The Ultimate Plano, TX Home Seller's Guide

Plano, Texas, has regularly topped the charts as one of the most desirable suburbs in Texas. It's in the top five of WalletHub's list of best places to raise a family, and it's the top Texas city in WalletHub's list of happiest American cities. Inventory is still relatively tight, and all the increased demand in the local marketplace has helped DFW property owners, in general, see a 38.1% increase in equity over the past three years (and Plano saw even more). But all this good news in the market doesn't mean you can just put your home on the market as-is and see a fantastic offer come in on the first day. Instead, you need a customized strategy built by a successful local realtor to maximize your potential return. After all, the past few years may have made your home one of the most profitable investments of a lifetime.

The High Castle Group is here to help every step of the way, from creating your pricing strategy and staging your home to negotiating offers and giving insight into the value of each one. Before you get started, examine the selling process and start building your approach with this Plano, TX, home seller's guide.

Before you put your home on the market, it's important to have a clear understanding of the local market conditions. The current median price across the Dallas-Fort Worth market was $372,400 as of Q1 2023, with a $102,700 increase in equity over the past three years. Even during the recent national market correction at the end of 2022 and the beginning of 2023, the market still appreciated by 1.9% (compared to 0.3% across the country).

Today, homes in Plano's Collin County area have a typical mortgage of $2,515, nearly twice what it was just a year ago. Whether your Plano home is in the ultra-luxury market of West Plano or you own a home near Plano's chic downtown Plano neighborhood, your home is a valuable asset that can fetch you a significant return in equity that can serve as a nest egg or a down payment on a new home.

The idea of selling your home can be overwhelming. It represents a massive change, as well as a big opportunity. Let's break it down into six steps so you can start to see the shape of the entire house-selling journey.

Some house-selling guides may position this step later in the journey, but it belongs at the top. A realtor does more than help you understand contract elements or represent you in negotiations. They can help you determine the potential value of your home as-is or after renovations, advise you on what upgrades provide the biggest ROI, and how to best market your home. These insights require an experienced guide through the real-time real estate market, as well as a network of helpful professionals. Your realtor will provide these insights and act in your best financial interests as part of their fiduciary obligations to every client.

Before you take the next step in the house-selling process, chat with a realtor or hire one so you have a guide as soon as possible. Listing agents typically charge a commission of 3% of your home's sales price. You will also pay approximately 3% for the buyer's agent on the other side of the transaction. To find your realtor, you might ask your network of friends and family, research highly-rated realtors online, or work with Greg Pierson of the High Castle Group by connecting with us online.

Use your realtor's advice to determine the best way to prepare your home for the market. Depending on your budget, your timeline, and your expectations for the market, those preparations might look like the following:

This is a vital stage for maximizing your home's potential listing and sales prices. Not only does it all work to make your home more appealing for buyers (especially if you make your home move-in ready), but it can substantively increase your property's curb appeal, sellability, and real value.

The next step is determining your listing price. This is the value your realtor will put on the MLS listing for your property. Choosing the right price is a key part of your home-selling strategy. If it's priced too high, you'll see less interest in your home, and it could sit on the market for a long time until you reduce the price. But if it's priced too low, then you miss out on what your property may have otherwise sold for.

At the same time, you can consider other aspects of your ideal offer, such as a leaseback, timeline considerations, and other factors.

Once you have all the images and details for your listing, things will start to move quickly. At this stage:

During the sale process itself, your agent acts as your representative so you don't speak directly to prospective buyers or their agents. Instead, your agent will answer questions, negotiate offers, and present offers to you. Not only do they have to present all of the offers to you, but they can weigh in and give insights about the different pros and cons of each offer. For example, an offer at the list price may outweigh an offer with a slightly higher price but a long option period.

During this stage, you will be able to decide which offer is the most appealing and sign it. Then, your home is under contract.

This period is approximately 30 days. It includes the option period, which is approximately five days, and gives the buyer an opportunity to have your home inspected for potential repair needs. It also includes the time when the buyer's mortgage lender finalizes their processes, schedules a third-party appraisal of the home's value, and ensures the funds are ready. Your title company will also ensure the ownership title is clear and can be easily transferred to the next owner.

This all is happening behind the scenes. You can spend this period packing up your remaining belongings and moving out — or moving into your new home.

On the final day, you'll sign the remaining paperwork, hand over the keys, and wait for the funds to clear your account. Then, you can celebrate! You've just sold your Plano home.

Every home-selling journey is different. While this Plano, TX, home seller's guide walks through the basics, a local realtor from the High Castle Group can give you a much more in-depth overview of what the process may look like for your home. Reach out today to have a conversation about your home, Plano's current market, and what to expect if you put your home on the market with the guidance of an experienced Plano agent.