Guide to Selling Your Home in Dallas

November 13, 2009 by · Leave a Comment 

Sell Your Home in Dallas
Sell Your Home in Dallas

If you’re thinking of selling a home in Dallas, do your homework and make sure you choose the right real estate brokerage and realtor.  As an owner, you want to ensure the agent marketing your property has the right skills, knowledge, tools, and resources to guarantee your property receives maximum exposure and sells in the least amount of time at the right price.  Below are a few simple suggestions to help locate an agent, establish the right listing price for your property, develope a solid strategy for selling your property, and plan a smooth transition into your new home. 

1. Research Local Brokerages and Realtors in Dallas – Finding the right representation for your property is probably the most important decision in the selling process.  Many owners often assume the best resource for finding a local agent is driving through the neighborhood and finding a random real estate agent on a sign.  This may not be the best source of referral.  Do your research and find an agent/brokerage that has the best presence online and offline to ensure your property is receiving maximum exposure.

2. Research Comparable Properties in the Neighborhood– Do your homework and investigate other properties in your neighborhood.  Ask yourself a few questions….How long has the home been on the market?  Is the home overpriced?  Is the home under-priced?  What condition is the home in?  What upgrades are in the home?  Bottom line, familiarize yourself with market value on comparable homes in your neighborhood and study your competition.  Once your contact a realtor in Dallas, you will be more prepared to discuss the best strategy for selling your home.

3.  Discuss Options With Your Agent – Once you’ve done some background work yourself, contact your agent and plan a meeting to discuss the best strategy for selling your home.  Ask your agent to present you with different options that you can use to determine your bottom line.  Ask for a CMA (Competitive Market Analysis).  A CMA will provide you with data on recent sold homes in the neighborhood and other homes on the market.  Information on recent sold homes in your neighborhood will assist you in determining:  Selling Price to Listing Price Percentages, Average Days on Market (DOM), and Dollar per Square Foot Averages ($/sq.ft).

     DOM (Days on Market) Averages – provides you with information on the average time
     comparable homes in your neighborhood were  on the market before selling.  DOM data also
     provides information on the length of time home still for sale have been listed and any price
     reductions that have been implemented.

     LP/SP Percentages ( Listing Price to Selling Price Percentages) – provides you with an
     estimate on theaverage percentage/dollar amount other owners have negotiated off the original
     listing price for their home. 

      Dollar Per Square Foot Averages ($/Sq Ft.) – provides you with a Dollar Per Square Foot
     estimate on what other comparable homes in your neighborhood have sold for. 

Note:  Make sure you obtain the payoff amount on your home from your mortgage company to assist in determining an appropriate listing price that will cover your expenses, agent commissions, buyer contributions (Title Policy, Home Warranty), and any potential repairs you may have to complete prior to listing your home or once a potential buyer conducts their inspection.  Your goal is to make a profit or at least break even and not bring money to the table at your closing.

 4.  Monitor Your Home’s Exposure and Agent’s Performance – Request weekly updates on your home’s exposure and feedback from your agent on what is being done to sell your home.  Your agent should keep you informed and provide you with written reports that contain statistics on advertising your home is receiving.  you with verbal feedback as well as written reports.

Tools and Resources to Assist with Selling Your home in Dallas:
  

If you would like more information on Selling a Home in Dallas, please contact DFW Urban Urban Realty and one of our realtors would be happy to set up an appointment and discuss a marketing strategy for your home.  DFW Urban Realty specializes in selling homes, new homes, townhomes, condos, lofts, and highrises.

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