We are currently in a seller’s market here in Tulsa. That means that as soon as your property hits the market, a bidding war breaks out. And buyers pay whatever a seller wants regardless of the condition of the property, right? Nope. We hear all kinds of stories like this in the news right now. But they tend to showcase the exceptions, not the rule. In all honesty, we have recently begun to see home sellers drop their prices in order to make a sale. This is the first time in over a year that this has happened. It could mean that the market is beginning to soften a little bit. Yes, it still favors the seller. But before you list your Tulsa home on the market, learn the truth about some of the home selling myths you may have heard.
Home Selling Myths in a Seller’s Market
Buyers Will Pay Top Dollar for Anything!
Consider the first of my home selling myths busted. If you simply need to sell your Tulsa home right away and do not care about profit, sell your home “as is”. But if you expect to receive top dollar for it, put in a little effort to make it look nice first. Paint the walls. Increase your curb appeal. Mow the yard. Get rid of weeds. Give it a good, hard scrubbing so that it looks nice and clean. If your doorknobs rattle and your toilets run, make sure to fix these things as well. A little elbow grease goes a long way and attracts buyers.
Sellers Can Ask for (and Receive) Whatever Price They Want.
Another home selling myth busted. Yes, prices seemed to skyrocket over the past 12+ months. However, the market still dictates prices…not individual sellers. The market is an ever-changing organism. Your REALTOR® runs comps for homes sold in the area to see how the market fares. This helps set a realistic price for your Tulsa home. If you listen to the advice of your REALTOR®, you should be able to sell your property in a timely manner. Ask for a higher price and you might sit on the market for a while. Oftentimes, you still need to drop your price in order to complete a sale. Plus, you end up wasting all that time waiting for a buyer just to receive what you would have received (or maybe even less) if you had listed it properly to begin with.
Who Needs Marketing? This Home Practically Sells Itself!
Again, no. The majority of today’s home buyers go online looking at properties first. That means that you need several high quality photos at the very least. Adding videos, 3D tours, a floor plan, and other information about the area (schools, shopping, entertainment, recreational activities nearby, etc.) helps enhance the buyer’s experience and spur them on to make a trip to see the property in person. Marketing continues to be important in selling your home.
Always Choose the Offer With the Highest Amount
Finally, let’s talk money. If you do find yourself in a bidding war (and yes, they do still happen), it seems simple. Choose the highest monetary offer, right? Not always. For one, you want a sale to actually go through. So, knowing their financial situation helps. A buyer with a pre-approval letter looks like a much safer candidate than someone who still needs to receive loan approval even if the offer comes in slightly lower. A slightly lower all-cash offer means no waiting for approval either. Also, fewer contingencies mean fewer hurdles to jump on the way to closing. Discuss each offer with your REALTOR® before deciding on which one to accept.
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
[…] in a seller’s market, Tulsa homeowners need to put some effort into selling their homes. According to the National Association of REALTORS®, millennial home buyers made up 37% of all […]