home for Sale

Selling your home is a time-intensive process requiring several steps to prepare the home for listing, show the home to prospective buyers, and negotiate offers. To ensure you get the best price for your McKinney, TX, real estate, follow these six tips during the listing process.

Buyers searching in McKinney love the city for its range of residential neighborhood options, plentiful green spaces, and small-town feel despite being the county seat. Sellers preparing to list their homes will benefit from the current seller’s market conditions, as average home prices are rising and median days on the market are decreasing. With this in mind, here’s how to get the best price for your McKinney home.

Work with an agent

An important first step to selling your home is working with an expert real estate agent familiar with the area. Most sellers don’t have a lot of experience selling homes and won’t know how to navigate the market or legal processes. An agent will know exactly what’s happening in the area and can help you time and price your home competitively for a better chance at a good offer. Additionally, they’ll know what buyers in the area are looking for and can help you prepare your property.

When it comes time to receive offers, an agent will know how to negotiate with a buyer’s agent to secure the best deal for your property. Alongside negotiating prices, they’ll also negotiate aspects like contingencies, closing costs, and closing dates. Be sure to research several different agents in the area to find the professional who best meets your needs and communication style.

Research the market

For those selling their McKinney, TX, real estate, it’s also important to research local market trends. Ideally, sellers should list in a seller’s market or when home supply is low, and buyer demand is high. This gives the seller more negotiating power. Also, consider researching home appreciation rates in the area, as it can be a useful tool for gauging how much buyers are willing to pay for a property.

Understand selling costs

Before beginning the selling process, it’s essential to understand the selling costs. If selling costs are steep, it may be worth waiting for your home’s value to appreciate or paying off any debts before selling. If you’re partnering with an agent, you can count on 5-6% of your home’s sales to their commission. However, it’s a small price to avoid a botched home sale.

Other costs to consider include staging costs if you hire professional help or purchase new decorations, home repairs and renovation if a home inspection reveals issues, as well as seller concessions and closing costs related to negotiating and finalizing the offer. When you do sell, be sure to factor in moving expenses. Keep these costs in mind when calculating your home sale profits.

Time it right

Another aspect of a sale that can seriously impact the offers you receive is timing. When listing McKinney luxury homes, consider seasonality. Generally, spring is the best time to sell, as there’s more buyer demand and listed homes sell for higher prices. Many families search for homes in spring so as not to disrupt a child’s school schedule, while severe winter weather can hinder the sales process in some states.

In McKinney, July is the best time to list a home to receive the highest offer. By listing in July, you have a good chance of selling in October, when properties sell for 3.02% over the yearly average. Avoid listing in October, as that positions a seller for a home sale in January. January sales average 7.58% lower than the yearly average in the area. For those more interested in a speedy sale, listing in April positions buyers for a sale in July, where homes sell an average of nine days sooner.

Price competitively

The property’s price has a big impact on what a buyer offers, or if they offer anything at all. Pricing too high can dissuade buyers or generate lowball offers, while underpricing runs the risk of lost profits. An agent can help you price competitively based on similar home data in the area, as well as considering your property’s specific perks and possible setbacks. Whether you have a large Spanish-style home, a new construction home with all the perks, or are selling McKinney luxury homes within desirable master-planned communities, be sure you know your competition well and price accordingly.

Make repairs and upgrades

To bump up your property value, as well as to gain negotiating power as a seller, make practical repairs and upgrades. Completing repairs limits a buyer’s ability to negotiate a lower price after a home inspection, while carefully selected upgrades with a high return on investment can help you increase your property’s value. Consult your agent about what projects buyers in the area are the most interested in having.

Ready to list your McKinney home?

When trying to generate higher offers on your McKinney home, follow these six tips. If you need help figuring out a competitive listing price for your property, or if you’re ready to sell in the area, contact one of the trusted agents at Patton International Properties to guide you through the process.

Work With Us

Patton International Properties provides real estate services for both buyers and sellers throughout the local market. The Patton International Properties team are experts in local real estate, so if you are interested in buying a new home, or selling your current property, we are here to help.