How to Sell Your House Fast in This Economy
The economy of Wichita Falls and all the north Texas region is strong and growing. Industry is expanding and is increasing. The north Texas economy is dependent upon oil prices since there is a large percentage of oil jobs. However, it is worth noting that oil is not the only industry. The largest single employer in Wichita Falls is Sheppard Air Force Base, however there is also a large medical community with the regional hospital, State hospital and many spinoff businesses related to the medical field.
There are also major industrial employers such as PPG and Alcoa Howmet. Even though the population of Wichita Falls hasn't changed much lately, the consistent turnover with these major industries keeps the housing market vibrant throughout the year.
Throughout the year Wichita Falls unemployment rate has been lower than the national average, at 4.6% at the time of this writing as apposed to the national average of 5.2% according to Sperling's Best Places.
The local employment rate is an essential economic factor since home buyers must first have the ability to pay their mortgage to qualify with the lender. The second most important factor is interest rates. A slight move in interest rates can significantly impact home affordability. Just a 1% rise in interest rates decreases the buyer's purchasing power by 10% for the same monthly payment. For example, say a buyer is looking for a $150,000 home and receives a quote for their mortgage. If interest rates increase 1%, then that same monthly payment will now only purchase a $135,000 home.
Are you looking to sell? Maybe you're simply curious about what your home is worth in today's market. Call 940-228-1730 or use our Instant Home Valuation Calculator. This tool allows you to obtain an on-line home value in only 15 seconds.
It is important in today's economy to choose a real estate agent with experience and knowledge who watches home prices daily. At the Lockhart Real Estate Team, we have listing and buying specialists who are focused on getting your home sold.
In this economy pricing your home right from the beginning is even more important than in other economies. After pricing correctly, staging and updating are a close second. In today's market we are in a competition and we must win a beauty contest and a price war. In order to sell a home fast in today's market, we must create value in the eyes of the buyers.
It is essential for your real estate professional to know the homes in the neighborhood and be able to explain to you how your house compares to the other homes that have recently sold. For a free needs analysis and consultation, call the Lockhart Real Estate | Team Keller Williams Realty today at 940-228-1730.
Check out our Comprehensive Guide answering How to Sell Your House Fast in Wichita Falls.