Moving to a new home is one of life's most stressful events, and that stress can be compounded for someone who's looking to sell their existing home quickly.
Knowing what home buyers are looking for is key for home sellers who are on a crunched timeline or just want to sell their home with as little stress and hassle as possible. Opendoor dug into data from thousands of recent Texas buyers to uncover local insights about what buyers want, in turn helping homeowners understand what it currently takes to sell their homes in record time.
Here's what Opendoor’s data tells us about what matters most when selling your home in Texas:
1. Know why buyers are moving
The top reason why most Opendoor customers (18.9 percent) moved in 2018 was because they were downsizing, but a similar amount of people (18.1 percent) were looking to upsize their living space. Less than 10 percent of home sellers were moving because of retirement or because they needed the cash equity in their home. Understanding why people want to move can help a seller target the right buyers and play up the right aspects of a for-sale home to potential buyers as they tour it.
2. Optimize open houses
Home buyers value flexibility while they're in the middle of their house hunt. Opendoor's data shows that the peak time for home visits in Texas is between 2 and 4 pm, so if you're listing a home and planning to hold it open on the weekends, keep that time frame in mind. Thursday is the lowest traffic day for home shoppers and Saturday and Sunday are the highest. For buyers looking for the ultimate in flexibility, they can tour any Opendoor home from 6 am-9 pm, seven days a week.
3. Timing is everything
It's no secret that the most popular time to sell a home is in the spring and summer months. People who want to sell quickly should consider putting their homes on the market ASAP, since the spring (February and March) saw the highest numbers of interested home buyers in 2018. Nationally, most homes (60 percent) trade hands between May and August.
4. Price accurately
It may be tempting for a seller to list their house for an overly ambitious asking price, but they should recognize that the longer the house stays on the market, the more their move will be delayed and the less likely they are to get that shoot-for-the-stars price. For example, a house currently spends an average of 48 days on the market in Dallas, which is slightly higher than what it was last month, and would add nearly two months to a home seller's timeline. Homes priced over $300,000 are sitting even longer.
5. Cosmetic fixes are key
Don't underestimate the power of a coat of paint. Opendoor sells hundreds of Dallas-Fort Worth homes each month and sees a stronger interest in homes with new paint, carpet, and appliances. Investing in an overall deep clean; lawn care; and fresh, neutral-colored paint can be instrumental in getting a home up to the standard of today's buyers, who want to walk into your home and envision their own life there — not yours. Hiring local tradespeople for painting and lawn care, or even a TaskRabbit to help declutter, can speed up the timeline for accomplishing these tasks.