I often sell homes on the first day or weekend on the market, and I’m frequently asked why some houses sell faster. A myriad of factors are involved, but I would say the key factors are location, condition, price, and representation.
Location
Location is always a primary reason why some houses sell faster than others. Homes located in midtown Tulsa are going to sell faster than homes in south Tulsa or Owasso because midtown is the trending area of Tulsa. Although it’s more expensive to purchase a home in midtown, everyone wants to be near the entertainment districts and restaurants on Brookside, Cherry Street, Utica Square, and the downtown arts district. Midtown Tulsa is home to the Tulsa River Parks cycling and walking trails, the local farmers’ markets, and the Gathering Place, the renowned 100-acre park strung along the Arkansas River.
Pricing
A $150,000 home is going to sell quicker than an $800,000 home because there is a larger buyer pool in the lower price range. In the last six months, 105 homes have sold in the $150,000-$250,000 price range, with another 23 homes under contract, for a total of 128 homes. That represents an absorption rate of 21 homes selling per month in this geographic area in this price range. In the $750,000-$850,000 price range in the same geographic area, 18 homes have sold and 5 homes are under contract, for a total of 23 homes.
When buyers have several comparable houses to choose from, the price will be a primary consideration of why some houses sell faster than others. Pricing your home competitively from day 1 is key to a quick sale. Remove your emotions and study the comparable sales objectively. Even when I sold my personal home a few years ago, my emotional approach to pricing was to add up what I paid plus all the investments I put in to my home. Of course that was NOT what my home was worth when I compared it to similar homes in my neighborhood, so I had to juggle with my “Seller hat” on and my “Realtor hat” on.
Overpricing your home is the best way to sell your neighbor’s home and extend the excruciating days on market. We all know that as the days on market increase, the perceived value decreases – prospective Buyers wonder why no one has snatched up this good buy already!
Condition
Always improve your home’s condition as much as you are able to make a great first impression on a prospective buyer. Clean your home. De-clutter. Add fresh paint where needed and clean or replace carpets. Whether or not you remodel a kitchen or bathroom really has to be decided case by case – you won’t always get back what you spend on expensive projects. See Preparing Your Home for Sale to learn my step-by-step plans for getting your home ready for listing. Also, take a look at this helpful post from HGTV for Home Staging Essentials.
Hire a Professional Realtor
Hire a Realtor® who specializes in your geographic area or one who has had success selling in different locations. Ask to view their days on market for their last year of sales and make sure they are spending money on a professional photographer and marketing your listing through social media.
It is difficult for sellers to absorb why some houses sell faster than others, but if you choose a real estate professional with a proven track record, there must be something to their system. I’m happy to show you my past sales and visit with you about what your home might sell for!
Lori Cain is a residential Realtor serving the greater Tulsa Oklahoma area. Call 918-852-5036.
